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Chapter 4. IFRS Part 1
Chapter 4. IFRS Part 1
Chapter 4. IFRS Part 1
Hanoi, 2022
INTERNATIONAL FINANCIAL REPORTING
STANDARDS
August 2010, 41 International Accounting Standards (IAS) and 9
International Financial Reporting Standards (IFRS) had been
issued by IASB.
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INTERNATIONAL SCHOOL
• Ngày 22/2/2019, tại Hà Nội, Bộ Tài chính phối hợp với Cơ quan hợp tác quốc tế
Nhật Bản (JICA) tổ chức Hội thảo “Thực trạng, kinh nghiệm quốc tế và lộ trình
áp dụng chuẩn mực kế toán quốc tế (IFRS) tại Việt Nam”. Thứ trưởng Bộ Tài
chính Đỗ Hoàng Anh Tuấn tới dự và phát biểu chỉ đạo
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http://thoibaotaichinhvietnam.vn/pages/thoi-su/2019-02-22/xay-dung-lo-trinh-ap-
dung-chuan-muc-ke-toan-quoc-te-vao-viet-nam-68063.aspx
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International Financial Reporting Standards - Part I
Chapter Topics
• Differences between IFRS and US GAAP.
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• Inventories. – IAS 2
• Property, Plant & Equipment. – IAS 16
• Investment Property. – IAS 40
• Impairment of Assets. – IAS 36
• Intangible Assets. – IAS 38
• Goodwill.
• Borrowing Costs. – IAS 23
• Leases. – IAS 17
• Disclosure and Presentation Standards. INTERNATIONAL SCHOOL
International Financial Reporting Standards - Part I
Learning Objectives
1. Discuss the differences between IFRS and U.S. GAAP.
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• Definitions.
• Recognition.
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• Measurement.
• Alternatives.
• Lack of requirements or guidance.
• Presentation.
• Disclosure.
• Initial cost.
• Cost formulas to allocate cost of inventories to
expense.
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• Costs included:
– Cost of purchase (purchase price and direct acquisition costs).
– Conversion costs (labor and overhead).
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• Costs excluded:
– Abnormal waste.
– Storage unless necessary for production process.
– Purely administrative overhead.
– Selling costs.
Cost formulas:
• No LIFO!
• Must use same cost formula for similar inventory of same nature, even
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• Ceiling = NRV
– Floor = NRV –normal profit margin
– Any write-down establishes new cost for subsequent
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periods
• IFRS and U.S. GAAP both yield same expense over
entire life.
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IAS 16, Property, Plant & Equipment
follow initial recognition rules and then remove cost and a/d
of the replaced part.
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IAS 16, Property, Plant & Equipment
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Learning Objectives 2 and 3
Example: Component Depreciation
component as following:
Đánh giá
revaluation
machinery về 0
( note lại year 1)
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EXERCISE
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IAS 40, Investment Property
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IAS 36, Impairment of Assets
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Example: Determination and Measurement of
Impairment Loss
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Example: page 119
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IAS 38, Intangible Assets
Applies to:
• (i) Purchased intangibles.
• (ii) Intangibles acquired in business combination.
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Definition:
• Identifiable, nonmonetary asset .
• No physical substance.
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Items that might qualify for capitalization as internally generated intangible assets
under IAS 38 include:
• Computer software costs
• Patents, copyrights
• Motion picture films
• Mortgage servicing rights
• Fishing licenses
• Franchises
• Customer or supplier relationships
• Customer loyalty
• Market share
• Marketing rights
Learning Objectives 2 and 3 INTERNATIONAL SCHOOL
IAS 38, Intangible Assets
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IAS 23 . Borrowing Costs
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SUMMARY
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SUMMARY
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IAS 17, Leases
Sale-Leaseback—Finance Lease:
• Must defer any gain on sale and recognize it in income
over the lease term.
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Disclosures:
• Lessees must disclose future minimum payments related to
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Example
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Disclosure and Presentation Standards
or financing.
• Interest and dividends received may be classified
operating or investing.
• Income taxes are operating unless specifically identified
with investing or financing activities.
• Can only disclose noncash investing and financing
activities outside of this statement.