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Файл:Стандарты финансовой отчетности в корпоративном бизнесе. Учебное пособие на английском языке
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the exchange is regarded as a transaction which generates revenue. The revenue is measured at the fair value of the goods or services received, adjusted by
the amount of any cash or cash equivalents transferred. When the fair value of
the goods or services received cannot be measured reliably, the revenue is
measured at the fair value of the goods or services given up, adjusted by the
amount of any cash or cash equivalents transferred.
Sale of goods
Revenue from the sale of goods shall be recognised when all the follow-
ing conditions have been satisfied:
(a) the entity has transferred to the buyer the significant risks and rewards
of ownership of the goods;
(b) the entity retains neither continuing managerial involvement to the
degree usually associated with ownership nor effective control over the goods
sold;
(c) the amount of revenue can be measured reliably;
(d) it is probable that the economic benefits associated with the transac-
tion will flow to the entity;
(e) the costs incurred or to be incurred in respect of the transaction can be
measured reliably.
If the entity retains significant risks of ownership, the transaction is not a
sale and revenue is not recognised. An entity may retain a significant risk of
ownership in a number of ways. Examples of situations in which the entity
may retain the significant risks and rewards of ownership are:
a) when the entity retains an obligation for unsatisfactory performance
not covered by normal warranty provisions;
b) when the receipt of the revenue from a particular sale is contingent on
the derivation of revenue by the buyer from its sale of the goods;
c) when the goods are shipped subject to installation and the installation
is a significant part of the contract which has not yet been completed by the
entity;
d) when the buyer has the right to rescind the purchase for a reason speci-
fied in the sales contract and the entity is uncertain about the probability of
return.
If an entity retains only an insignificant risk of ownership, the transaction
is a sale and revenue is recognised. For example, a seller may retain the legal
title to the goods solely to protect the collectibility of the amount due. In such
a case, if the entity has transferred the significant risks and rewards of ownership, the transaction is a sale and revenue is recognised. Another example of an
entity retaining only an insignificant risk of ownership may be a retail sale
when a refund is offered if the customer is not satisfied. Revenue in such cases
is recognised at the time of sale provided the seller can reliably estimate future
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returns and recognises a liability for returns based on previous experience and
other relevant factors.
Revenue is recognised only when it is probable that the economic bene-
fits associated with the transaction will flow to the entity. In some cases, this
may not be probable until the consideration is received or until an uncertainty
is removed. For example, it may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign
country. When the permission is granted, the uncertainty is removed and revenue is recognised. However, when an uncertainty arises about the collectibility
of an amount already included in revenue, the uncollectible amount or the
amount in respect of which recovery has ceased to be probable is recognised as
an expense, rather than as an adjustment of the amount of revenue originally
recognised.
Revenue and expenses that relate to the same transaction or other event
are recognised simultaneously; this process is commonly referred to as the
matching of revenues and expenses. Expenses, including warranties and other
costs to be incurred after the shipment of the goods can normally be measured
reliably when the other conditions for the recognition of revenue have been
satisfied. However, revenue cannot be recognised when the expenses cannot be
measured reliably; in such circumstances, any consideration already received
for the sale of the goods is recognised as a liability.
Rendering of services
When the outcome of a transaction involving the rendering of services
can be estimated reliably, revenue associated with the transaction shall be recognised by reference to the stage of completion of the transaction at the end of
the reporting period. The outcome of a transaction can be estimated reliably
when all the following conditions are satisfied:
(a) the amount of revenue can be measured reliably;
(b) it is probable that the economic benefits associated with the transac-
tion will flow to the entity;
(c) the stage of completion of the transaction at the end of the reporting
period can be measured reliably;
(d) the costs incurred for the transaction and the costs to complete the
transaction can be measured reliably.
The recognition of revenue by reference to the stage of completion of a
transaction is often referred to as the percentage of completion method. Under
this method, revenue is recognised in the accounting periods in which the services are rendered. The recognition of revenue on this basis provides useful
information on the extent of service activity and performance during a period.
