IFRS
IAS-39/32 or in future IFRS-9 will apply. all kinds of fin inst will be under the coverage of these three std's.
Push down accounting is not acceptable under IFRS.
IFRS and IAS in the Philippines are implemented and adopted in order to prepare the general purpose financial statements. To comply with every IFRS, it grants limited exemptions from the general requirement.
The provision for bad debts will be categorized under the profit and loss account.
IFRS
IAS-39/32 or in future IFRS-9 will apply. all kinds of fin inst will be under the coverage of these three std's.
There are currently 13 IFRS standards...
Push down accounting is not acceptable under IFRS.
transitional provision
IFRS means International Financial Reporting Standard Equity means Equity IFRS Equity means Equity computed on the basis of IFRS For more info I can suggest you to visit these website: http://www.ifrslist.com/ (is a free community about IFRS. I suggest you to join it) http://www.ifrslist.com/tag/equity/ Regards
The word "provision" in Tagalog is translated as "pag-aalaga" or "paghahanda." It refers to the action of providing or supplying something, like food, supplies, or support.
Dear IFRS 1 is the International financial reporting standard n. 1 related to First Time Adoption of IFRS. I can suggest you to visit these website to receive more info about: http://www.ifrslist.com/ (is a free community about IFRS. I suggest you to join it) http://www.ifrslist.com/category/ifrs-1/ http://www.iasplus.com/standard/ifrs01.htm Regards
International Financial Reporting Standards (IFRS) are new standards and Interpretation about accounting applied in several countries. IFRS are issued by IASB For more info I suggest you to visit related links
potential risks for client and service provider under a provision of determined care
IFRS and IAS in the Philippines are implemented and adopted in order to prepare the general purpose financial statements. To comply with every IFRS, it grants limited exemptions from the general requirement.
There are several costing items that has change in the adoption of IFRS, for in GAAP the stock valuation or material pricing adopted is LIFO and FIFO but in IFRS only FIFO is adopted etc