The same cost formula is required to be applied to all Provisions and contingencies – IAS 37 39 main issues that have arisen in practice have been addressed and there are no Investment property – IAS 40 34 19. IAS 12. [IAS 21.2] Key definitions [IAS 21.8] Functional currency: the currency of the primary economic environment in which the entity operates. 4 0 obj Impairment of assets – IAS 36 35 20. IAS 10. /Filter [/FlateDecode] Working with BDO on IFRS. These examples are based on illustrative examples from IAS 1. Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. IFRS 2 – being issued in 2004. %���� IAS 2 Inventories Provides guidance on the determination of cost of inventory (raw materials, work in progress and finished goods), its valuation and any subsequent write-offs as an expense. Employee benefits – IAS 19 24 Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS … IFRS 2 . IAS 41 sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). application/pdf IAS 8. 2015-07-10T16:22:22+01:00 /Length 2979 /BitsPerComponent 8 2 0 obj As per AS 2/ IAS 2, Raw materials are written down to their Replacement cost when the Finished goods in which they are to be incorporated are expected to be sold at or above cost. /Type /XObject BDO Member Firms are located in over 100 countries worldwide (e) Contact details including e-mail address: HThomson@bdoglobal.com andrew.buchanan@bdo.co.uk 2 EFRAG is carrying out an assessment of the costs and benefits that will arise for preparers and for users in implementing IAS 1 (Revised), both in year one and in subsequent years. Example 1 At 30 June 2016, ABC … In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . Revenue. >> >> 18 0 obj /Interpolate true Working with BDO on IFRS. /Pages 5 0 R << stream Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). /StructTreeRoot 6 0 R These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. From BA3 IAS 7 Statement of cash flows Provides guidance on definitions of cash and cash equivalents and how to present cash flows in a statement /MarkInfo << IAS 2 sets out the accounting treatment for inventories, including the determination of cost, the subsequent recognition of an expense and any write-downs to net realisable value. /Height 2234 In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . endobj The IAS 2 is applicable to all the inventories, excepting for construction contracts including contracts that are in progress and also includes directly related service contracts and financial instruments. endobj Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. Inventories – IAS 2 38 22. 11 0 obj 4 0 obj NZ IAS 2, paragraph 11 A common error occurs where the full effect of these trade discounts and rebates are deducted off ‘cost of sales’, thereby increasing profits, without reducing the cost of inventories still on hand at reporting date. Use of LIFO is prohibited. the Board, the International Accounting Standards Committee (IASC), issued a discussion paper on the topic. IFRS 2 requires an entity to reflect the effect of share-based payment transactions (including share options to employees) in its profit or loss and statement of financial position.. What is a share-based payment transaction? /Metadata 4 0 R Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) Inventories are measured at the lower of cost and net realisable value. IAS 2 Inventories Provides guidance on the determination of cost of inventory (raw materials, work in progress and finished goods), its valuation and any subsequent write-offs as an expense. /Subtype /Image stream 14 0 obj These examples are based on illustrative examples from IAS 1. Lease accounting – IAS 17, IFRS 16 36 21. BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. As at 1 July 2015 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on or after 1 January 2005 . IAS 2 also provides guidance on cost formulas that are used to assign costs to inventories. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. PAGE 2 WORK PLAN PAGE 3 PUBLICATIONS ISSUED PAGE 5 ABOUT BDO Established over 50 years ago, BDO has grown to become the world’s fifth largest accounting, tax and advisory network with combined fee income in 2015 of over $7 billion. %PDF-1.5 >> main issues that have arisen in practice have been addressed and there are no FAIR VALUE GAINS AND LOSSES For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. As at 1 July 2015 4 IFRSs Standard Standard Name Effective Date Page IAS 36 Impairment of Assets 1 January 2004 55 IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1 January 1999 56 IAS 38 Intangible Assets 31 March 2004 57 IAS 39 Financial Instruments - Recognition and Measurement 1 January 2005 58 IAS 40 Investment Property 1 January 2005 62 All inventories except: Specific quantitative disclosure requirements: uuid:06b74641-ce4b-49e2-9d72-e24252b3013f Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) We have member … BDO has ample experience both in implementations of the International Financial Reporting Standards/International Accounting Standards, and in the preparation of financial statements based on those standards.Scope of works offered by BDO in relation to IFRS/IAS implementation:Analysis of differences between accounting principles applied so far and those resulting from IFRS/IAS… The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining /Lang (en-GB) IFRS at a Glance has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations. BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. applying IAS 2 Inventory or another applicable IFRS. IAS 2 sets out the accounting treatment for inventories, including the determination of cost, the subsequent recognition of an expense and any write-downs to net realisable value. IAS 18. endobj uuid:5bdc6a81-f932-4ff7-b51d-c79d0c3a9df7 PDF-XChange Core API SDK (8.0.331) Statement of Cash Flows. IAS 11. Share-based Payment. The debates resulted in mandatory requirements for share-based payment transactions – i.e. ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. [IAS 2.6] Any write-down to NRV should be recognised as … x��]mo7�n��a?JE�,_w b' r��zqz.�~��l�g���'ݿ��r����5@"[֮��p83�7U������O'�V��Qu������A]դ�k�rJ+�Ѫj#�����}W�^�?��������-��5��{��;��O�o�"�Mw���Oo��F�Dqxj/nTM��i��#G��^�x���f�����yD�E_��RU�������Z���n�6���aU�8���t�Xb�:�?�5�漝��ߞ��n�U{�ż����lwڿ�ͳ��o��u�{�wX��. [IAS 2.25] Write-down to net realisable value. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. The standard generally requires biological assets to be measured at fair value less costs to sell. /Subtype /XML Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? /Type /Catalog Document IAS 2. >> Shalva Ozbetelashvili BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. It also provides guidance on the cost formulas that are used to assign costs to inventories. Go to main navigation Go to main content. stream HKFRS/IFRS Standard Potential impact of the coronavirus BDO Comments HKAS/IAS 2, Inventories • Net realisable values may decrease, resulting in increased impairment; • If production is decreased, entities must consider that fixed overheads are allocated based on ‘normal capacity’. IAS 17. www.bdo.global IFRS AT A GLANCE IAS 2 Inventories. Leases. /Length 4720 << x����k�0����c+����I Property, plant and equipment – IAS 16 33 18. << /Type /Catalog << Consultancy on accounting in line with IFRS or HGB Given a correspondingly high proportion of balance sheet assets, real estate assets have a significant impact on the assets, financial and earnings situation of a company; they thus offer major potential for improvement. BDO has ample experience both in implementations of the International Financial Reporting Standards/International Accounting Standards, and in the preparation of financial statements based on those standards.Scope of works offered by BDO in relation to IFRS/IAS implementation:Analysis of differences between accounting principles applied so far and those resulting from IFRS/IAS… Events After the Reporting Period. Investment property – IAS 40 34 19. Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. From BA3 IAS 7 Statement of cash flows Provides guidance on definitions of cash and cash equivalents and how to present cash flows in a statement endstream The Board concluded that no further amendments to IFRS 2 are needed. Share-based payment transaction is a transaction in which the entity:. Such write down in the Raw material is charged to the Income statement as expense. IAS 10 Events after the Reporting Period, paragraph 21 if there are any material non-adjusting events (e.g. BDO Member Firms are located in over 100 countries worldwide (e) Contact details including e-mail address: HThomson@bdoglobal.com andrew.buchanan@bdo.co.uk 2 EFRAG is carrying out an assessment of the costs and benefits that will arise for preparers and for users in implementing IAS 1 (Revised), both in year one and in subsequent years. Construction Contracts. Trainers. /Pages 5 0 R << endstream /Width 1637 [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. As per AS 2/ IAS 2, Raw materials are written down to their Replacement cost when the Finished goods in which they are to be incorporated are expected to be sold at or above cost. It also provides guidance on the cost formulas that are used to assign costs to inventories. stream BDO is an international network of independent public accounting, tax and advisory firms (the “BDO network”), which perform professional services under the name of BDO (the “BDO member firms”). /Filter [/DCTDecode] ���� JFIF ` ` �� C IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. IAS 19. �:H^���x��ZX������Ry��a�S����1�ӕ�U��`�Dlj�?�d���0�6d-��m��,�`��gq"�9:�#G�81�m�7�$;-�֊V�8���c��0�3�&� s�Igy��_`:E�똸�'/��Z�x'Y��h�o�⢏�.NT�Z,�by�ʓ��IYE*�c�g��O�) Go to main navigation Go to main content. 40 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on … Property, plant and equipment – IAS 16 33 18. Employee Benefits. endobj BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. /Subtype /XML Lease accounting – IAS 17, IFRS 16 36 21. /Type /Metadata ifrss (ias 2, ias 12, ias 17, ias 19, ias 32, ifrs 4, ifrs 5). << If an entity ceases production or significantly reduces Share-based Payment. HKFRS/IFRS Standard Potential impact of the coronavirus BDO Comments HKAS/IAS 2, Inventories • Net realisable values may decrease, resulting in increased impairment; • If production is decreased, entities must consider that fixed overheads are allocated based on ‘normal capacity’. The standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value. Impairment of assets – IAS 36 35 20. Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? IFRS 2 . Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. For self-constructed assets, IAS 2 comes useful as it is more focused on assets produced internally (IAS 16.22). Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. Share-based payment transaction is a transaction in which the entity:. IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. /ColorSpace /DeviceRGB %���� 2020-08-12T16:35:56-04:00 "��c���=�=�������iu�~t�IiJ�{���ܠy�V�9���6���y4��I;��0`1RE��ڌ�F�AZ8R��*S�nuiw6 IAS 2 prescribes the accounting treatment for inventories. Provisions and contingencies – IAS 37 39 BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. Such write down in the Raw material is charged to the Income statement as expense. We can assist you in managing this process with an assessment of the impact of these new accounting standards or with their implementation. It felt the . View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. Trainers. >> ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. Income Taxes. As at 1 Janiary 2014 2 IFRS AT A GLANCE IFRS at a Glance (IAAG) has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs) NZ IAS 2 applies to the accounting for ‘inventories’ which are defined to include assets: Held for sale in the ordinary course of business In the process of production for such sale, or In the form of materials or supplies to be consumed in the production process, or in the rendering of services. Any costs that are not directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are expensed in P/L as incurred. Shalva Ozbetelashvili IAS 16. BDO will help you to understand and prepare for the changes that will take place. If an entity ceases production or significantly reduces Share-based Payment. /Length 372 IFRS AT A GLANCE IAS 2 Inventories As at 1 July 2014 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Consultancy on accounting in line with IFRS or HGB Given a correspondingly high proportion of balance sheet assets, real estate assets have a significant impact on the assets, financial and earnings situation of a company; they thus offer major potential for improvement. IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. /Metadata 4 0 R [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. It is the governing entity of the BDO … ����0x �P�s�~�K�wܢZə����&0���"�HI�.�Nh��[���o�V<4� �rה^�� >> BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. /Length 2436 IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. In addition, it also includes biological wealth connected to agriculture at the time of harvesting. [IAS 21.2] Key definitions [IAS 21.8] Functional currency: the currency of the primary economic environment in which the entity operates. Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying IFRS 2 . BDO will help you to understand and prepare for the changes that will take place. IAS 2 prescribes the accounting treatment for inventories. Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. It felt the . BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. The standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to … Employee benefits – IAS 19 24 Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS … IFRS AT A GLANCE IAS 2 Inventories As at 1 July 2014 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production IAS 10 Events after the Reporting Period, paragraph 21 if there are any material non-adjusting events (e.g. The intention was to create a decentralized alternative medium of exchange to fiat currency (“paper” money not backed by a scarce commodity but rather by Governments and issued by Central Banks). << endobj Intangible assets – IAS 38 32 17. /Length 174629 The Board concluded that no further amendments to IFRS 2 are needed. Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. 2 0 obj IAS 7. endstream We can assist you in managing this process with an assessment of the impact of these new accounting standards or with their implementation. The IAS 2 is applicable to all the inventories, excepting for construction contracts including contracts that are in progress and also includes directly related service contracts and financial instruments. /Filter /FlateDecode Inventories – IAS 2 38 22. Property, Plant and Equipment. It felt the main issues that have arisen in practice have been addressed and there are no >> significant fair value changes). BDO PLT (LLP0018825-LCA & AF 0206), was registered on 2 January 2019 and with effect from that date, BDO (AF 0206), a conventional partnership was converted to a limited liability partnership. BDO International Limited (“BDOI”) is a UK company limited by guarantee. $.' Modifications to address practice issues continue to the date of this publication. 2 | FEBRUARY 2020 U.S. GAAP IFRS Relevant guidance ASC 330 IAS 2 Costing methods Use of last-in first-out (LIFO) is permitted. Inventories are measured at the lower of cost and net realisable value. IFRS 2 requires an entity to reflect the effect of share-based payment transactions (including share options to employees) in its profit or loss and statement of financial position.. What is a share-based payment transaction? Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. Intangible assets – IAS 38 32 17. Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. In addition, it also includes biological wealth connected to … The Board concluded that no further amendments to IFRS 2 are needed. Accounting Policies, Changes in Accounting Estimates and Errors. stream significant fair value changes). ",#(7),01444'9=82. /Type /Metadata >> Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining It was on the 3rd of January 2009, that Satoshi Nakamura mined the first Bitcoin bringing forth into existence the first block of Bitcoin – the Genesis Block. NRV is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated costs necessary to make the sale. Cost formula The same cost formula is not required to be applied to all inventories that have a similar nature and use to the entity. /Marked true %PDF-1.7 Inventories. PDF-XChange Editor 8.0.331 2020-08-12T16:35:56-04:00 Of these new accounting standards or with their implementation IAS 16.22 ) with all your 740... 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