IAS 11 also requires the recognition of revenue on this basis.
Revenue is recognised only when it is probable that the economic bene-
fits associated with the transaction will flow to the entity. However, when an
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uncertainty arises about the collectibility of an amount already included in
revenue, the uncollectible amount, or the amount in respect of which recovery
has ceased to be probable, is recognised as an expense, rather than as an adjustment of the amount of revenue originally recognised.
The stage of completion of a transaction may be determined by a variety
of methods. An entity uses the method that measures reliably the services performed. Depending on the nature of the transaction, the methods may include:
(a) surveys of work performed;
(b) services performed to date as a percentage of total services to be per-
formed; or
(c) the proportion that costs incurred to date bear to the estimated total
costs of the transaction. Only costs that reflect services performed to date are
included in costs incurred to date. Only costs that reflect services performed or
to be performed are included in the estimated total costs of the transaction.
Progress payments and advances received from customers often do not
reflect the services performed.
When the outcome of the transaction involving the rendering of services
cannot be estimated reliably, revenue shall be recognised only to the extent of
the expenses recognised that are recoverable.
During the early stages of a transaction, it is often the case that the out-
come of the transaction cannot be estimated reliably. Nevertheless, it may be
probable that the entity will recover the transaction costs incurred. Therefore,
revenue is recognised only to the extent of costs incurred that are expected to
be recoverable. As the outcome of the transaction cannot be estimated reliably,
no profit is recognised.
Interest, royalties and dividends
Interest – charges for the use of cash or cash equivalents or amounts due
to the entity.
Royalties – charges for the use of long-term assets of the entity, for ex-
ample, patents, trademarks, copyrights and computer software.
Dividends – distributions of profits to holders of equity investments in
proportion to their holdings of a particular class of capital.
Revenue arising from the use by others of entity assets yielding interest,
royalties and dividends shall be recognised when:
a) it is probable that the economic benefits associated with the transaction
will flow to the entity; and
b) the amount of the revenue can be measured reliably.
Revenue shall be recognised on the following bases:
a) interest shall be recognised using the effective interest method as set
out in IAS 39;
b) royalties shall be recognised on an accrual basis in accordance with the
substance of the relevant agreement;
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c) dividends shall be recognised when the shareholder’s right to receive
payment is established.
Disclosure
An entity shall disclose:
(a) the accounting policies adopted for the recognition of revenue, includ-
ing the methods adopted to determine the stage of completion of transactions
involving the rendering of services;
(b) the amount of each significant category of revenue recognised during
the period, including revenue arising from:
– the sale of goods;
– the rendering of services;
– interest;
– royalties;
– dividends;
(c) the amount of revenue arising from exchanges of goods or
services included in each significant category of revenue.
An entity discloses any contingent liabilities and contingent assets in ac-
cordance with IAS 37 “Provisions, Contingent Liabilities and Contingent As-
sets”. Contingent liabilities and contingent assets may arise from items such as
warranty costs, claims, penalties or possible losses.
IAS 2 "Inventories"
The objective of this Standard is to prescribe the accounting treatment for
inventories. A primary issue in accounting for inventories is the amount of cost
to be recognised as an asset and carried forward until the related revenues are
recognised.
Standard applies to all inventories, except:
(a) work in progress arising under construction contracts, including di-
rectly related service contracts (IAS 11);
(b) financial instruments (IAS 32 and IAS 39);
(c) biological assets related to agricultural activity and agricultural pro-
duce at the point of harvest ( IAS 41).
Definitions
Inventories are assets:
(a) held for sale in the ordinary course of business;
(b) in the process of production for such sale; or
(c) in the form of materials or supplies to be consumed in the production
process or in the rendering of services.
Net realisable value is the estimated selling price in the ordinary course
of business less the estimated costs of completion and the estimated costs necessary to make the sale.
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Fair value is the amount for which an asset could be exchanged, or a lia-
bility settled, between knowledgeable, willing parties in an arm’s length trans-
action.
