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The standard was originally issued in August 2005 and became applicable on 1 January 2007, superseding the earlier standard IAS 30, Disclosures in the Financial Statements of Banks and Similar Financial Institutions, and replacing the disclosure requirements of IAS 32, previously titled Financial Instruments: Disclosure and Presentation. [2] [3]
Whilst the standard on provisions, IAS 37, prohibits the recognition of a provision for contingent liabilities, [23] this prohibition is not applicable to the accounting for contingent liabilities in a business combination. In that case the acquirer shall recognise a contingent liability even if it is not probable that an outflow of resources ...
The second is a fair value hedge. Again, according to IAS 39 this is “a hedge of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, or an identified portion of such an asset, liability or firm commitment, that is attributable to a particular risk and could affect profit or loss”. [5]
"A man substituted my ground beef for a watermelon and I’m still confused about it," read one comment. "I ordered a baby bok choy and received a single Brussels sprout," another person added.
Applicable to municipalities, budget organizations and off-budget state funds, i.e. the State Oil Fund and the Social Security Fund. Bangladesh – The government of Bangladesh has expressed both commitment and willingness to adopt the cash basis IPSAS and has taken an initiative to prepare the financial statements in accordance with the cash ...
The Santa Ynez Reservoir, a 117-million-gallon water resource near the Pacific Palisades, was under renovation and empty when fires tore through the Los Angeles neighborhood last week and ...
Smartwatches are a hot-ticket gift over the holidays, but a new study might have you rethink how you strap the device to your wrist in the future.
International Accounting Standard 7: Statement of Cash Flows or IAS 7 is an accounting standard that establishes standards for cash flow reporting used in International Financial Reporting Standards. A statement of cash flows for the periods, is an integral "Component of financial statements" as per IAS 1 — Presentation of Financial Statements .