Sai Manikanta Pedamallu

Although IFRS 9® Financial Instruments was first issued in November 2009, it has been updated on a frequent basis. A completed version of the IFRS standard was finally issued in July 2014. Whilst IFRS 9 replaced IAS 39® Financial Instruments: Recognition and Measurement, IAS 32 Financial Instruments: Presentation is still applicable. The objective of IFRS 9 is to ‘…establish principles […]

IFRS 13 has required a significant amount of work by entities to simply understand the nature of the principles and concepts involved. IFRS® 13, Fair Value Measurement was issued in May 2011 and defines fair value, establishes a framework for measuring fair value and requires significant disclosures relating to fair value measurement. The International Accounting Standards Board (the Board) wanted to enhance

IFRS® 9, Financial Instruments, is the result of work undertaken by the International Accounting Standards Board (the Board) in conjunction with the Financial Accounting Standards Board (FASB) in the US. It was last revised in October 2017. This article focuses on the accounting requirements relating to financial assets and financial liabilities only. Classification of financial assets Impairment of financial assets

International Financial Reporting Standard (IFRS®) 2, Share-based Payment, applies when a company acquires or receives goods and services for equity-based payment. Recognition of share-based payment Equity settled transactions Performance conditions Cash settled transactions Deferred tax implications Disclosure These goods can include inventories, property, plant and equipment, intangible assets, and other non-financial assets. There are two notable exceptions: shares issued in

Deferred tax is a topic that is consistently tested in Financial Reporting (FR) and is often tested in further detail in Strategic Business Reporting (SBR). This article will start by considering aspects of deferred tax that are relevant to FR before moving on to the more complicated situations that may be tested in SBR. The basics The FR exam The

In March 2018, the International Accounting Standards Board (the Board) finished its revision of The Framework for Financial Reporting (the Framework). The primary purpose of financial information is to be useful to existing and potential investors, lenders and other creditors (users) when making decisions about the financing of the entity and exercising rights to vote on, or otherwise influence, management’s

This article looks at what differentiates profit or loss from other comprehensive income and where items should be presented. Reclassification: for and against The purpose of the statement of profit or loss and other comprehensive income (OCI) is to show an entity’s financial performance in a way that is useful to a wide range of users so that they may

This article explains the current rules and the conceptual debate as to where profits and losses should be recognised in the statement of profit or loss and other comprehensive income– ie when should they be recognised in profit or loss and when in the other comprehensive income. Further, it explores the debate as to whether it is appropriate to recognise

This article considers a variety of ethical threats which a contemporary accountant working in the digital age may encounter and considers how these threats might be addressed.