Net realisable value refers to the net amount that an entity expects to real-
ise from the sale of inventory in the ordinary course of business. Fair value
reflects the amount for which the same inventory could be exchanged between
knowledgeable and willing buyers and sellers in the marketplace. The former
is an entity-specific value; the latter is not. Net realisable value for inventories
may not equal fair value less costs to sell.
Inventories encompass goods purchased and held for resale including. In-
ventories also encompass finished goods produced, or work in progress being
produced, by the entity and include materials and supplies awaiting use in the
production process. In the case of a service provider, inventories include the
costs of the service, for which the entity has not yet recognised the related revenue (IAS 18).
Measurement of inventories
Inventories shall be measured at the lower of cost and net realisable value.
Cost of inventories
The cost of inventories shall comprise all costs of purchase, costs of con-
version and other costs incurred in bringing the inventories to their present
location and condition.
Costs of purchase
The costs of purchase of inventories comprise the purchase price, import
duties and other taxes (other than those subsequently recoverable by the entity
from the taxing authorities), and transport, handling and other costs directly
attributable to the acquisition of finished goods, materials and services. Trade
discounts, rebates and other similar items are deducted in determining the costs
of purchase.
Costs of conversion
The costs of conversion of inventories include costs directly related to the
units of production, such as direct labour. They also include a systematic allocation of fixed and variable production overheads that are incurred in converting materials into finished goods. Fixed production overheads are those indirect costs of production that remain relatively constant regardless of the volume of production, such as depreciation and maintenance of factory buildings
and equipment, and the cost of factory management and administration. Variable production overheads are those indirect costs of production that vary directly, or nearly directly, with the volume of production, such as indirect materials and indirect labour.
The amount of fixed overhead allocated to each unit of production is not
increased as a consequence of low production or idle plant. Unallocated overheads are recognised as an expense in the period in which they are incurred. In
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periods of abnormally high production, the amount of fixed overhead allocated
to each unit of production is decreased so that inventories are not measured
above cost. Variable production overheads are allocated to each unit of production on the basis of the actual use of the production facilities.
A production process may result in more than one product being produced
simultaneously. This is the case, for example, when joint products are produced
or when there is a main product and a by-product. When the costs of conversion
of each product are not separately identifiable, they are allocated between the
products on a rational and consistent basis. The allocation may be based, for
example, on the relative sales value of each product either at the stage in the production process when the products become separately identifiable, or at the completion of production. Most by-products, by their nature, are immaterial. When
this is the case, they are often measured at net realisable value and this value is
deducted from the cost of the main product. As a result, the carrying amount of
the main product is not materially different from its cost.
Cost of inventories of a service provider
To the extent that service providers have inventories, they measure them
at the costs of their production. These costs consist primarily of the labour and
other costs of personnel directly engaged in providing the service, including
supervisory personnel, and attributable overheads.
The cost of inventories of items that are not ordinarily interchangeable
and goods or services produced and segregated for specific projects shall be
assigned by using specific identification of their individual costs.
The cost of inventories shall be assigned by using the first-in, first-out
(FIFO) or weighted average cost formula. An entity shall use the same cost formu-
la for all inventories having a similar nature and use to the entity. For inventories
with a different nature or use, different cost formulas may be justified.
For example, inventories used in one operating segment may have a use
to the entity different from the same type of inventories used in another operating segment. However, a difference in geographical location of inventories (or
in the respective tax rules), by itself, is not sufficient to justify the use of different cost formulas.
The FIFO formula assumes that the items of inventory that were pur-
chased or produced first are sold first, and consequently the items remaining in
inventory at the end of the period are those most recently purchased or produced. Under the weighted average cost formula, the cost of each item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items purchased or produced during the
period. The average may be calculated on a periodic basis, or as each additional shipment is received, depending upon the circumstances of the entity.
