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CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS NOTES

by: Jose Noel P. Palomo

OVERVIEW OF ACCOUNTING

Accounting is the process of identifying, measuring and

Accounting Definition communicating economic information to permit informed judgements
and decisions by users of the information
Three most important
1. Identifying
activities included in
2. Measuring
the definition of
3. Communicating
accounting

Identifying analysing whether or not they will be recognised

T yp es of ev ent s o r 1. External Events

transactions 2. Internal Events
1. Exchange (Reciprocal Transfer)
T y pe s o f E xt er n al
2. Non-reciprocal Transfer
Events
3. External Event Other Than Transfer
Exchange (Reciprocal
Giving and receiving
Transfer)

Non-reciprocal Transfer “one way”

External event other Involves changes in the economic resources or obligations caused by
than transfer an external party or external source, but does not involve transfer
T y p e s o f I n t e r n a l 1. Production
Events 2. Casualty

Production Resources transformed into finished goods

Casualty Unanticipated loss from disasters

Most commonly used is historical cost, to be prepared using a mixture

Measuring
of costs and values

Valued by Opinion Affected by estimates

Valued by Facts To be valued by facts

1. Quantitative Information
Types of Information
2. Qualitative Information
provided by accounting
3. Financial Information

Q u a n t i t a t i v e
Numbers
Information

Qualitative Information Words

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Financial Information Money

General Purpose;
Types of Accounting Information Classifies as to Users’ Needs
Special Purpose

General Purpose Designed to meet the common needs of most statement users

Special Purpose Designed to meet the specific needs of particular statement users

Body of Knowledge Accounting as a social science

Cr eat ive S kil ls a nd

Accounting as a practical art
Judgement

Information to
Financial Reports and Accounting as an Information System
Communicates

Fundamental to
c o m m u n i c a t i o n o f Accounting as a language of business
financial information

Creative Thinking Most important in identifying alternative solution

Critical Thinking Most important in evaluating alternative solution

1. Double-entry System
2. Going Concern Assumption
3. Separate Entity
4. Stable Monetary Unit
5. Time Period
6. Materiality Concept
7. Cost-benefit
8. Accrual Basis of Accounting
9. Historical Cost Concept
10. Concept of Articulation
11. Full Disclosure Principle
Accounting Concepts
12.Consistency Concept
13. Matching
14. Entity Theory
15. Proprietary Theory
16. Residual Equity Theory
17. Fund Theory
18. Realization
19. Prudence
20.Matching Concept
21. Systematic and Rational Allocation
22.Immediate Recognition

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1. Financial Accounting
2. Management Accounting
3. Cost Accounting
4. Auditing
5. Tax Accounting
Common Branches of 6. Government Accounting
Accounting 7. Fiduciary Accounting
8. Estate Accounting
9. Social Accounting
10. Institutional Accounting
11. Accounting Systems
12.Accounting Research
1. Practice of Public Accountancy
Sectors in Practice of 2. Practice in Commerce and Industry
Accountancy 3. Practice in Education/Academe
4. Practice in the Government
Ne e d f or r e p o r t i n g Financial statements would not be comparable, the risk of fraudulent
standards reporting is heightened

1. Financial Reporting Standards Council (FRSC)

2. Philippine Interpretations Committee (PIC)
Accounting Standard
3. Board of Accountancy (BOA)
S et t in g B od i es a n d
4. Securities and Exchange Commission (SEC)
Other Relevant
5. Bureau of Internal Revenue (BIR)
Organisation
6. Bangko Sentral ng Pilipinas (BSP)
7. Cooperative Development Authority (CDA)
1. International Financial Reporting Interpretations Committee
Other Relevant (IFRIC)
I n t e r n a t i o n a l 2. IFRS Advisory Council
Organisations 3. International Federation of Accountants (IFAC)
4. International Organisation of Securities Commissions (IOSCO)

CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

Purpose of Conceptual
1. Assist the International Accounting Standards Board (IASB)
Framework for General
2. Assist preparers in developing consistent accounting policies
P ur p o se F i na n ci a l
3. Assist all parties in understanding and interpreting
Reporting
Conceptual Framework
1. Promote transparency
provides foundation for
2. Strengthen accountability
the de ve lopm ent of
3. Contribute to economic efficiency
standards

Status of Conceptual Conceptual Framework is not a Standard. If a conflict arises, standard

Framework will always prevail

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General Purpose
Scope of the Conceptual Framework
Financial Reporting

Objective of Financial
Useful to existing and potential investors, lenders and other creditors
Reporting

Liquidity Pay short-term

Solvency Pay long-term

Q u a l i t a t i v e
Identify the types of information that are likely to be most useful.
Characteristics
F u n d a m e n t a l
1. Relevance
Q u a l i t a t i v e
2. Faithful Representation
Characteristics
1. Comparability
Enhancing Qualitative 2. Verifiability
Characteristics 3. Timeliness
4. Understandability

R e l e v a n c e 1. Predictive Value
Characteristics 2. Confirmatory Value
Matter of judgement; has four steps
1. Identify
Materiality 2. Assess
3. Organise
4. Review
1. Completeness
Faithful Representation
2. Neutrality
Characteristics
3. Free From Error

Cost Constraint Pervasive constraint to provide useful financial information

1. Assets
2. Liabilities
Elements of Financial
3. Equity
Statements
4. Income
5. Expenses
M e a s u r e m e n t Must be measured to be recognised; use of reasonable estimates is an
Uncertainty essential part of financial reporting

Unit of account Group of rights; group of obligations; group of rights and obligation

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1. Historical Cost
2. Current Value
Measurement Bases A. Fair Value
B. Value in Use and Fulfillment Value
C. Current Cost

C a s h - fl o w - b a s e d 1. Statistical Mean
M e a s u r e m e n t 2. Statistical Median
Techniques 3. Statistical Mode

P r e s e n t a t i o n a n d 1. Presentation and disclosure objectives and principles

D i s c l o s u r e 2. Classifying
Requirements 3. Aggregating

Presentation and
1. Flexibility to provide relevant faithfully represented information
Disclosure Objectives
2. Intra-comparability and Inter-comparability
and Principles

Offsetting Assets and liabilities with separate units of account are combined

Aggregation Adding together of assets, liabilities, equity, income or expenses

1. Financial Concept of Capital - invested money or invested

Concepts of Capital and
purchasing power
Capital Maintenance
2. Physical Concept of Capital - entity’s productive capacity

PAS 1: PRESENTATION OF FINANCIAL STATEMENTS

PAS 1 prescribes the basis for presentation of general purpose

Purpose of PAS 1
financial statements; to ensure comparability

1. Intra-comparability
Types of Comparability
2. Inter-comparability
Primary Objective of
Provide financial position, financial performance and cash flows
Financial Statements
Secondary Objective of
Show results of management’s stewardship
Financial Statements

1. Fair Presentation and Compliance with PFRS

2. Going Concern
3. Accrual Basis of Accounting
General Features of 4. Materiality and Aggregation
Financial Statements 5. Offsetting
6. Frequency of Reporting
7. Comparative Information
8. Consistency of Presentation

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1. Name of entity
2. Individual or group entity
Structure and Content
3. Date of end/ Period covered
of Financial Statements
4. Currency used
5. Rounding used

1. Preparation and fair presentation

M a n a g e m e n t ’ s 2. Internal control
R es po ns ib il it y ov er 3. Going concern
Financial Statements 4. Oversight
5. Review and approval
Statement of Financial
PAS 1 does not prescribe the order or format
Position
Types of Presentation of
1. Classified
Statement of Financial
2. Unclassified
Position
Working Capital
Current Assets - Current Liabilities
Formula
Replacement of an existing debt with a new one but with different
Refinancing Agreement
terms

Loan facility Credit line

Statement of Profit or
L o s s a n d O t h e r 1. Single Statement
Comprehensive Income 2. Two Statements
Presentation

This method of computing for profit or loss is called the “transaction

approach”

Profit or Loss
PAS 1 prohibits the presentation of extraordinary items in the
statement of profit or loss and other comprehensive income or in the
notes

