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xplaind com definitions explanations examples about type below to search a topic go accounting 455 articles finance 299 articles economics 164 articles audit 8 articles management 7 articles computers 9 articles statistics 5 articles ifrs 6 exploration evaluation of an entity applies ifrs 6 in accounting for exploration and evaluation expenditures it incurs on mineral resources except for the costs incurred before the entity obtains the legal rights to explore and the costs incurred after technical feasibility and commercial viability of the resources has been demonstrated ifrs 5 assets hfs discontinued op frs 5 requires assets held for sale to be measured at the lower of their carrying amount or fair value less costs to sell the standard requires such assets to be no longer depreciated and presented separately from other assets on the balance sheet any income from discontinued operations is also presented separately ifrs 10 consolidated financial st ifrs 10 consolidated financial statements requires an entity which controls one or more entities to present consolidated financial statements the standard provides guidance on the concept of control sets out accounting requirements for consolidated financial statements and outlines criteria for exemptions available to investment entities ifrs 3 business combinations ifrs 3 business combinations requires an acquirer to apply the acquisition method in accounting for business combination this involves determination of fair value of the consideration fair value of the net identifiable assets and any goodwill ifrs 9 hedge accounting a hedging relationship qualifies for hedge accounting only if a it consists of eligible hedging instrument and hedged instrument b the hedge relationship is designated and documented at inception and c the hedge is effective ifrs 9 reclassification ifrs 9 does not allow reclassification of financial liabilities but allows reclassification of financial assets only it is evident from change in the investor s business model ifrs 9 measurement impairment ifrs 9 requires a financial asset and liabilities to be initially measured at fair value and subsequently at amortized cost or fair value depending on the classification it also introduces a new forward looking expected credit losses impairment requirements ifrs 9 classification under ifrs 9 subsequent to initial recognition an entity classifies its financial assets as measured at amortized cost fvoci and fvtpl depending on a the entity s business model and b the contractual cash flow characteristics of the financial assets financial liabilities are primarily classified at amortized cost ifrs 9 recognition derecognition ifrs 9 is to be applied by all entities to all of their financial instruments except a interests in subsidiaries associates and joint ventures b leases c rights and obligations covered under ifrs 2 ifrs 15 ias 19 ias 37 etc intl financial reporting standards ifrs are accounting standards issued by the international accounting standards board iasb these are mainly used by publicly traded entities to prepare general purpose financial statements the ifrs also includes the international accounting standards ias issued by predecessor body of the iasb the international accounting standards committee and related interpretations issued by the interpretations committee ifrs 2 share based payment ifrs 2 share based payment deals with accounting for share based payment transactions and issuance of share options to employees it is applied to transactions which are settled by transfer of equity of the entity or that of its parent or sister subsidiary or by transfer of cash equivalent to the value of the shares or either at the option of either the entity or the vendor ias 34 interim financial reporting ias 34 specifies the minimum content requirements of interim financial reports while it does not provide guidance on who should prepare interim financial reports and when it recommends publicly traded entities to prepare the half yearly financial reports within 60 days of the period end ias 40 investment property investment property is a property land or building held for capital appreciation and or earning rentals under ias 40 a company must choose either the cost model or the fair value model ifrs 15 revenue from contracts ifrs 15 requires an entity to a identifying the contract b identify the performance obligation c measure the transaction price d allocate it to the performance obligations and e recognize revenue when as those obligations are met sale and leaseback a sale and leaseback is a transaction in which one party seller lessee sells and simultaneously leases back an asset from another party buyer lessor if it qualifies as a sale under ifrs 15 it recognized as a lease otherwise it is treated as a financial liability asset applying ifrs 16 ifrs 16 requires all lessees to bring their leases with some exceptions on balance sheet it leaves the lessor accounting predominantly unchanged lessees can use either the full retrospective or modified retrospective approaches when initially applying the standard lease components when a lease contract contain one or more lease and non lease components the lessee and the lessor allocates the consideration to the components based on their stand alone selling prices short term leases in the context of lease accounting under ifrs 16 and asc 842 short term leases are leases not containing any purchase option which have a lease term of 12 months or less at the commencement date lease receivable lessors recognize a lease receivable on their finance leases at an amount equal to the net investment in the lease net investment in the lease equals gross investment in the lease minus unearned finance income lease payments lease payments represent the consideration for the underlying asset in a lease it includes fixed payments variable payments linked with an index or rate and payments penalties contingent upon exercise of extension termination options lease modifications a lease modification is a change in scope and or consideration of a lease which was not part of the initial terms and conditions of the lease agreement they are accounted for either as separate leases or by adjusting lease liability and right of use asset lease liability lease liability represents the amount recognized by a lessee on its statement of financial position regarding its leases it is initially measured at the present value of lease payments and is remeasured whenever there is a change in lease payments or lease modification expected credit losses expected credit losses ecls represent a probability weighted provision for impairment losses which a company recognizes on its financial assets carried at amortized cost or at fair value through other comprehensive income fvoci under ifrs 9 right of use asset a right of use asset refers to the amount recognized by a lessee on its balance sheet that represents its right to use an asset under a lease contract it is either presented on the face of the balance sheet or as part of fixed assets lease interest rates accounting standards prefer the implicit rate but allow use of lessee s incremental borrowing rate if the implicit rate is not readily available ias 23 borrowing costs ias 23 borrowing costs is an accounting standard that is part of ifrs and that contains the requirements for certain finance costs to be capitalized with the cost of qualifying assets for which such finance costs are being incurred lease term under ifrs 16 lease term equals the non cancelable period for which the lessee has a right to use the underlying asset together with periods covered by an extension option which the lessee is reasonably certain to exercise and a termination option which the lessee is reasonably certain not to exercise ifrs 16 leases ifrs 16 leases is the new lease accounting standard which replaced ias 17 it eliminates the finance operating lease classifications for lessees but retains it for lessors a lessee is required to recognize right of use rou assets and associated lease liabilities on the statement of financial position for most leases ias 2 inventories ias 2 inventories contains accounting rules and principles that need to be followed with respect to inventories when financial statements of a company are being prepared according to ifrs finding annuity payment given the present value or a future value of an annuity the fixed periodic payment can be worked out by dividing the pv or fv by the present value factor or the future value factor respectively time value of uneven cash flows when a cash flow stream is uneven the present value pv and or future value fv of the stream are calculated by finding the pv or fv of each individual cash flow and adding them up types of interest rates an interest rate is a percentage which represents the cost of money as a percentage of initial principal interest rates differ depending on whether they are nominal or real quoted or effective annual or periodic and so on nominal interest rate nominal interest rate is the interest rate which includes the effect of inflation it approximately equals the sum of real interest rate and inflation rate real interest rate real interest rate is the interest rate adjusted for the effect of inflation on maturity value of a loan or investment it approximately equals nominal interest rate minus inflation rate quoted vs periodic interest quoted interest rate also called nominal interest rate or annual percentage rate is the non compounded interest rate for a period of one year it can be converted to periodic interest rate by dividing it with the number of compounding periods per year time periods in tvm in case of simple interest number of time periods t equals total interest divided by product of pv and interest rate and in case of compound interest number of periods can be calculated using nper function or using a logarithm based 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