
- •Contents
- •Introduction
- •1. The development and implementation of ifrs
- •1. Read the article and discuss
- •1) What is Accounting? Its Definition and Actual Meaning
- •2) Accounting Definition
- •3) Financial Accounting Basics
- •4) Brief ifrs Glossary
- •2. Complete the following sentences
- •3. Use «Debit» or «Credit» to complete the table below
- •4. Choose the correct answer in the table below
- •5. For each of the transactions in items 1 through 12, indicate the two (or more) effects on the accounting equation of the business or company.
- •6. Read the article and discuss
- •Is Accounting a Good Career Choice?
- •And It's an Excellent Choice.
- •Stability
- •Compensation
- •Diversity
- •7. Choose the correct answer
- •2. The Framework and the first application of ifrs
- •1. Fill in the gaps with a suitable word from the box
- •2. Use «Debit» or «Credit» to complete the table below
- •3. Sample Chart of Accounts For a Large Corporation
- •4. Match these words with their meanings
- •Types of accounts
- •5. Complete the following sentences
- •6. Complete the following sentences
- •1) Accounting Principles
- •2) Elements of Financial Statements
- •3) Financial Statements
- •4) Income Statement
- •5) Balance Sheet
- •7. Match these words with their meanings
- •Other Characteristics of Accounting Information
- •1. Reliable, Verifiable, and Objective
- •2. Consistency
- •3. Comparability
- •3. Property, plan, equipment and investment property
- •1. Read the article and discuss What is the difference between amortization and depreciation?
- •31 March 2009
- •31 March 2010
- •31 March 2011
- •Depreciation
- •Example 6
- •Accounting Entry
- •Methods of Depreciation
- •Straight Line Depreciation Method
- •Example 7
- •Reducing Balance Depreciation Method
- •Example 8
- •Units of Production Depreciation Method
- •Example 9
- •Example - Units of Usage (Activity) Depreciation
- •Considerations - Advantages and Disadvantages
- •Disposal of Fixed Assets
- •Example 10
- •4 Intangible assets
- •1. Read the article and discuss
- •2. Choose the correct answer “True” or “False” Depreciation
- •3. Choose the correct answer
- •5. Inventories
- •1. Read the article and discuss
- •1) Inventory and Cost of Goods Sold
- •Value of work in progress:
- •Value of finished goods:
- •2) Methods of calculating inventory cost
- •First In First Out (fifo)
- •Example 4
- •Last In First Out (lifo)
- •Example 5
- •Average Cost Method (avco)
- •Example 6
- •Actual Unit Cost Method
- •Accounting for Inventory
- •3) Perpetual vs Periodic Inventory System
- •Differences Between Perpetual and Periodic System
- •2. Complete the following sentences
- •3. Choose the correct answer
- •6. Biological assetS
- •6) Is the growing of plants to be used in the production of drugs an activity within the scope of ias 41?
- •7) Is the produce or harvest from a biological asset another biological asset?
- •8) Is land related to agricultural activity a biological asset in terms of ias 41?
- •9) In an integrated business, are all the activities treated as being in the scope of ias 41?
- •2. Complete the following table
- •3. Complete the following table
- •7. Cash and cash equivalents
- •1. Read the article and discuss
- •1) What is the difference between the direct method and the indirect method for the statement of cash flows?
- •2) What is the difference between net cash flow and net income?
- •3) What is the difference between cash flow and free cash flow?
- •4) How can a company have a profit but not have cash?
- •2. Complete the following sentences
- •4. For items 1 – 12 indicate whether they will have a positive or negative effect on cash.
- •5. Choose the correct answer
- •6. Use «Increases» or «Decreases» to complete the table below
- •7. Read the article and discuss
- •Cash Payments
- •8. Accounts Receivable and Revenues
- •1. Read the article and discuss What is accounts receivable?
- •Accounting for Receivables
- •Sales Tax
- •Example
- •Allowance Method for Reporting Credit Losses
- •Writing Off an Account under the Allowance Method
- •Bad Debts Expense as a Percent of Sales
- •Difference between Expense and Allowance
- •Pledging or Selling Accounts Receivable
- •2. Complete the following sentences
- •3. Choose the correct answer
- •4. Use the following information for questions 1-5:
- •4. Read the article and discuss What are the differences among accounting revenue, gain, and net income?