1. Nature of Expense
2. Function of Expense
Presentation of
Expenses
If the function of expense method is used, additional disclosures on
the nature of expenses shall be provided

Comprises of items of income and expense that are not recognised in

profit or loss as required or permitted by other PFRSs
Other Comprehensive
Income
Amounts recognised in OCI are usually accumulated as separate
components of equity

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Amounts reclassified to profit or loss in the current period that were

recognised in other comprehensive income in the current or previous
period

Reclassification adjustments arise on disposal of foreign operation,

Reclassification
derecognition of debt instruments measure at FVOCI, or when a cash
Adjustments
flow hedge becomes ineffective or affects profit or loss

On derecognition the cumulative gains and losses that were

accumulated in equity on these items are reclassified from OCI to
profit or loss called reclassification adjustment
Sum of profit or loss and other comprehensive income
Total Comprehensive
Income
Comprises all ‘non-owner’ changes in equity
Statement of Changes in PAS 1 allows the disclosure of dividends, and the related amount per
Equity share, either in the statement of changes in equity or in notes

S t a t e m e n t o f C a s h PAS 1 refers the discussion and presentation of statement of cash

Flows flows to PAS 7
Notes provides information addition to those presented in the other
financial statements

Notes
PAS 1 requires an entity to present the notes in a systematic manner

Notes are prepared in a necessarily detailed manner

PAS 2: INVENTORIES

Purpose of PAS 2 Accounting treatment for inventories

Measurement Measured at the lower of cost and net realisable value

1. Purchase Cost
Types of Costs 2. Conversion Costs
3. Other Costs
1. Abnormal amounts water
Excluded from cost of 2. Storage costs
inventories 3. Administrative overheads
4. Selling costs

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Computation of cost of inventories that are charged as expense

1. Specific Identification - not ordinarily interchangeable; not
appropriate for inventories of large number of items
2. First-In, First-Out (FIFO) - inventories that were purchased or
produced first are sold first
Cost Formulas 3. Weighted Average (WA) - weighted average cost of beginning
inventory and all inventories purchased

Cost formulas refer to “cost flow assumption”

PAS 2 does not permit the use of Last-in, first out (LIFO)
Estimated selling price in the ordinary course of business less
estimated cost of completion and the estimated costs necessary to
Net Realizable Value make the sale
(NRV)
Write-downs of inventories are usually carried out on an item by item
basis

REMARKS Please refer to the book for computations

PAS 7: STATEMENT OF CASH FLOWS

PAS 7 prescribes the requirements in the requirements in the

Purpose of PAS 7
presentation of statement of cash flows

Cash Cash on hand and cash in bank

Cash Equivalents Short-term, highly liquid investments

Cash Flows Inflows and outflows

1. Operating Activities
Classification of Cash
2. Investing Activities
Flows
3. Financing Activities

Operating Activities Revenue-producing activities

Investing Activities Acquisition and disposal of noncurrent assets and other investments

Financing Activities Affect the entity’s equity capital

Ge ne ral Co nc ep t in
Preparation o f Only transactions that affected cash and cash equivalents are
S t a t e m e n t o f C a s h reported
Flows

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1. Direct Method
2. Indirect Method

PAS 7 does not require ant particular method, however, PAS 7

Presentation
encourages the direct method

Direct and indirect method of presentation is applicable only for

operating activities
Changes in Ownership Loos or obtaining of control are classified as investing activities.
Interests i n Those that do not result to loss or obtaining of control are classified as
Subsidiaries financing activities

PAS 8: ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS

PAS 8 prescribes the criteria for selecting, applying, and changing

accounting policies and the accounting and disclosure of changes in
Purpose of PAS 8
accounting policies, changes in accounting estimates and correction
of prior period errors
Specific principles, bases, conventions, rules and practices applied by
an entity in preparing and presenting financial statements

Accounting Policies
The management uses its judgement in developing and applying an
accounting policy that results in information that is relevant and
reliable
PAS 8 requires the consistent selection and application of accounting
policies
Changes in Accounting
Policies PAS 8 permits a change in accounting policy only is the change:
1. Required by PFRS
2. Reliable and more relevant information

1. Transitional Provision
Accounting for Changes
2. Retrospective Application
in Accounting Policies
3. Prospective Application

R e t r o s p e c t i ve
Adjusting the opening balance of each affected component of equity
Application
Adjustment of the carrying amount of an asset or a liability
Change in Accounting
Estimate Changes in accounting estimates result from new information or new
developments and accordingly, are corrections of errors.

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Change in Accounting Policy - change in measurement basis

Change in Accounting
Policy Vs. Change in
Change in Accounting Estimate - changes on how the expected inflows
Accounting Estimate
or outflows of economic benefits
Accounting for Changes
Changes in accounting estimates are accounted for by prospective
in Accounting
application
Estimates
Financial statements do not comply with the PFRSs if they contain
Errors
either material errors or immaterial errors made intentionally

Material Errors Misstated

Intentional Errors Fraud

Error of Commission Doing something wrong

Error of Omission Doing something what should have been done

Discovered either during the current period or after, corrected simply

Current Period Errors
by correcting entries

Discovered either during the current period or after, corrected by

Prior Period Errors
retrospective restatement
1. Restating the comparative amount for the prior periods
R e t r o s p e c t i ve
2. Earliest prior period presented, restating the opening balances of
Restatement
assets, liabilities an equity

Retrospective Restatement - correcting a prior period error, as if it

R e t r o s p e c t i ve
never occurred
Restatement Vs.
R e t r o s p e c t i ve
Retrospective Application - applying new accounting policy, as if
Application
always applied

PAS 10: EVENTS AFTER THE REPORTING PERIOD

PAS 10 prescribes the accounting for, and disclosures of, events after
Purpose of PAS 10
the reporting period

Events After Reporting

Events after the reporting period, favourable and unfavourable
Period
Date of authorisation of
Date when management authorises the financial statements for issue
the financial statements
Two Types of Events
1. Adjusting Events After The Reporting Period
After of the Financial
2. Non-adjusting Events After The Reporting
Statements
Adjusting Events After
Provide evidence of conditions that existed at the end
Reporting Period

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Non-adjusting Events of
Indicative of conditions that arose after
The Reporting Period

Adjustments of amounts in the financial statements

1. Settlement of a court case that confirms a present obligation at
the end of reporting period
2. Receipt of information after the reporting period that an asset was
Adjusting Events After impaired
The Reporting Period 3. Determination of cost of asset, proceeds from asset sold, before the
end of the reporting period
4. Determination after the reporting period of profit-sharing or
bonus payments
5. Discovery of fraud or errors
1. Changes in fair values
2. Casualty losses
3. Litigation
4. Significant commitments or continent liabilities
Non-adjusting Events
5. Major ordinary share and potential ordinary share
Af ter the R eporting
6. Major business combination
Period
7. Announcing, or commencing, major restructuring
8. Announcing a plan to discontinue an operation
9. Change in tax rate
10. Declaration of dividends after the reporting period

PAS 10 prohibits the preparation of financial statements on a going

Going Concern
concern basis
PAS 12: INCOME TAXES

PAS 12 prescribes the accounting for income taxes

Income tax expense reported in the statement of comprehensive

income may be different from the amount of income tax required to be
paid to the Bureau of Internal Revenue
Purpose of PAS 12
Income tax expense is computed using PFRSs while current tax
expense is computed using Philippine tax laws

PAS 12 addresses the accounting presentation and reconciliation of

these differences

Accounting Profit Before deducting tax expense

Taxable Profit Income taxes are payable

Accounting Profit or Accounting Profit - computed using PFRSs

Loss Vs. Taxable Profit Taxable Profit - computed using tax laws

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Tax Expense or Income Total amount included in the determination of profit or loss for the
Tax Expense period

Current Tax or Current

Amount of income taxes payable
Tax Expense

Deferred tax expense Sum of net changes in deferred tax assets and deferred tax liabilities