Net realisable value
The cost of inventories may not be recoverable if those inventories are
damaged, if they have become wholly or partially obsolete, or if their selling
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prices have declined. The cost of inventories may also not be recoverable if the
estimated costs of completion or the estimated costs to be incurred to make the
sale have increased. The practice of writing inventories down below cost to net
realisable value is consistent with the view that assets should not be carried in
excess of amounts expected to be realised from their sale or use.
Recognition as an expense
When inventories are sold, the carrying amount of those inventories shall
be recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value
and all losses of inventories shall be recognised as an expense in the period the
write-down or loss occurs. The amount of any reversal of any write-down of
inventories, arising from an increase in net realisable value, shall be recognised
as a reduction in the amount of inventories recognised as an expense in the
period in which the reversal occurs.
Some inventories may be allocated to other asset accounts, for example,
inventory used as a component of self-constructed property, plant or equipment. Inventories allocated to another asset in this way are recognised as an
expense during the useful life of that asset.
Disclosure
The financial statements shall disclose:
a. the accounting policies adopted in measuring inventories, including
the cost formula used;
b. the total carrying amount of inventories and the carrying amount in
classifications appropriate to the entity;
c. the carrying amount of inventories carried at fair value less costs to
sell;
d. the amount of inventories recognised as an expense during the period;
e. the amount of any write-down of inventories recognised as an ex-
pense in the period;
f. the amount of any reversal of any write-down that is recognised as a
reduction in the amount of inventories recognised as expense in the period;
g. the circumstances or events that led to the reversal of a write-down of
inventories;
h. the carrying amount of inventories pledged as security for liabilities.
Information about the carrying amounts held in different classifications
of inventories and the extent of the changes in these assets is useful to financial
statement users. Common classifications of inventories are merchandise, production supplies, materials, work in progress and finished goods. The inventories of a service provider may be described as work in progress.
The amount of inventories recognised as an expense during the period,
which is often referred to as cost of sales, consists of those costs previously
included in the measurement of inventory that has now been sold and unallo-
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cated production overheads and abnormal amounts of production costs of inventories. The circumstances of the entity may also warrant the inclusion of
other amounts, such as distribution costs.
Some entities adopt a format for profit or loss that results in amounts be-
ing disclosed other than the cost of inventories recognised as an expense during the period. Under this format, an entity presents an analysis of expenses
using a classification based on the nature of expenses. In this case, the entity
discloses the costs recognised as an expense for raw materials and consumables, labour costs and other costs together with the amount of the net change in
inventories for the period.
4.2. Fundamental standards: IAS 12 "Income taxes".
IAS 19 "Employee benefit". IAS 37 "Provisions,
contingent obligations and contingent assets"
IAS 12 "Income taxes"
The objective of this Standard is to prescribe the accounting treatment for
income taxes. The principal issue in accounting for income taxes is how to
account for the current and future tax consequences of:
a) the future recovery (settlement) of the carrying amount of assets (lia-
bilities) that are recognised in an entity’s statement of financial position; and
b) transactions and other events of the current period that are recognised
in an entity’s financial statements.
For the purposes of Standard, income taxes include all domestic and for-
eign taxes which are based on taxable profits. Income taxes also include taxes,
such as withholding taxes, which are payable by a subsidiary, associate or joint
venture on distributions to the reporting entity.
Definitions
Accounting profit is profit or loss for a period before deducting tax ex-
pense.
Taxable profit (tax loss) is the profit (loss) for a period, determined in ac-
cordance with the rules established by the taxation authorities, upon which
income taxes are payable (recoverable).
Tax expense (tax income) is the aggregate amount included in the deter-
mination of profit or loss for the period in respect of current tax and deferred
tax. Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income).
Current tax is the amount of income taxes payable (recoverable) in re-
spect of the taxable profit (tax loss) for a period.
Deferred tax liabilities are the amounts of income taxes payable in future
periods in respect of taxable temporary differences.
Deferred tax assets are the amounts of income taxes recoverable in future
periods in respect of:
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(a) deductible temporary differences;
(b) the carryforward of unused tax losses; and
(c) the carryforward of unused tax credits.
