Statement of Cash Flows Standard of IAS 7

Statement of Cash Flows Standard of IAS 7

IAS 7 Statement of Cash Flows provides guidelines to financial accountants and auditors regarding reporting of cash and cash equivalent items that effects business entity`s cash flow position. Entity following IFRSs in its reporting should be preparing statement of cash flow along with the other component of financial statements as described by IASB. IAS 7(…)

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IFRS 5 | Accounting Standards

IFRS 5 | Accounting Standards

Non Current Assets Held for Sale and Discontinued Operations. IFRS provides guidelines to financial accountants and auditors as how to account for non-current assets which are held for resale. Another aspect of IFRS 5 is disclosure and presentation of discontinued operations. Steps that should be understood by professionals and students to get it comprehensive understanding(…)

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IAS 2: Inventory Valuation

International Accounting standard about Inventory Valuation: providing guidelines to financial accountants and auditors as how to value inventory for accounting and reporting purposes. It also provides choice of acceptable method of calculating Cost of inventories. Being accountant, auditor and accountancy student you need to understand this IAS with respect to: Inventory Valuation Approach Inventory costing(…)

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IAS 1 : Presentation Of Financial Statements 2014

IAS 1 : Presentation Of Financial Statements 2014

The main purpose of this International Accounting Standard (which is now being categorized as IFRS 1, its latest version has been published at 1st January 2013) is to provide guidelines to Financial Accountant regarding presentation of Financial Statements. It provides guidelines about structure of financial statements and minimum content that should be reported as essential(…)

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Financial Assets

Financial assets are traded on financial market and have characteristic of contractual arrangement having no physical value. These are intangible by nature and derive monetary value from its contractual agreement. Examples of financial assets are cash convertible investments and savings like Bonds Stock Certificate of deposits Unlike land or machinery, these assets do not have(…)

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