Temporary Difference
Taxable Profit - Accounting Profit
Formula

Deferred Tax Expense Current Tax Expense - Income Tax Expense

Income Tax Expense Current Tax Expense + Deferred Tax Expense or - Deferred Tax
Formula Benefit
When income and expenses enter in the computation of either
accounting profit or taxable profit but not both

Permanent Differences
Permanent differences usually arise from non-taxable and non-
deductible expenses and those that have already been subjected to
final taxes
Differences between the carrying amount of an asset or liability in the
statement of financial position and its tax base
1. Taxable Temporary Differences
Temporary Differences
2. Deductible Temporary Differences

Temporary Differences have future tax consequences

Result to future taxable amounts

Ta xa b le Te mp o ra r y
Differences
Give rise to deferred tax liabilities
Result to future deductible amounts
Deductible Temporary
Differences
Give rise to deferred tax assets
When income and expenses are recognised for financial reporting
Timing Differences purposes in one period but are recognised for taxation purposes in
another period

1. Financial income is greater than Taxable income

Ta xa b le Te mp o ra r y
2. Carrying amount of an asset is greater than the tax base
Differences arise when:
3. Carrying amount of a liability is less than the tax base

Deferred Tax Liability

Taxable Temporary Difference X Tax Rate
Formula

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1. Financial income is less than taxable income

Deductible Temporary
2. Carrying amount of an asset is less than the tax base
Differences arise when:
3. Carrying amount of a liability is greater than the tax base
Deferr ed Tax A ss et
Deductible Temporary Difference X Tax Rate
Formula

Deferred Tax Liability Results to higher amount of tax to be paid to the BIR

Deferred Tax Asset Results to lower amount of tax to be paid to the BIR

PAS 12 requires the use of the asset-liability method in accounting for

Accounting for Deferred deferred taxes
Taxes
Tax base of an asset or liability for tax purposes
1. Deferred tax liability is recognised for all taxable temporary
differences
Recognition
2. Deferred tax asset is recognised for all deductible temporary
differences, including unused tax losses and unused tax credits
A deferred tax asset reduces the tax payment when it reverses in a
future period, only if it earns sufficient taxable profit against which
the reduction can be applied

L i m i ta t i o n o n t h e
PAS 12 permits an entity to recognise deferred tax assets only when
Recognition of Deferred
it is probable
Tax Asset

When it is not probable, it is:

1. Not recognised
2. Reduced to its realisable value

Measurement PAS 12 prohibits the discounting of deferred tax assets and liabilities

Deferred tax assets and deferred tax liabilities are presented

separately
Presentatio n in the
Statement of Financial
PAS 12 permits offsetting, only if:
Position
1. Legally enforceable right
2. Relate to income taxes levied by the same taxation authority

PAS 12 permits offsetting of current tax assets and current tax

Accounting for Current liabilities only if the entity has:
Taxes 1. Legally enforceable right to offset
2. Intention on a net basis
Presentation in
Tax consequences are accounted for in the same way as the related
Statement of
transactions or events
Comprehensive Income

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PAS 16: PROPERTY, PLANT AND EQUIPMENT

PAS 16 prescribes the accounting treatment for property, plant and

Purpose of PAS 16
equipment (PPE)
1. Tangible Assets
Qualities of PPE 2. Used in business
3. Long-term in nature
An item of PPE is initially measured at cost.
1. Purchase price
Initial Measurement 2. Direct costs of bringing the asset to the location
3. Initial estimate of dismantlement, removal and site restoration
costs
Before or during the construction of a PPE are not necessary in
Incidental Operations bringing the PPE to the location and condition necessary for it be
capable of operating in the manner intended by management

Self-constructed Assets Determined using the same principles as for acquired asset

Bearer Plants Accounted for similar to self-constructed assets

Cost is measured at the cash price equivalent at the acquisition date.

Cost of a PPE acquired through an exchange of non-monetary assets
Measurement of Cost 1. Fair value of the asset given up
2. Fair value of the asset received
3. Carrying amount of the asset given up

S u b s e q u e n t Capitalisation of costs ceases when the PPE is in the location and

E x p e n d i t u r e s o n condition necessary for it to be capable of operating in the manner
Recognised PPE intended by management

Cost of replacing a part of an item of PPE is capitalised if the

Replacement Costs
recognition criteria are met

Major Inspections Accounted for similar to replacement costs

After initial recognition, application of policy to an entire class of PPE

S u b s e q u e n t
1. Cost Model
Measurement
2. Revaluation Model

Cost Model PPE is carried at its cost less any accumulated depreciation

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1. Depreciation
2. Depreciable Amount
3. Residual Value
4. Useful Life
5. Carrying Amount

Depreciation Each significant part of an item of PPE is depreciated separately

Depreciations starts when the asset is available for use, in the

manner intended by the management

Depreciation does not cease when the asset becomes idle or is retired
from active use

Some Types of Depreciation Method

1. Straight-line Method
2. Diminishing Balance Method
3. Units of Production Method

PAS 16 does not prescribe any specific any specific method

PAS 16 requires management to choose the method that best reflects

the expected pattern of consumption of the future economic benefits
Depreciation Method
embodied in the asset

PAS 16, however, prohibits the use of depreciation method that is

based on revenue

PAS 16 requires an annual review of the depreciation method and the

estimates of useful life and residual value at each year-end

Most commonly used depreciation method is the straight-line method

PPE is carried at its fair value at the date of revaluation less any
subsequent accumulated depreciation and subsequent accumulated
Revaluation Model impairment losses

Revaluations are applied to an entire class of PPE

Increase or decrease in the carrying amount of a PPE resulting from

Accounting for
revaluation is recognised in other comprehensive income and
Revaluations
accumulated equity under the “Revaluation surplus”

After revaluation, a revalued asset is depreciated based on its fair

Depreciation
value

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If revalued asset is non-depreciable, transferred directly to retained

earnings

Subsequent Accounting If revalued asset is depreciable, portion of the revaluation surplus

for Revaluation Surplus may be transferred directly to retained earnings

Transfers from revaluation surplus to retained earnings are not made

through profit or loss
Difference between the carrying amount of the derecognised PPE and
Derecognition the net disposal proceeds, if any, is recognised as gain or loss in profit
or loss

REMARKS Please refer to the book for computations

PAS 19: EMPLOYEE BENEFITS

Purpose of PAS 19 PAS 19 prescribes the accounting for employee benefits by employers

Exchange for service rendered by employees or for termination of

Employee Benefits
employment

Recognition Employee benefits are recognised as expense

1. Short-term Employee Benefits

F o u r C a te g or i e s o f 2. Post-Employment Benefits
Employee Benefits 3. Other Long-term Employee Benefits
4. Termination Benefits
Short-term Employee
To be settled within 12 months
Benefits

Includes vacation, holiday, maternity, paternity and sick leaves.

Entitlement may be either
1. Accumulating: Carried forward and used in future periods!
Short-term Paid
a. Vesting: Paid in cash!
Absences
b. Non-vesting: Not monetised
2. Non-accumulating: Expire if not used in the current period, and
are not paid in cash
A cc u m u l at i n g a n d
All unused entitlements are accrued; monetised in future period
Vesting
A c c u m u l a t i n g N o n - Only the unused entitlements that are expected to be utilised are
vesting accrued

Non-accumulating Unused entitlement are not accrued

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Payable after the completion of employment

Post-employment
Can be
Benefits
1. Contributory or Non-contributory
2. Funder or Unfunded

Cotributory Both contribute to the retirement benefit

Non-contributory Only the employer contributes retirement benefits

Funded Retirement fund is transferred to a trustee

Unfunded Employer fund and pays directly

Types of Post-
1. Defined Contribution Plans
employ ment Be nefit
2. Defined Benefit Plans
Plans

Defined Contribution
Employer commits to make fixed contributions
Plans
The employer commits to pay a definite amount of retirement
Defined Benefit Plans
benefits, determined using a plan formula
Defined Contribution Plans
1. Employer commits fixed contributions; dependent on the fund
balance
Defined Contribution 2. Risk that the fund may be insufficient rests with the employee
Plans Vs. Defined
Benefit Plans Defined Benefit Plans
1. Employer commits a definite amount; independent on the fund
balance
2. Risk that the fund may be insufficient rests with the employer
Employer’s obligation under a defined benefit plan is to provide
agreed benefits

