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IAS 01: Presentation of Financial Statements

Our newsletter covers IAS 01 - presenting financial statements in accordance with IFRS, so you can comprehend the most common requirements when preparing financial statements under IFRS.

Amendments to IAS 12: Deferred tax related to assets and liabilities arising from a single transaction

IASB has issued Amendments to IAS 12 to require companies to recognize deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences.

Basic of financial instruments

What are the basics with regards to financial instruments? A financial instrument is defined as any contract that gives rise to: A financial asset of one entity and A financial liability or equity instrument of another entity Please follow the link below to download our full newsletter.

Classification of Liabilities as Current or Non-current (Amendments to IAS 1)

On 23th January 2020, IASB issued Amendments to IAS 1 – Classification of Liabilities as Current or Non-current in order to modify and clearly define Current and Non-current Liabilities to correspond to reality. The amendments will be effective on or after 01 January 2023.

Determining lessee’s incremental borrowing rate under IFRS 16

At the commencement date, a lessee shall measure the lease liability at the present value of the lease payments that are not paid at that date. The lease payments shall be discounted using the interest rate implicit in the lease, if that rate can be readily determined.

Making materiality judgements when preparing financial statements

Materiality plays an important role in preparing and presenting Financial Statements (FS), so inappropriate applications will lead to present non-material information.

The influence of COVID-19 on the preparation, presentation and approval of FS

The spread of COVID-19 epidemic in the world is still complicated, causing severe difficulties and challenges for businesses in many fields. This has led to some notable issues in preparing, presenting and approving the financial statements. Please follow the link below to download our full newsletter.

IFRS News - July 2020

Assessing whether a change in payments due to COVID-19 is a lease modification. We have been made aware of changes in lease payments that have occurred or are expected to occur, as a result of the COVID-19 pandemic so the lease contract and accounting may be modified. Please follow the link below to download our full newsletter.

Overview of other comprehensive income (OCI)

Under definition of IAS 01: Incomes and expenses (include adjustments due to reclassify) are not allowed to record in profit and loss report as prescribed or allowed by other IFRS. Please follow the link below to download our full newsletter.

Fair value measurement

International Financial Reporting Standard 13 (IFRS 13) Effective date: 01 January 2013 Ministry of Finance officially approved the project "Application of international financial reporting standards in Vietnam" dated 16 March 2020, showing the deep integration process, especially in the field of accounting.

IFRS illustrative financial statements

RSM’s IFRS illustrative financial statements provide the consolidated financial statements of several entities across a range of structures. The financial statements are prepared in accordance with International Financial Reporting Standards. They are an invaluable resource for anyone involved in the preparation or audit of a financial report under IFRS.