- •2. Example of revenue, income, gross profit, profit, net income, and gain
- •9. Stockholders' Equity
- •1. Read the article and discuss
- •1) What Is a Corporation?
- •2) What is stock?
- •3) What are the stockholders’ equity accounts?
- •4) Treasury Stock — Cost Method
- •Example
- •5) Treasury Stock — Par Value Method
- •Example
- •6) What is retained earnings?
- •Example
- •7) Does a dividend reduce profit?
- •8) What is the difference between stocks and bonds?
- •9) Does the income statement explain the change in the equity section of a balance sheet?
- •10) What is preferred stock?
- •11) Why is there a large difference between share value and stockholders’ equity?
- •Issuance of No Par Stock Example
- •12) Issuance of Shares for Non-Cash Items
- •Example
- •13) Lump-Sum Stock Issuance
- •Example
- •14) Stock Dividends
- •Small Stock Dividend
- •Large Stock Dividend
- •Example
- •Stock Splits
- •Example
- •15) Accounting For Stockholders' Equity
- •16) Paid-in Capital or Contributed Capital
- •17) Retained Earnings
- •18) Treasury Stock
- •19) Accumulated Other Comprehensive Income
- •20) Stock Splits and Stock Dividends
- •Cash Dividends on Common Stock
- •21) Preferred Stock
- •22) Par Value of Preferred Stock
- •23) Issuing Preferred Stock
- •24) Features Offered in Preferred Stock
- •Nonparticipating vs. Participating
- •Cumulative vs. Noncumulative
- •Callable
- •Convertible
- •Combination of Features
- •25) Entries to the Retained Earnings Account
- •26) Prior Period Adjustments
- •27) Book Value
- •28) Preferred Stock's Book Value
- •29) Common Stock's Book Value
- •30) Earnings Available for Common Stock
- •31) Weighted-Average Number of Shares of Common Stock
- •32) Earnings per Share of Common Stock
- •33) Other
- •2. Complete the following sentences
- •10. Liabilities and employee benefits
- •1. Read the article and discuss
- •1) Defined Contribution Plan
- •Accounting for a defined contribution plan
- •Example
- •2) Defined Benefit Plan
- •Example
- •3) Net pension asset/liability
- •Example
- •4) Pension expense
- •Projected Benefit Obligation
- •Example
- •Plan Assets
- •Example
- •Pension Expense
- •Pension expense under defined contribution plan
- •Example
- •Pension expense under defined benefit plan
- •5) Funded Status
- •Example
- •Suggested Reading
- •International Financial Reporting Standards
- •International Accounting Standards
- •Ifric Interpretations
- •Sic Interpretations
- •Other pronouncements
- •Облік за міжнародними стандартами (іноземною мовою)
- •54020, М. Миколаїв, вул. Паризької Комуни, 9
Ifric Interpretations
№ |
Name |
Issued |
IFRIC 1 |
Changes in Existing Decommissioning, Restoration and Similar Liabilities |
2004 |
IFRIC 3 |
Emission Rights Withdrawn June 2005 |
2004 |
IFRIC 4 |
Determining Whether an Arrangement Contains a Lease |
2004 |
IFRIC 5 |
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds |
2004 |
IFRIC 6 |
Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment |
2005 |
IFRIC 7 |
Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies |
2005 |
IFRIC 8 |
Scope of IFRS 2 Withdrawn effective 1 January 2010 |
2006 |
IFRIC 9 |
Reassessment of Embedded Derivatives |
2006 |
IFRIC 10 |
Interim Financial Reporting and Impairment |
2006 |
IFRIC 11 |
IFRS 2: Group and Treasury Share Transactions Withdrawn effective 1 January 2010 |
2006 |
IFRIC 12 |
Service Concession Arrangements |
2006 |
IFRIC 13 |
Customer Loyalty Programmes |
2007 |
IFRIC 14 |
IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction |
2007 |