Accounting for defined benefit plans is complex because actuarial

assumptions are necessary to measure the obligation on a discounted
Accounting for Defined
basis
Benefit Plans

Involves the following steps:

1. Determine the Deficit or Surplus
2. Determine the Net Benefit Liability (Asset)
3. Determine the Defined Benefit Cost

Present Value of the Defined Benefit Obligation; Obligation, projected

PV of DBO
unit credit method

FVPA Fair Value of Plan Assets; fund

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1. If FVPA < PV of DBO, deficit

PV of DBO Vs. FVPA
2. If FVPA > PV of DBO, surplus

1. Current Service Cost: Increase of PV of DBO in the current period

2. Past Service Cost: Change in PV of DBO to prior periods from a
Service Cost plan amendment or curtailment
3. Gain or Loss on Settlement: Employer’s obligation to provide
benefits is eliminated
1. Actuarial Gains and Losses: Changes in PV of DBO; Iinclude
demographic assumptions and financial assumptions; Discount
rate is based on high quality corporate bonds
Remeasurements of the
Ne t D efin ed B ene fit PAS 19 encourages, but does not require, involving a qualified actuary
Liability (Asset) in measuring defined benefit obligations

2. Return on Plan Assets: Investment income earned by the plan

assets

Unrelated to employers contribute to a common fund; Classified as

Multi-employer Plans
either a defined contribution plan or a defined benefit plan
Established by law and operated by the government; Classified as
State Plans
either a defined contribution plan or defined benefit plan
Employer may pay insurance premiums to fund a post-employment
Insured Benefits
benefit plan

Due to be settled beyond 12 months

Other Long-term
Employee Benefits Similar to defined benefit plans except that all the components of the
defined benefit cost is recognised in profit or loss
1. Entity’s decision to terminate
Termination Benefits
2. Employee’s decision for termination
REMARKS Please refer to the book for computations

PAS 20: ACCOUNTING FOR GOVERNMENT GRANTS, AND DISCLOSURE OF

GOVERNMENT ASSISTANCE

PAS 20 prescribes the accounting and disclosure of government

Purpose of PAS 20
grants and the disclosure of other forms of government assistance
Assistance received from the government in the form of transfers of
Go ve rn men t G ran ts resources
(Subsidies, Subventions
or Premiums) Government grants exclude government assistance whose value
cannot be reasonably measured or cannot be distinguished

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Government grants are recognised if:

Recognition 1. Attached conditions will be complied
2. Grants will be received
Types of Government 1. Grants Related to Assets: Should acquire or construct long-term
Grants According to assets
Attached Condition 2. Grants Related to Income: Other than assets
Monetary Grants
1. Amount of cash received
2. Fair Value
Measurement
Non-monetary Grants
1. Fair Value
2. Nominal Amount

Government Grants in a 1. Forgivable Loan: Waives repayment subject to certain conditions

Form of Loan 2. Loan at below-market rate of interest or zero-interest

Forgivable Loan Carrying Amount of the loan forgiven

Loan at Below-market
Difference between the initial carrying amount of the loan
Rate of Interest or Zero-
determined
interest

A p p r o a c h e s t o t h e 1. Capital Approach: Recognised outside profit or loss or in equity

Accounting f o r 2. Income Approach: Recognised in profit or loss over one or more
Government Grants periods

Recognised in profit or loss on a systematic basis

Accounting f o r Government grants uses a matching concept

Government Grants
Recognising government grants in profit or loss on a receipt basis is
prohibited

May be presented either by:

G ra n ts R e la t ed t o
1. Gross Presentation
Assets
2. Net Presentation
May be presented either by:
G ra n ts R e la t ed t o
1. Gross Presentation
Income
2. Net Presentation

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Change in accounting estimate and accounted for prospectively

Repayment of grant related to income is deducted from the related

deferred income balance
Repayment of Grants

Repayment of grant related to asset is treated as a reduction in the

deferred income balance or an increase in the carrying amount of the
asset
1. Accounting Policy and Method of Presentation
Disclosure 2. Nature and Extent Entity has Directly Benefited
3. Unfulfilled Conditions and Contingencies

REMARKS Please refer to the book for computations

PAS 21: EFFECTS IN CHANGES IN FOREIGN EXCHANGE RATES

PAS 21 prescribes the accounting for foreign activities and the

Purpose of PAS 21
translation of financial statements into a presentation currency
Two Ways of Conducting 1. Foreign Currency Transactions
Foreign Activities 2. Foreign Operations

Two Main Accounting 1. Exchange Rate to Use

Issues 2. How To Report

PAS 21 requires an entity to determine and disclose its functional

currency

Currency which the entity’s cash inflows and outflows are normally
Functional Currency
denominated into

All currencies other than the entity’s functional currency are

considered foreign currencies
Denominated or requires settlement in a foreign currency
Foreign Currency
Transaction Initially recognised by translating the foreign currency amount into
the functional currency using spot exchange rate

Spot Exchange Rate Current exchange rate on a given date

Date of a Transaction Date on which the transaction first qualifies

Closing Rate Spot exchange rate at the reporting date

1. Monetary Items: Received or paid in a fixed determinable amount

Monetary Items Vs.
of money
Non-Monetary Items
2. Non-monetary Items: Do not give rise to the receipt or payment

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Difference resulting from translating a given number of units of one

Exchange Difference
currency into another currency

Subsidiary, associate, joint venture or branch that is based in a

foreign country and is using a foreign currency

Foreign Operations
When a foreign operation is disposed, recognised in other
comprehensive income, reclassified to profit or loss as a
reclassification adjustment

1. Exchange differences recognised

Disclosure 2. Fact and reason for using a different presentation currency
3. Fact and reason for a change in functional currency

REMARKS Please refer to the book for computations

PAS 23: BORROWING COSTS

Directly attributable to the acquisition, construction or production of

a qualifying asset are capitalised as cost of that asset
Borrowing Costs
Borrowing costs do not include actual or imputed cost of equity or
capital
Asset that necessarily takes a substantial period of time to get ready
Qualifying Asset
for its intended use or sale

Borrowing costs are capitalised if they are avoidable

Capitalisation is suspended during extended periods in which active

development is interrupted

C ap it a li sa ti o n of
Capitalisation, however, is not suspended if substantial technical and
Borrowing Costs
administrative work is being performed or a temporary delay is
necessary part of the development process

Capitalisation of borrowing costs ceases when the qualifying asset is

substantially complete
Funds borrowed specifically for the purpose of obtaining a qualifying
Specific Borrowing
asset

Spe cific Bor rowin g

Capitalisable BC = Actual Borrowing Costs - Investment Income
Formula

General Borrowing Obtained for more than one purpose

Capitalisable BC = Average Expenditure X Capitalisation Rate

G e n e r al B o r r o w i ng
Formula
Borrowing cost to be capitalised is the lower of the amount

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C ap it a li s at i on R a t e Total Interest Expense on Genreal Borrowings / Total General

Formula Borrowings

1. Borrowing costs capitalised

Disclosure
2. Capitalisation Rate

REMARKS Please refer to the book for computations

PAS 24: RELATED PARTY DISCLOSURE

PAS 24 prescribes the guidelines in identifying related party

Purpose of PAS 24 relationships, transactions, outstanding balances and commitments,
and the necessary disclosures for these items

Necessary to indicate the possibility that an entity’s financial position

Related Party
and performance might have been affected by the existence of such
Disclosures
relationship

Parties are related if one party has the ability to affect the financial
Related Parties and operating decisions of the other party through control, significant
influence or joint control

1. Relationship Between Parents and Subsidiaries

2. Key Management Personnel Compensation
Disclosures
3. Related Party Transactions
4. Government-Related Entities

PAS 26: ACCOUNTING AND REPORTING BY RETIREMENT BENEFIT PLANS

PAS 26 applies to the preparation of financial statements of

Purpose of PAS 26
retirement benefit plans

PAS 19: Applied by an employer

PAS 26: Applied by a trustee, PAS 26 complements PAS 19

PAS 19 Vs. PAS 26 PAS 26 applies to all retirement benefit plans

PAS 26 does not apply to government social security type

arrangements and employee benefits other than retirement benefits
Characteristics of both a defined contribution plan and a defined
Hybrid Plans
benefit plan