Temporary differences are differences between the carrying amount of an
asset or liability in the statement of financial position and its tax base. Temporary differences may be either:
(a) taxable temporary differences, which are temporary differences that
will result in taxable amounts in determining taxable profit (tax loss) of future
periods when the carrying amount of the asset or liability is recovered or settled; or
(b) deductible temporary differences, which are temporary differences
that will result in amounts that are deductible in determining taxable profit (tax
loss) of future periods when the carrying amount of the asset or liability is recovered or settled.
The tax base of an asset or liability is the amount attributed to that asset
or liability for tax purposes.
Recognition of current tax liabilities and current tax assets
Current tax for current and prior periods shall, to the extent unpaid, be
recognised as a liability. If the amount already paid in respect of current and
prior periods exceeds the amount due for those periods, the excess shall be
recognised as an asset.
The benefit relating to a tax loss that can be carried back to recover cur-
rent tax of a previous period shall be recognised as an asset.
Recognition of deferred tax liabilities and deferred tax assets
Taxable temporary differences
A deferred tax liability shall be recognised for all taxable temporary dif-
ferences, except to the extent that the deferred tax liability arises from:
a) the initial recognition of goodwill; or
b) he initial recognition of an asset or liability in a transaction which:
- is not a business combination;
- at the time of the transaction, affects neither accounting profit nor taxa-
ble profit (tax loss).
However, for taxable temporary differences associated with investments
in subsidiaries, branches and associates, and interests in joint ventures, a deferred tax liability shall be recognised.
Example.
An asset which cost 150 has a carrying amount of 100. Cumulative de-
preciation for tax purposes is 90 and the tax rate is 20%.
The tax base of the asset is 60 (cost of 150 less cumulative tax deprecia-
tion of 90). To recover the carrying amount of 100, the entity must earn taxable income of 100, but will only be able to deduct tax depreciation of 60. Consequently, the entity will pay income taxes of 8 (40 at 20%) when it recovers
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the carrying amount of the asset. The difference between the carrying amount
of 100 and the tax base of 60 is a taxable temporary difference of 40. Therefore, the entity recognises a deferred tax liability of 8 (40 at 20%) representing
the income taxes that it will pay when it recovers the carrying amount of the
asset.
Some temporary differences arise when income or expense is included in
accounting profit in one period but is included in taxable profit in a different
period. Such temporary differences are often described as timing differences.
The following are examples of temporary differences of this kind which are taxable temporary differences and which therefore result in deferred tax liabilities:
(a) interest revenue is included in accounting profit on a time proportion
basis but may, in some jurisdictions, be included in taxable profit when cash is
collected. The tax base of any receivable recognised in the statement of financial position with respect to such revenues is nil because the revenues do not
affect taxable profit until cash is collected;
(b) depreciation used in determining taxable profit (tax loss) may differ
from that used in determining accounting profit. The temporary difference is
the difference between the carrying amount of the asset and its tax base which
is the original cost of the asset less all deductions in respect of that asset permitted by the taxation authorities in determining taxable profit of the current
and prior periods. A taxable temporary difference arises, and results in a deferred tax liability, when tax depreciation is accelerated (if tax depreciation is
less rapid than accounting depreciation, a deductible temporary difference
arises, and results in a deferred tax asset);
(c) development costs may be capitalised and amortised over future peri-
ods in determining accounting profit but deducted in determining taxable profit
in the period in which they are incurred. Such development costs have a tax
base of nil as they have already been deducted from taxable profit. The temporary difference is the difference between the carrying amount of the development costs and their tax base of nil.
Temporary differences also arise when:
a) the identifiable assets acquired and liabilities assumed in a business
combination are recognised at their fair values in accordance with IFRS 3
“Business Combinations”, but no equivalent adjustment is made for tax purposes;
b) assets are revalued and no equivalent adjustment is made for tax pur-
poses;
c) goodwill arises in a business combination;
d) the tax base of an asset or liability on initial recognition differs from its
initial carrying amount, for example when an entity benefits from non-taxable
government grants related to assets; or
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