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The Hong Kong Financial Reporting Standards (HKFRS) is a set of financial reporting standards issued by the Hong Kong Institute of Certified Public Accountants in Hong Kong.
A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. [3]
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Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...
IFRS 9 began as a joint project between IASB and the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at fair value, with all changes in fair value reported in net income (FASB) or profit and loss (IASB). [1]
In accounting, goodwill is an intangible asset recognized when a firm is purchased as a going concern.It reflects the premium that the buyer pays in addition to the net value of its other assets.
The story focuses on the next King of Fighters tournament held after the appearance and defeat of Verse.Following Antonov's early retirement, new tournament commissioner Anastasia sends out invitations to fighters to join the tournament; the mayhem caused by Verse's powers resurrects various long-thought deceased fighters from past tournaments as well.