Funding Transfer of assets to an entity separate from the employer’s entity

To address the foregoing needs of the financial statements of a defined

contribution plan shall contain the following:
Defined Contribution
1. Statement of net assets available for benefits
Plans
2. Statement of changes in net assets available for benefits
3. Accompanying notes

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Net Assets Available for Assets of plan less liabilities other than the actuarial present value of
Benefits promised retirement benefits

Reference to the plan formula

Defined Benefit Plans

Financial statements of a defined benefit plan requires the reporting
of the actuarial present value of promised retirement benefits
Present value of the expected payments by a retirement benefit plan
to existing and past employees, attributable to the service already
Actuarial Present Value rendered
of Promised Retirement
Benefits Actuarial valuations are frequently prepared every three years

The valuation date is disclosed

Measured at fair value or market value

Valuation of Plan Assets

If an estimate of fair value is not possible, the reason for this is
disclosed
1. Summary of significant accounting policies
2. Description of the plan and the effect of any changes
3. Details of any single investment exceeding 5%
4. Investment in the employer
5. Contributions of employer and employee
Disclosure 6. Analysis of benefits paid or payable according to
7. Funding policies and investment policies
8. Investment income on the plan assets
9. Administrative, tax, and other expenses
10. Transfers from or to other plans
11. Actuarial present value of promised retirement benefits

PAS 27: SEPARATE FINANCIAL STATEMENTS

PAS 27 prescribes the accounting and disclosure requirements for

investments in subsidiaries, associates and joint ventures

PAS 27 does not mandate which entities should produce separate

Purpose of PAS 27
financial statements

PAS 27 is applied when an entity chooses, or is required by law, to

present separate financial statements that comply with PFRSs

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Addition to:
1. Consolidated Financial Statements
2. Financial statements of an entity with an investment in associate
Separate Financial or joint venture in accordance with PAS 28
Statements
Entities exempted from preparing consolidated financial statements
present separate financial statements as their only financial
statements
Assets, liabilities, equity, income, expenses and cash flows of the
Consolidated Financial
parent and its subsidiaries are presented as those of a single
Statements
economic entity
In accordance with all applicable PFRSs, accounted for either
1. Cost
2. Accordance with PFRS 9
Preparation of Separate
3. Using the equity method under PAS 26
Financial Statements

Investments classified for as held for sale are accounted for in

accordance with PFRS 5

From a subsidiary, associate or joint venture are recognised in profit

Dividends
or loss

PAS 28: INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

PAS 28 prescribes the accounting for investments in associates and

the application of the equity method to investments in associates and
joint ventures
Purpose of PAS 28

Investors apply PAS 28 when they have significant influence or joint

control over an investee

Associate Entity over which the investor has significant influence

Power to participate in the financial and operating policy decisions of

the investee but is not control or joint control of those policies
Significant Influence
Presumed to exist if the investor holds, directly or indirectly, 20% or
more voting power
Accounted for using the equity method

Accounting f o r Investment in associate is an asset

Investments in
Associates The share in profit is placed on the debit side

Dividends from investments accounted for using the equity method

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Investment is initially recognised at cost and subsequently adjusted

Equity Method
for the investor’s share in the investee’s changes in equity

Investor starts using the equity method as from the date when it
obtains significant influence or joint control over an investee

1. If cost is greater than the fair value of the interest acquired,

Application of Equity excess is goodwill
Method 2. If cost is less than the fair value of the interest acquired,
deficiency is included as income

Any resulting goodwill is included in the carrying amount of the

investment and is not accounted for separately
When the reporting periods of the investee and the investor do not
Investee’s Financial
coincide, the invested shall prepare financial statements that coincide
Statements and
with the investor’s reporting period for purposes of applying the
Accounting Policies
equity method

Outstanding cumulative preference shares held by parties other than

Cumulative Preference
the investor and classified equity, investor computes its share of
Shares
profits or losses after deducting one-year dividends

Share in Losses Only up to the amount of its interest in the associate or joint venture

I n t e r e s t i n t h e 1. Carrying Amount of the Investment

A s s o ci a t e o r J o i n t 2. Investment in Preference Shares
Venture 3. Unsecured, long-term receivables or loans

E xe mp ti o ns fr om
Investor is exempt from applying the equity method if it is exempted
Applying the Equity
from preparing consolidated financial statements
Method

D i s c o n t i n u a n c e o f An entity stops using the equity method as from the date when it
Equity Method loses significant influence or joint control over the investee

Investor uses PFRS 11 whether its interest in a joint arrangement is

Investment in Joint
an investment in joint venture, using the equity method similar to an
Venture
investment in associate

PAS 29: FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES

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PAS 29 prescribes the restatement procedures for the financial

statements of an entity whose functional currency is the currency of
a hyperinflationary economy

Purpose of PAS 29 Financial statements therefor must be restated otherwise they are
useless

PAS 29 does not prescribe an absolute rate at which hyperinflation is

deemed to arise
General increase in prices and decrease in the purchasing power of
Inflation
money
PAS 29 prohibits the presentation of the required information as
supplement to understated financial statements.
Core Principle
PAS 29 discourages the separate presentation of the financial
statement before restatement

R e s t a t e m e n t o f Gain or loss on the net monetary position resulting from the

Financial Statements restatements is recognised in profit or loss
Historical Cost X (Current Price Index / Historical Price Index)
Restatement Formula
When impracticable, use average price index instead
If a foreign operation reports in a hyperinflationary economy, its
Consolidated Financial
financial statements are also restated first under PAS 29 before they
Statements
are translated in accordance with PAS 21
1. Fact that the financial statements have been restated
Disclosures 2. Financial statements are based on historical cost or current cost
3. Identity and level of price index at the end of the reporting period

PAS 32: FINANCIAL INSTRUMENTS: PRESENTATION

PAS 32 prescribes the principles for presenting financial instruments

as liabilities or equity and for offsetting financial assets and financial
liabilities

PAS 32 complements PFRS 9 and PFRS 7

Purpose of PAS 32

PAS 32 applies to instruments designated to be measured at fair

value through profit or loss and contracts for the future purchase or
delivery of a commodity or other non financial items that can be
settled net
Any contract that gives rise to a financial asset of one entity and a
Financial Instruments
financial liability or equity instrument of another entity

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Any contract that evidences a residual interest in the asset of an

Equity Instrument
entity after deducting all of its liabilities

1. Cash and Cash Equivalents

Examples of Financial 2. Receivables
Assets 3. Investments in Equity or Debt Instrument
4. Sinking Fund
1. Payables
2. Lease Liabilities
Examples of Financial
3. Held for Trading Liabilities and Derivative Liabilities
Liabilities
4. Redeemable Preference Shares
5. Security Deposits and Other Returnable Deposits

Financial Liability: Contractual obligation to pay

Equity Instrument: No obligation to pay

A contract is not an equity instrument merely because it is to be

settles in the entity’s own equity instruments

Essential feature of an equity instrument is the absence of a

contractual obligation to pay cash or another financial asset

Presentation
Legal form is also irrelevant when determining if a financial
instrument is a financial liability or an equity instrument

IFRIC 2 Members’ Shares in Co-operative Entities and Similar

Instruments addresses the classification of members’ shares in
cooperatives. Members’ Shares in Co-operative Entities and Similar
Instruments are equity if:
1. Entity has an unconditional right to refuse
2. Redemption is unconditionally prohibited
Holder has the right to redeem at a set date
Redeemable Preference
Shares
Classified as financial liability
Issuer has the right to call at a set date
Ca ll ab le P re fe re nc e
Shares
Classified as equity instrument
Gives the holder the right to return the instrument to the issuer

Puttable Instrument
Contractual obligation for the issuer to redeem or repurchase the
instrument

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Financial instrument that, from the issuer’s perspective, contains

