IAS

IAS 2: Inventory

Valued at the lower of cost and net realisable value

Include purchase price, import duties, transport, handling costs, direct production and expenses costs/works, overheads if bing to present location or condition.

Excludes: abnormal waste, storage costs, selling costs, admin costs

IAS 7: Statement of Cash Flows

Requires one that shows cash flows generated from

Operating, investing and financing acty

IAS 10: Events after reporting period

Those events, favourable and unfavourable, that occur between the date of FS and the date when the FS are authorised for issue

Adjusting events: provide evidence of conditions thay existed at reporting date (to adjust)

Non-Adjusting: indicative of condition thay arose after reporting date (disclosure if material)

IAS 16: Property, Plan and Equipment PPE

Recognised at cost = purchase price - discount, rebates + cost bringing into working condition

Subsequent expenditure capitalised if:

Enhanced eco benef of asset, replaces part of asset fully depn and separated, replaces eco benef previously consumed

Depreciation useful life & review end of each year and revised when necessary, to depn separately part with different lives.

Reval optional but if one reval all reval from same class. To keep up to date for T&F view FS. Gains to other comprehensive income unless reverse previous loss P&L.

Depn on reval amount less residual amount over remaining UEL

If annual transfer excess depn from reval surplus to retained earning, to do every year

IAS 37: Provisions, Contingent Liabilities and Contingent Assets

Provision= liability of uncertain timing or amount. Recognised if Probable outflow eco benef & reliable estimate or present obligation result past events.

Contingent = possible obligation/assets arising from past events and whose existence will only be co firmed by an uncertain future event outside entity's control. Do not recognised but disclosed if probable

Restructuring: detailed formal plan identifies: business concerned, principal location/function/nb employee redundant, expenditure incurred, when implemented, implanting or announcing the plan to concerned parties.

IAS 38: Intangible Assets

Identifiable non-monetary asset without physical substance

Recognised at costs if identifiable. Controlled by entity, will generate probably future eco benef, cost measured reliably.

Do not meet criteria: goodwill, brand, research, adv, start-up costs and training, publishing title, customer list.

Amortised UEL, if indefinite no amt

Research and Development: research phase P&L, development phase amortisation (criteria: project technically feasible, asset will be completed then used or sold by entity, asset generated future eco benef, entity adequate technical, fin resource to complete project and expenditure reliably measured)

Can be reval if fair value determines with ref active market

IFRS 15: Revenue from Contracts with Customers

1. Identify the contract (agreement between 2 or more parties tagg creates rights and obligation)

2. Identify separate performance obligations within contract (promises)

3. Determine transaction price (in exchange of satisfying performance obligation)

4. Allocate transaction price to performance obligation in the contract

5. Recognised revenue when or as a performance obligation is satisfied

If performed over time, to recognise re enhe based on progress towards satisfaction of that performance obligation. If not, point in time which cust obtains control of the promised asset.

IFRS 18: Presentation and disclosure in financial statements

Classify all income and expenses into: Operating, investing, financing, income tax and discontinued operations.

Management defined performance measures MPMs not applicable if not Subtotal of income and expenses or not used in public communication.