IFRIC 15 |
Agreements for the Construction of Real Estate |
2008 |
IFRIC 16 |
Hedges of a Net Investment in a Foreign Operation |
2008 |
IFRIC 17 |
Distributions of Non-cash Assets to Owners |
2008 |
IFRIC 18 |
Transfers of Assets from Customers |
2009 |
IFRIC 19 |
Extinguishing Financial Liabilities with Equity Instruments |
2009 |
IFRIC 20 |
Stripping Costs in the Production Phase of a Surface Mine |
2011 |
IFRIC 21 |
Levies |
2013 |
Sic Interpretations
№ |
Name |
Issued |
SIC-1 |
Consistency – Different Cost Formulas for Inventories Superseded |
1997 |
SIC-2 |
Consistency – Capitalisation of Borrowing Costs Superseded |
1997 |
SIC-3 |
Elimination of Unrealised Profits and Losses on Transactions with Associates Superseded |
1997 |
SIC-5 |
Classification of Financial Instruments - Contingent Settlement Provisions Superseded |
1998 |
SIC-6 |
Costs of Modifying Existing Software Superseded |
1998 |
SIC-7 |
Introduction of the Euro |
1998 |
SIC-8 |
First-Time Application of IASs as the Primary Basis of Accounting Superseded |
1998 |
SIC-9 |
Business Combinations – Classification either as Acquisitions or Unitings of Interests Superseded |
1998 |
SIC-10 |
Government Assistance – No Specific Relation to Operating Activities |
1998 |
SIC-11 |
Foreign Exchange – Capitalisation of Losses Resulting from Severe Currency Devaluations Superseded |
1998 |
SIC-12 |
Consolidation – Special Purpose Entities Superseded by IFRS 10 and IFRS 12 effective 1 January 2013 |
|
SIC-13 |
Jointly Controlled Entities – Non-Monetary Contributions by Venturers Superseded by IFRS 11 and IFRS 12, effective for annual periods beginning on or after 1 January 2013 |
1998 |
SIC-14 |
Property, Plant and Equipment – Compensation for the Impairment or Loss of Items Superseded |
1998 |
SIC-15 |
Operating Leases – Incentives |
1999 |
SIC-16 |
Share Capital – Reacquired Own Equity Instruments (Treasury Shares) Superseded |
1999 |
SIC-17 |
Equity – Costs of an Equity Transaction Superseded |
2000 |
SIC-18 |
Consistency – Alternative Methods Superseded |
2000 |
SIC-19 |
Reporting Currency – Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 Superseded |
2000 |
SIC-20 |
Equity Accounting Method – Recognition of Losses Superseded |
2000 |
SIC-21 |
Income Taxes – Recovery of Revalued Non-Depreciable Assets Superseded by, and incorporated into, IAS 12 by amendments made by Deferred Tax: Recovery of Underlying Assets, effective for annual periods beginning on or after 1 January 2012 |
2000 |
SIC-22 |
Business Combinations – Subsequent Adjustment of Fair Values and Goodwill Initially Reported Superseded |
2000 |
SIC-23 |
Property, Plant and Equipment – Major Inspection or Overhaul Costs Superseded |
2000 |
SIC-24 |
Earnings Per Share – Financial Instruments and Other Contracts that May Be Settled in Shares Superseded |
2000 |
SIC-25 |
Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders |
2000 |
SIC-27 |
Evaluating the Substance of Transactions in the Legal Form of a Lease |
2000 |
SIC-28 |
Business Combinations – 'Date of Exchange' and Fair Value of Equity Instruments Superseded |
2001 |
SIC-29 |
Disclosure – Service Concession Arrangements |
2001 |
SIC-30 |
Reporting Currency – Translation from Measurement Currency to Presentation Currency Superseded |
2001 |
SIC-31 |
Revenue – Barter Transactions Involving Advertising Services |
2001 |
SIC-32 |
Intangible Assets – Web Site Costs |
2001 |
SIC-33 |
Consolidation and Equity Method – Potential Voting Rights and Allocation of Ownership Interests Superseded |
2001 |