Compound Financial
both a liability and an equity component. Classified and accounted for
Instrument
separately
Entity’s own shares that were previously issued but were
subsequently reacquired but not retired

Treasury Shares Presented separately as deduction from equity

No gain or loss arises from the purchase, sale, issue or cancellation of

the entity’s own equity instruments
Financial Liability: Profit or Loss
Equity Instrument: Directly in Equity

Dividends on preference shares are recognised as expense in profit or

loss

Dividends on callable preference shares and other equity instruments

are recognised directly in equity

Premium or discount on financial liabilities is included in the carrying

amount of the financial liability and subsequently amortised to profit
or loss

Interest, Dividen ds,

Premium or discount on equity instruments are recognised directly in
Losses and Gains
equity

Gains and Losses on redemptions or refinancing of financial liabilities

are recognised in profit or loss

Redemptions or refinancing of equity instruments are recognised as

changes in equity

Changes in the fair value of a financial liability are generally not

recognised unless the financial liability is measured at fair value
through profit or loss

Changes in the fair value of an equity instrument are not recognised

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Issuing equity instruments to the extent that they are avoidable

costs, are accounted for as deduction from equity while transaction
costs on issuing financial liabilities are included in the carrying
amount of the financial liability and subsequently amortised to profit
Transaction Cost
or loss

The cost of an abandoned equity transaction are recognised as

expense
Both:
1. Legal right to setoff
2. Intention to settle on a net basis

PAS 32 requires presenting financial assets and financial liabilities on

Offsetting a Financial
a net basis when doing so reflects an entity’s expected future cash
Asset and a Financial
flows from settling two or more separate financial instruments
Liability

Offsetting is inappropriate for (a) financial or other assets that are

pledged as collateral for non-recourse financial liabilities and (b)
sinking fund and the related financial liability for which the fund was
established

REMARKS Please refer to the book for computations

PAS 33: EARNINGS PER SHARE

PAS 33 prescribes the principles in computing and presenting

earnings per share (EPS) to promote inter- and intra- comparability
of performance of entities

PAS 33 requires publicly listed entities, including those in the process

of enlisting, to present EPS information. A publicly listed entity is one
whose ordinary shares or potential ordinary shares are traded in a
Purpose of PAS 33
public market

Non-publicly listed entities are not required to present EPS

information

If both consolidated and separate financial statements are prepared,

EPS is required only for the consolidated financial statements
Computation made for ordinary shares

Earnings per Share

Normally, no EPS is computed for preference shares because they
have a fixed return, as represented by their dividend rates

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Equity instrument that is subordinate to all other classes of equity

Ordinary Share
instruments

Preference Share Preference over other classes of shares

1. Basic Earnings per Share

2. Diluted Earnings per Share
Types of Earnings per
Share
If the entity does not have dilutive potential ordinary shares, it
presents basic earnings per share only
Ba si c E ar ni ng s pe r Profit (Loss) less Preferred Dividends / Weighted Average Number of
Share Formula Outstanding Ordinary Shares

1. Profit (Loss) is net of income tax expense

2. If preference shares are cumulative, one year dividend is
deducted; If preference shares are non-cumulative, only the.
Earnings
Dividend declared during the period is deducted

Dividends in arrears are ignored in the computation of EPS

3. Denominator is weighted average number of shares outstanding.
Computed by applying a time-weighting factor to the number of
Shares
ordinary shares at the beginning of the period and to all issuances
and reacquisitions during the period

Outstanding Shares That are entitled to participate in dividends

Ordinary shares issuable for little or no cash or other consideration

Contingently Issuable
upon the satisfaction of specified conditions in a contingent share
Ordinary Shares
agreement
Ordinary shares are issued without a corresponding change in
R e t r o s p e c t i v e resources, the basic and diluted EPS and the weighted average
Adjustments number of ordinary shares outstanding during the period and for all
periods presented are adjusted retrospectively

Stock rights are issued to shareholders in conformance with their

preemptive right

Price is normally less than the fair value of the shares

Rights Issue

Basic and Diluted computation, number of shares outstanding for all

periods before the rights issue is multiplied by the following factor
below:

A d j u s t m e n t F a c t o r Fair Value of Stocks Immediately Before the Exercise of Rights /

Formula Theoretical Ex-rights Fair Value per Share

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Calculated by adding the aggregate market value of the shares

Theoretical Ex-rights immediately before the exercise of the rights to the proceeds from the
Fair Value per Share exercise of the rights, and dividing by the number of shares
outstanding after the exercise of rights
Fair Value of Shares Selling Right-on - Value of 1 Right
Theoretical Ex-rights
Fair Value per Share where:
Formula Value of 1 right = (Fair Value Right-on - Subscription Price) / No. Of
Rights Needed to Purchase One Share + 1
D i l ut i v e P o te n t i a l
Presents diluted EPS in addition to basic EPS
Ordinary Shares

P o t e n t i a l O r d in a r y Financial instrument or other contract that may entitle its holder to

Share ordinary shares
1. Convertible Preference Shares
Examples of Potential
2. Convertible Bonds
Ordinary Share
3. Options, Warrants and their Equivalents
Potential ordinary shares are dilutive. if, when exercised, they
decrease basic earnings per share or increase basic loss per share

Antidilutive potential ordinary shares are ignored

Convertible bonds and convertible preference shares are dilutive if

Diluted Earnings per their conversion decreases
Share
Options, warrants and their equivalents are dilutive if their exercise
price is less than the market value

The conversion or exercise is assumed to have taken place on the date

the potential ordinary shares first became outstanding, regardless of
the date of actual conversion or exercise
(Profit (Loss) + After Tax Interest Expense on Convertible Bonds) /
(Weighted Average Number of Outstanding Ordinary Shares +
Diluted EPS Formula
Incremental Shares Arising from The Assumed Conversion or
Exercise of Dilutive Potential Ordinary Shares)
When computing for diluted EPS, convertible preference shares are
assumed to have already been converted into additional ordinary
shares
Convertible Preference
Shares
Incremental shares arising from the assumed conversion of the
convertible preference shares are added in the denominator of the
diluted EPS formula

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When computing for diluted EPS, convertible bonds are assumed to

have been converted into additional ordinary shares

Convertible Bonds
Incremental shares arising from the assumed conversion of the
convertible bonds are added in the denominator of the diluted EPS
formula

Considered in computing for diluted EPS only when they are dilutive,
such as when their exercise is less than the average market price of
Options, Warrants and the ordinary shares
their Equivalents
When computing for the diluted EPS, the “treasury share method” is
used in computing for the incremental shares
1. Options, warrants are exercised
2. Proceeds received from the exercise are used to purchase
treasury shares at the average market price
Treasury Share Method
3. Difference between the treasury shares assumed to have been
purchased and the option shares represents the incremental
shares

When there are two or more potential ordinary shares, they need to
be ranked according to their dilutive effect on the basic EPS

M u l t i p l e P o t e n t i a l The most dilutive potential ordinary share is the one with the least
Ordinary Shares incremental EPS

When testing potential ordinary shares for dilution, the profit figure
used as the “control number” is profit from continuing operations

The two EPS (Basic and Diluted) are presented with equal
prominence on the face of the statement of profit or loss and other
comprehensive income

EPS is presented every time a statement of profit or loss and other

Presentation comprehensive income is presented, including comparatives.

