JPIA 2017-2018 RCT Chapter

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Let's learn the basics of IAS 23: Borrowing Costs.

The objective of IAS 23 is to prescribe the accounting treatment for borrowing costs. Borrowing costs include interest on bank overdrafts and borrowings, finance charges on finance leases and exchange differences on foreign currency borrowings where they are regarded as an adjustment to interest costs.

IAS 23 requires that borrowing costs directly attributable to the acquisition, construction or production of a 'qualifying asset' (one that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset. Other borrowing costs are recognized as an expense.

[Source: https://www.iasplus.com/en/standards/ias/ias23]
Ctto - (NfjpiaR4)

IAS 7: Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part of its primary financial statements. Cash flows are classified and presented into operating activities (either using the 'direct' or 'indirect' method), investing activities or financing activities, with the latter two categories generally presented on a gross basis.

This standard's objective is to require the presentation of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows, which classifies cash flows during the period according to operating, investing, and financing activities.

[Source: www.iasplus.com/en/standards/ias/ias7]

Let's start the week right!

This week's standard is all about IAS 16. This standard outlines the accounting treatment for most types of property, plant and equipment.

Property, plant and equipment is at first measured at its cost, subsequently measured either using a cost or revaluation model, or depreciated so that its depreciable amount is allocated on a systematic basis over its useful life.

The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognized in relation to them.

[Source: https://www.iasplus.com/en/standards/ias/ias16]



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