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Moscow: IAS bookkeeping outsourcing

 Moscow: IAS bookkeeping outsourcing





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FINANCIAL STATEMENTS > General features >

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An entity shall not offset assets [one] and liabilities or income and expenses, unless required or permitted [two] by an IFRS.

An entity reports separately both assets [three] and liabilities, and income and expenses. Offsetting in the statements of comprehensive [four] income or financial position or in the separate income statement [five] (if presented), except when offsetting reflects [six] the substance of the transaction or other event, detracts from the ability [seven] of users both to understand the transactions, other events [eight] and conditions that have occurred and to assess the entity’s [nine] future cash flows. Measuring assets net [ten] of valuation allowances—for example, obsolescence allowances on inventories [one] and doubtful debts allowances on receivables—is not offsetting.

IAS [two] 18 Revenue defines revenue and requires an entity [three] to measure it at the fair value of the consideration received [four] or receivable, taking into account the amount of any trade [five] discounts and volume rebates the entity allows. An entity [six] undertakes, in the course of its ordinary activities, other [seven] transactions that do not generate revenue [eight] but are incidental to the main revenue-generating activities. An entity [nine] presents the results of such transactions, when this [ten] presentation reflects the substance of the transaction or other event, [one] by netting any income with related expenses [two] arising on the same transaction. For example:
(a) an entity presents [three] gains and losses on the disposal of non-current assets, including [four] investments and operating assets, by deducting from the proceeds on disposal [five] the carrying amount of the asset and related selling expenses; [six] and
(b) an entity may net expenditure related [seven] to a provision that is recognised in accordance with [eight] IAS 37 Provisions, Contingent Liabilities and Contingent [nine] Assets and reimbursed under a contractual arrangement with [ten] a third party (for example, a supplier’s warranty [one] agreement) against the related reimbursement.

In addition, an entity [two] presents on a net basis gains and losses arising [three] from a group of similar transactions, for example, foreign exchange [four] gains and losses or gains and losses arising on financial [five] instruments held for trading. However, an entity presents [six] such gains and losses separately if they are [seven] material.

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Feature conception:

Thus it appears, in what various ways Nature has taught man her first great lesson of love and union.

Nor did she give the same talents either in kind or in degree to all, evidently meaning that the inequality of her gifts should be ultimately equalized by a reciprocal interchange of good offices and mutual assistance.

Thus, in different countries, she has caused different commodities to be produced, that expediency itself might introduce commercial intercourse.

Desiderius Erasmus

The Complaint of Peace


Moscow: IAS bookkeeping outsourcing


IAS bookkeeping outsourcing in Moscow

Chapter: Moscow IAS bookkeeping outsourcing

Moscow: IAS bookkeeping outsourcing


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