If dulled EPS is presented for at least one period, it will be presented

for all periods, even if it equals basic EPS

Basic and diluted EPS are presented even if the amounts are negative

REMARKS Please refer to the book for computations

PAS 34: INTERIM FINANCIAL REPORTING

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PAS 34 prescribes the minimum content of an interim financial report

and the recognition and measurement principles in complete or
condensed financial statements for an interim period

PAS 34 does not mandate which entities should produce interim

Purpose of PAS 34
financial report

PAS 34, however, encourages publicly listed entities to provide at

least a semi-annual financial report for the first half of the year to be
issued not later than 60 days after the end of the interim period

Financial report prepared for an interim period, contains either:

1. Complete set of financial statements described in PAS 1
I n t e r i m F i n a n c i a l 2. Set of condensed financial statements described in PAS
Report
Entity is not prohibited or discouraged from preparing a complete set
of financial statements for its interim financial reporting

Interim Period Financial reporting period shorter than a full financial year

Entity need only provide the minimum information required under

Condensed
PAS 34
Interim reports are intended to provide an update on the latest
complete set of annual financial statements.
Significant Events and
Transactions
They focus on providing information on significant events and
transactions that have occurred since the latest annual period
1. Entity presents basic and diluted earnings per share if the entity
is within the scope of PAS 33
Other Disclosures
2. Entity discloses its compliance with PFRSs if it has complied with
PAS 34 and all the requirements of other PFRSs

P er i o d s fo r w hi c h
1. Semi-annual Interim Financial Reporting
Interim Financial
2. Quarterly Interim Financial Reporting
Statements

If an entity’s business is highly seasonal, PAS 34 encourages

disclosure of financial information for the latest 12 months and
Comparability
comparative information for the prior 12-month period in addition to
the interim period financial statements
PAS 34 recognises that interim measurements may rely on estimates
Materiality
to a greater extent than measurements of annual financial data

S a m e A c c o u n t i n g The same accounting policies are used in interim reports as those

Policies as Annual used in annual reports

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1. Integral View
Two Views on Interim 2. Discrete View
Reporting
PAS 34 adopts a combination of the two views
Estimation and allocation procedures for interim expenses are
P r o p o n e n t s o f t h e necessary to avoid fluctuations in period-to-period results. Use of
Integral View integral view increases the predictive value of interim reports by
showing interim performance

Proponents of Discrete Smoothing interim results for purposes of forecasting annual

View performance may have undesirable effects

Measurements Measurements in the interim period are made on a year-to-date basis

R e v en u e s R e c e i ve d
Not anticipated or deferred in the interim period if anticipation or
Seasonally, Cyclically,
deferral is also not appropriate at the end of the annual period
or Occasionally
Costs I n c u r r e d Anticipated or deferred in the interim period only if it is also
Unevenly During the appropriate to anticipate or defer them at the end of the financial
Financial Year year

PAS 36: IMPAIRMENT OF ASSETS

PAS 36 prescribes the procedures necessary to ensure that assets are

Purpose of PAS 36
not carried in excess of their recoverable amount

Carrying amount of an asset shall not exceed its recoverable amount.

If the carrying amount of an asset exceeds its recoverable amount,
Core Principle
the asset is impaired. The excess shall be written-off as impairment
loss

Carrying Amount Asset is recognised after deducting any accumulated depreciation

Recoverable Amount Expected to be recovered from the sale or use of an asset

Fair Value Would be received to sell an asset

Costs of Disposal Incremental Costs

Value in Use Present Value

1. Significant decline
Indications o f 2. Significant changes
Impairment (External) 3. Increase in market interest rates
4. Net assets exceed its market capitalisation
1. Obsolescence
Indications o f 2. Significant Changes
Impairment (Internal) 3. Indications economic performance of an asset is worse than
expected

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1. Intangible asset with indefinite useful life

Required Testing for
2. Intangible asset not yet available for use
Impairment
3. Goodwill acquired
Recoverable amount is the higher of an asset’s FVLCD and VIU

PAS 36 provides the following guidance when measuring an asset’s

recoverable amount:
Measuring Recoverable 1. If one of them exceeds the asset’s carrying amount, asset is not
Amount impaired
2. If it is not possible to determine the FVLCD, the VIU is used as
recoverable amount
3. If there is no reason to believe that the VIU exceeds the FVLCD,
the FVLCD is used as the recoverable amount

Entity uses PFRS 13 Fair Value Measurement when measuring an

asset’s fair value
Fair Value Less Costs of
Disposal (FVLCD) Termination benefits and costs associated with reducing or
reorganising a business following the disposal of an asset are not
regarded as costs of disposal
Present value of the future net cash flows expected to be derived from
the continuing use of an asset and from its disposal at the end of its
Value in Use (VIU) useful life
1. Estimate
2. Discount Rate
1. Management’s best estimates
2. Most recent financial budget/forecasts
Estimates of F uture
3. Asset’s current condition
Cash Flows
4. Cash flow projections cover a maximum period of 5 years.
Projections beyond 5-year period are extrapolated

Pre-tax rate that reflects current assessments of the time value of

money and risks for which the future cash flow estimates have not
Discount Rate been adjusted

VIU computation takes into account the effect of inflation

If the carrying amount of an asset exceeds its recoverable amount,
the carrying amount is reduced to the recoverable amount. The
reduction is impairment loss
Recognising and
Measuring an
Impairment loss is recognised immediately in profit or loss
Impairment Loss

After impairment, the subsequent depreciation for the asset is based

on the asset’s recoverable amount

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Recoverable amount is normally determined for an individual asset,

except when the asset belongs to a cash-generating unit (CGU)

Assets are generally tested for impairment individually

Cash Generating Units
and Good Will Asset tested for impairment, not on its own, but together with the
other assets in the CGU as a whole

Exception, an asset for which management is committed in dispose is

tested for impairment separately even if it belongs to a CGU

Smallest identifiable group of assets that generates cash inflows that

Cash Generating Unit
are largely independent of the cash inflows from other assets or
(CGU)
groups of assets

Recoverable amount of a CGU is the higher of the CGU’s FVLCD and

Recoverable Amount VIU
and Carrying Amount of
a CGU CGU’s carrying amount is determined in a manner that is consistent
with how the CGU’s recoverable amount is determined

For purposes of impairment testing, goodwill recognised in a business

Goodwill combination is allocated to each of the acquirer’s CGU in the year of
business combination

A CGU is tested for impairment by comparing the CGU’s carrying

Impairment of a CGU amount, including any allocated goodwill, with the CGU’s recoverable
amount

Assets that contribute to the future cash flows of several departments

or divisions within an entity

Corporate assets do not independently generate their own cash

Corporate Assets
inflows

The accounting procedures applied to the impairment testing of a

corporate asset are similar to those applied to goodwill

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If the recoverable amount of the previously impaired asset exceeds its

carrying amount, the carrying amount is increased to equal the
recoverable amount. The increase is the reversal of impairment loss

The reversal of impairment loss is recognised in profit or loss, unless

the asset is carried at revalued amount
Reversal of Impairment
Loss
After reversal of impairment, the subsequent depreciation
(amortisation) for the asset is based on the asset’s revised carrying
amount

For a CGU, the reversal of impairment loss is allocated as increases in

the carrying amounts of the assets in the CGU, except goodwill

REMARKS Please refer to the book for computations

PAS 37: PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

PAS 37 prescribes the accounting and disclosure requirements for

provisions, contingent liabilities, and contingent assets to help users
understand their nature, timing and amount
Purpose of PAS 37

Except those arising from executory contracts, unless they are

onerous, and those that are covered by other PFRSs

Executory Contract Contracts that are not yet fully executed

Onerous Burdensome

Liability of uncertain timing or amount

Uncertainty in the timing of their settlement or the amount needed to

Provision
settle them

Provisions must necessarily be estimated

Provision is recognised when all of the following conditions are met:
1. Entity has present obligation resulting from past event
Recognition 2. Probable that an outflow of resources embodying economic
benefits will be required
3. Obligation can be reliably estimated
Entity deems a past event to give rise to a present obligation if
Present Obligation available evidence shows that it is more likely than not that a present
obligation exists at the end of the reporting period

Obligating Event Past event that creates a present obligation

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Obligating event is one of whereby the entity does not have any other
recourse but to settle an obligation
Past Event 1. Obligation is legally enforceable
2. Entity’s action have created valid expectations on others that the
entity will discharge the obligation

Probable More likely not

Prob able O utflow o f

Greater chance that the present obligation will cause settlement than
Resources Embodying
not
Economic Benefits
Reliable Estimate of the Provisions necessarily need to be estimated. If a reliable estimate
Obligation cannot be made, no provision is recognised
All provisions are contingent because they are of uncertain timing or
amount

