الخبرة
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Audit Manager
KPMG
استكشاف مزيد من المنشورات
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BDO East Africa
Getting the mystery out of IFRS 9: "Applying IFRS 9 to Related Company Loans 2024/2025." This guide is packed with practical insights and examples to help you navigate the complexities of IFRS 9, especially when dealing with related company loans. What’s inside: - Key considerations for related company loans - Guidance on classification and measurement - Detailed steps for applying the Expected Credit Loss (ECL) model - Real-world examples to illustrate the application 📥 Download your copy and stay ahead in your financial reporting game! Download Now: https://lnkd.in/dcrtU3y6 #IFRS9 #FinancialReporting #AccountingStandards #RelatedCompanyLoans #BDO #Finance #Compliance
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Ravinder Kumar
Recognition Principle in IAS 16: Property, Plant, and Equipment The recognition principle is a fundamental concept in accounting that determines when an asset or expense should be recorded in the financial statements. In the context of IAS 16 Property, Plant, and Equipment, recognition is crucial for accurate financial reporting. When to recognize PP&E: - Initial recognition: Recognize PP&E when it is probable that future economic benefits will flow to the entity, and the cost can be measured reliably. - Subsequent recognition: Recognize depreciation, impairment, and disposal of PP&E in accordance with IAS 16 guidelines. Why recognition matters: - Accurate financial reporting - Reliable decision-making - Compliance with international accounting standards Did you know that IAS 16 requires companies to recognize PP&E at cost, including all costs necessary to bring the asset to its intended use? Practical Example: Suppose XYZ Ltd. purchases a new machine for $10,000, with additional costs of: - Transportation: $500 - Installation: $1,000 - Training: $2,000 Total cost = $13,500 XYZ Ltd. should recognize the machine as PP&E at $13,500, not just the initial purchase price of $10,000. Why? Because all these costs are necessary to bring the machine to its intended use. By recognizing the full cost, XYZ Ltd. accurately reflects the asset's value and depreciation expense in its financial statements. Stay tuned for more accounting insights and tips! #RecognitionPrinciple #IAS16 #PropertyPlantAndEquipment #AccountingStandards #FinancialReporting
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