The preparation of financial statements in accordance with International Financial Reporting Standards (‘IFRS’) is challenging.
The International Financial Reporting Interpretations Committee (IFRIC), received a request addressing how a customer should account for costs of configuring or customising supplier’s application software in a Cloud Computing or Software as a Service (SaaS) arrangement.
The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging.
The International Accounting Standards Board (IASB) has issued ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’ (Amendments to IAS 12).
IFRS 13 ‘Fair Value Measurement’ explains how to measure fair value by providing clear definitions and introducing a single set of requirements for almost all fair value measurements.
Acquisitions of businesses can take many forms and can have a fundamental impact of the acquirer’s operations, resources and strategies. These acquisitions are known as mergers or business combinations which should be accounted for using the requirements in IFRS 3 ‘Business Combinations’.
Business combinations are infrequent transactions that are unique for each occurrence. IFRS 3 ‘Business Combinations’ contains the requirements and despite being fairly stable in the ten years since its been released, still provides challenges when accounting for these transactions in practice.
Mergers and acquisitions (business combinations) can have a fundamental impact on the acquirer’s operations, resources and strategies.