PAS 37 uses the term “contingent” to refer those liabilities and assets
Contingent Liabilities that are not recognised because they do not meet all of the
recognition criteria

Contingent liabilities are disclosed only, except when the possibility of

an outflow of resources embodying economic benefits is remote

Ot recognised because they do not meet all of the asset recognition

criteria

Include possible inflows of economic benefits from unplanned or

Contingent Assets unexpected events, such as claims that an entity is seeking through
legal process where the outcome is uncertain

Contingent assets are disclosed only, if the inflow of economic benefits

is probable
Computed by weighting all the possible outcomes by their associated
Expected Value
probabilities

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Provisions are measured at the best estimate

If the provision being measured involved a large population of items,

the obligation is measured at its “expected value”

If there is a continuous range of possible outcomes, and each point in

that range is as likely as any other, the mid-point of the range is used

Estimates take into account risks and uncertainties. Estimates may

be increased by a risk adjustment factor to provide an allowance for
imprecision inherent in estimates

Measurement
If the effect of time value money is material, the estimate of a
provision is discounted to its present value using a pre-tax discount
rate

Future events may affect the amount needed to settle an obligation

Gains from the expected disposal of assets are not taken into account
when measuring a provision

If another party is expected to reimburse the settlement amount of a

provision, a reimbursement asset is recognised if it is virtually
certain that the reimbursement will be received

Provisions are normally recognised as a debit to expense (or loss) and

Recording the Provision
a credit to an estimated liability account
Changes in provisions are accounted for prospectively by accruing
Changes in Provision and additional amount or by reversing a previously recognised
amount
Provision is used only for the expenditure it was originally intended
Use of Provisions
for

A p p l i c a t i o n o f t h e 1. Future Operating Losses

R e c o g n i t i o n a n d 2. Onerous Contracts
Measurement Rules 3. Restructuring

F u t u r e O p e r a t i n g No provision is recognised for future operating losses because they do

Losses not meet the definition of a liability
Provisions recognised from an onerous contract reflects the least net
Onerous Contracts cost of exiting from the contract, lower of the cost of fulfilling it and
any compensation or penalties arising from failure to fulfil it

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Program that is planned and controlled by management, and

materially changes either:
Restructuring
1. Scope of business undertaken by an entity
2. Manner in which that business is conducted
1. Sale or termination of a line business
2. Closure of business locations in a country or region or the
relocation of business activities from one country or region to
Examples of
another
Restructuing
3. Changes in management structure
4. Fundamental Reorganisations that have material effect on the
nature and focus of the entity’s operation
Legal obligation exists only if, at the end of the reporting period, a
Sale of Operation
binding sale agreement is obtained

Constructive obligation exists only if at the reporting date, the entity

Closure or
has created valid expectations from others that it will discharge
Reorganisation
certain responsibilities

Measurement of
Direct costs that are necessarily entailed with the restructuring
Restructuring Provision
1. Reconcillation
Disclosure 2. Comparative Information is not Required
3. Each Class of Provision
1. Beginning Balance
2. Additions
Reconcillation
3. Deductions
4. Ending Balance

1. Nature
2. Timing
Each Class of Provision 3. Uncertainties
4. Assumptions
5. Reimbursement

PAS 38: INTANGIBLE ASSETS

PAS 38 applies to all intangible assets except those that are

Purpose of PAS 38
specifically dealt with under other Standards
Identifiable non-monetary asset without physical substance

Intangible Asset Intangible resources such as scientific or technical knowledge, design

and implementation, of new processes or systems, licenses,
intellectual property, market knowledge and trademarks`

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1. Identifiability
Essential Elements of
2. Control
an Intangible Asset
3. Future Economic Benefits
1. Separable
2. Arises form contractual or other legal rights
Identifiability

An intangible asset must be identifiable to distinguish it from goodwill

Entity has the ability to benefit from the intangible asset or prevent
others from benefitting from it

Arises from legal rights that are enforceable in a court of law

Market and technical knowledge meet the control criterion if the

knowledge is protected by legal rights

Employees’ skills developed from training provided by the entity are

Control not recognised as intangible assets because the entity does not
control the future actions of its employees

Specific managerial or technical talent is not recognised as intangible

asset, unless it is protected by legal rights and it also meets the other
elements of the definition

Customer relationships and loyalty are usually not recognised as

intangible asset unless they are protected by legal rights or other
ways of control and they also meet the other elements of definition

F u tu r e Ec on o mi c
Revenue producing
Benefits
A s s e t s w i t h b o t h If the intangible component is integral part of the asset as whole, the
Intangible and Tangible intangible element is treated as PPE. Otherwise, it is treated as a
Elements separate intangible asset

Intangible assets accounted for under PAS 38 are presented

separately from goodwill
Financial Statement
Presentation Aggregated and presented as one line item under the heading
“Intangible Assets” or “Other Intangible Assets” in the statement of
financial position

Intangible asset is recognised when it meets the definition of an

Recognition intangible asset as well as the asset recognition criteria of “probable
future economic benefits” and “reliable measurement of cost”

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Intangible assets are initially measured at cost. Which is acquired

though:
1. Separate Acquisition
Initial Measurement 2. Acquisition as Part
3. Acquisition by Government Grant
4. Exchanges of Assets
5. Internal Generation
Cost of separately acquired intangible assets comprises:
1. Purchase Price, including import duties and non-refundable
purchase taxes, after deducting trade discounts and rebates
2. Direct Attributable Cost or preparing the asset for its intended use
Separate Acquisition
If the payment is deferred, the cost is the cash price equivalent. The
difference between this amount and the total payments is recognised
as interest expense over the credit period, unless it qualifies for
capitalisation under PAS 23
Acquisition as part of a Cost of an intangible asset acquired in a business combination is its
Business Combination fair value at the acquisition date

Intangible assets acquired by way of government grant may be

Acquisition by Way of a initially measured either:
Government Grant 1. Fair Value
2. Alternatively, Nominal Amount + Direct Costs incurred
Intangible asset may be acquired in exchange for another non-
monetary asset. Measurement of the intangible asset acquired
Exchange of Assets depends on whether the exchange transaction has:
1. With Commercial Substance
2. Lacks Commercial Substance
Entity’s subsequent cash flows are expected to change as a result of
the exchange. Measured using the following order of priority:
1. Fair Value of the Asset Given Up
W i t h C o m m e r c i a l 2. Fair Value of the Asset Received
Substance 3. Carrying Value of the Asset Given Up

No gain or loss arises if the asset received is measured at the carrying

amount of the asset given up
L ac k s C o mm e rc i al
Measured at the Carrying Amount of the asset given up
Substance

Internally generated intangible asset meets the recognition criteria,

Internally Generated its generation is classified into:
Intangible Assets 1. Research phase
2. Development phase

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Original planned investigation undertaken with the prospect of

Research
gaining new scientific or technical knowledge and understanding

Research Phase Costs incurred during the research phase are expensed

Application of research findings or other knowledge to plan or design

for the production of new or substantially improved materials,
Development
devised, products, processes, systems or services before the start of
commercial production or use

Costs incurred during the development phase are capitalised if the

entity can demonstrate all of the following:
1. Technical feasibility
2. Intention to complete
3. Ability to use or sell
4. Probable future economic benefits
5. Availability
6. Reliable measurement

If it is not clear whether an expenditure is a research or a

Development Phase development cost, it is treated as a research cost

Internally generated brands, mastheads, publishing titles, customer

lists and similar items similar are not recognised as intangible assets.
Similarly, internally generated goodwill is not recognised as an asset.
Cost to develop theses items, including subsequent expenditures on
them are expensed

Research costs and development costs that d not qualify for

capitalisation are expensed and disclosed as “Research and
Development Expense”

Cost of an internally generated intangible asset includes all directly

attributable costs necessary to create, produce, and prepare the asset
Cost of an Internally for its intended purpose
Generated Intangible
Asset PAS 38 prohibits the reinstatement of costs, meaning, if a cost had
been expensed, it cannot anymore be capitalised as an intangible
asset at a later date

Costs incurred in establishing a new business. Theses are expensed

Organisational Costs
when incurred

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