TAILIEUCHUNG - Lecture International accounting (3/e): Chapter 5 - Timothy Doupnik, Hector Perera
Chapter 5 - International financial reporting standards (Part II). The topics discussed in this chapter are: Current liabilities; provisions, contingent liabilities, and contingent assets; employee benefits; share-based payment; income taxes; revenue recognition; financial instruments. | Chapter Topics Current Liabilities Provisions, Contingent Liabilities, and Contingent Assets Employee Benefits Share-Based Payment Income Taxes Revenue Recognition Financial Instruments Learning Objectives Describe and apply the requirements of IFRS related to the financial reporting of current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, and financial instruments. Explain and analyze the effect of major differences between IFRS and . GAAP related to the reporting of current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, and financial instruments. IAS 1, Presentation of Financial Statements: Requires liabilities to be classified as current or noncurrent Current: Expects to settle in its normal business cycle Holds primarily for the purpose of trading Expects to settle within 12 months of the balance sheet date Does not have the right to defer until 12 months after the balance sheet date Learning Objective 1 IFRS is similar but differences may relate to: Refinanced short-term debt– only long-term if completed prior to balance sheet date vs. . GAAP which allows long-term if an agreement has been reached prior to balance sheet date, even if not completed by then. Accounts payable on demand due to violation of debt covenants—must be current unless lender issues waiver of at least 12 months by balance sheet date. The waiver must be obtained, under . GAAP, by annual report issuance date. Bank overdrafts—netted against cash if an integral part of cash management—otherwise current liabilities. . GAAP always treats as current liabilities. Learning Objective 2 Liabilities and assets of uncertain timing, amount, or existence. Onerous contracts and restructuring costs. Examples of environmental costs and nuclear decommissioning costs. Learning Objective 1 Contingent Liabilities and Provisions Contingent liability is either: Possible obligation from past events to be confirmed by .
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