TAILIEUCHUNG - Lecture International accounting (4/e): Chapter 5 - Timothy Doupnik, Hector Perera
Chapter 5 - International financial reporting standards: Part I. This chapter 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 financial reporting of current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, and financial instruments. | Chapter 5: International Financial Reporting Standards: Part II 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 financial reporting of current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, and financial instruments 5-2 Current Liabilities IAS 1, Presentation of Financial Statements, requires classification of liabilities Current liabilities Noncurrent liabilities Current liabilities Expected to settle in normal operating cycle Held for trading purpose Settled within 12 months of balance sheet date Not deferred until 12 months after balance sheet date 5-3 Differences in IFRS and . GAAP: Current Liabilities Refinanced short-term debt IFRS: Long-term, if refinanced prior to balance sheet date . GAAP: Long-term, if refinancing is agreed prior to balance sheet Accounts payable on demand due to violation of debt covenants IFRS: Current, unless lender issued waiver of 12 months by balance sheet date . GAAP: Current, unless lender issued waiver obtained by annual report issuance date Bank overdrafts IFRS: Long-term, if integral part of cash management netted against cash . GAAP: Always treated as current liabilities 5-4 Provisions, Contingent Liabilities, and Contingent Assets IAS 37, Provisions, Contingent Liabilities and Contingent Assets, provides guidance for: Reporting liabilities and assets of uncertain timing, amount, or existence Environmental and nuclear decommissioning costs 5-5 Contingent Liability Recognized under IFRS, when: There is a present obligations from past events It is probable that there will be an outflow of resources A reliable estimate of the obligation can be made Constructive obligation: arise from past actions or current .
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