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A comprehensive analysis of three key projects undertaken by the international accounting standards board (iasb) aimed at enhancing the clarity and consistency of ifrs standards. It delves into the objectives, current stage of work, and potential implications of these projects, focusing on amortised cost measurement, the equity method, and intangible assets. The document highlights the importance of these projects in addressing practical application issues, clarifying accounting principles, and improving the understandability of complex standards, ultimately contributing to the quality of financial reporting.
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Week 4 Team 2 Week 4 Homework Tina Skinner DeVry University ACCT Professional Research for Accountants Week 4 Team 2 Week 4 Homework Professor Nwaogu November 19, 2024
Week 4 Team 2 Week 4 Homework Work Plan Projects: Amortised Cost Measurement, Equity Method, and Intangible Assets The International Accounting Standards Board (IASB) is currently involved in several key projects aimed at enhancing the clarity and consistency of IFRS standards. These projects address significant issues that have been identified through stakeholder feedback, as well as practical challenges in applying existing standards. Among the current initiatives, the projects on Amortised Cost Measurement, the Equity Method, and Intangible Assets are particularly notable for their broad scope and impact on financial reporting. This paper explores these three projects, providing an overview of their objectives, the current stage of work, and their potential implications. Amortised Cost Measurement The Amortised Cost Measurement project arose from concerns raised during the Post- implementation Reviews of IFRS 9: Classification and Measurement and IFRS 9: Impairment. Stakeholders highlighted significant application issues surrounding the effective interest method and the modification of financial instruments, particularly those modifications that lead to derecognition or the write-off of financial assets. As a result, the IASB launched this project to address these concerns and improve the application of amortised cost measurement. The primary objectives of the project are:
Week 4 Team 2 Week 4 Homework reorganizing the standard’s requirements and enhancing the overall clarity IFRS, 2024a). The project is currently in the exposure draft stage, with the IASB having published the Exposure Draft: Equity Method of Accounting—IAS 28 (revised 202x) in September
Week 4 Team 2 Week 4 Homework
Week 4 Team 2 Week 4 Homework References IFRS. (2024a). IFRS - Amortised Cost Measurement. Ifrs.org. https://www.ifrs.org/projects/work-plan/amortised-cost-measurement/ IFRS. (2024b). IFRS - Equity Method. Www.ifrs.org. https://www.ifrs.org/projects/work- plan/equity-method/ IFRS. (2024c). Equity Method of Accounting IAS 28 Investments in Associates and Joint Ventures (revised 202x) Exposure Draft-Snapshot IFRS ® Accounting Standards. https://www.ifrs.org/content/dam/ifrs/project/equity-method/exposure-draft/iasb- snapshot-equity-method.pdf IFRS. (2024d). IFRS - Intangible Assets. Www.ifrs.org. https://www.ifrs.org/projects/work- plan/intangible-assets/ ISAB. (2024). IASB takes up research project on intangibles. Iasplus.com. https://www.iasplus.com/en/news/2024/04/iasb- intangibles
Week 4 Team 2 Week 4 Homework