IAS 20 - Government Grants
IAS 20 provides rules on accounting for government grants and the disclosure of government assistance. Grants are recognized when there is reasonable assurance that the entity will comply with conditi...
OpenFinancial Dictionary
Accounting & Finance Terms (English)
IAS 21 - Effects of Changes in Foreign Exchange Rates
IAS 21 explains how to account for foreign currency transactions and how to translate financial statements of foreign operations. It distinguishes between functional currency and presentation currency...
OpenIAS 23 - Borrowing Costs
IAS 23 requires capitalization of borrowing costs that are directly attributable to the acquisition or construction of qualifying assets. Other borrowing costs are expensed as incurred.
OpenIAS 24 - Related Party Disclosures
IAS 24 requires disclosure of relationships, transactions, and outstanding balances with related parties to ensure transparency and prevent conflicts of interest.
OpenIAS 26 - Accounting and Reporting by Retirement Benefit Plans
IAS 26 provides guidance on the financial reporting by retirement benefit plans themselves, covering defined benefit and defined contribution plans.
OpenIAS 27 - Separate Financial Statements
IAS 27 deals with accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates in an entitys separate financial statements.
OpenIAS 28 - Investments in Associates and Joint Ventures
IAS 28 requires the use of the equity method to account for investments in associates and joint ventures, reflecting the investors share of profit or loss and net assets.
OpenIAS 29 - Financial Reporting in Hyperinflationary Economies
IAS 29 prescribes how to restate financial statements in hyperinflationary economies so that figures remain meaningful despite severe loss of purchasing power.
OpenIAS 32 - Financial Instruments: Presentation
IAS 32 sets principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities in the statement of financial position.
OpenIAS 33 - Earnings per Share
IAS 33 sets rules for calculating and presenting basic and diluted earnings per share. EPS helps users assess performance and compare companies.
OpenIAS 34 - Interim Financial Reporting
IAS 34 sets minimum content and measurement principles for interim financial statements, ensuring timely and reliable reporting between annual periods.
OpenIAS 36 - Impairment of Assets
IAS 36 requires entities to assess at each reporting date whether assets may be impaired. If the recoverable amount is lower than the carrying amount, an impairment loss must be recognized.
OpenIAS 37 - Provisions, Contingent Liabilities and Contingent Assets
IAS 37 provides the principles for recognizing provisions and distinguishing them from contingent liabilities. A provision is recognized when an obligation exists and can be reliably estimated.
OpenIAS 38 - Intangible Assets
IAS 38 covers the recognition, measurement, and amortization of intangible assets such as software, patents, and trademarks. An intangible asset must provide future economic benefits and be identifiab...
OpenIAS 39 - Financial Instruments: Recognition and Measurement
IAS 39, now largely replaced by IFRS 9, provided rules for classification, recognition, derecognition and measurement of financial instruments, including hedge accounting.
OpenIAS 40 - Investment Property
IAS 40 governs the recognition and measurement of investment property, which is held to earn rentals or for capital appreciation. Entities may choose either the fair value model or the cost model.
OpenIAS 41 - Agriculture
IAS 41 establishes accounting requirements for biological assets and agricultural produce. It primarily uses fair value less costs to sell as the measurement basis.
OpenIAS 7 - Statement of Cash Flows
IAS 7 requires entities to present a cash flow statement that classifies cash flows into operating, investing, and financing activities, helping users assess liquidity and financial flexibility.
OpenIAS 8 - Accounting Policies, Changes in Estimates and Errors
IAS 8 defines how entities should select accounting policies and account for changes in estimates or corrections of errors. It ensures consistency and reliability in financial reporting.
OpenIASB International Accounting Standards Board
The International Accounting Standards Board is the independent, accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International A...
OpenIFRS
IFRS is an acronym for International Financial Reporting Standards it is accounting and standards guidline issud by The International Accounting Standards Board ( ISAB ).
OpenIFRS 1 - First-time Adoption of IFRS
IFRS 1 provides guidance for entities adopting IFRS for the first time. It requires full retrospective application with certain exemptions to ensure comparability across periods.
OpenIFRS 10 - Consolidated Financial Statements
IFRS 10 establishes principles for presenting consolidated financial statements when a parent controls one or more subsidiaries. Control exists when the investor has power, exposure to variable return...
OpenIFRS 11 - Joint Arrangements
IFRS 11 classifies joint arrangements as either joint operations or joint ventures based on rights and obligations. It sets the accounting requirements for each type instead of using the old proportio...
OpenIFRS 12 - Disclosure of Interests in Other Entities
IFRS 12 requires extensive disclosures about interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities, so that users can understand risks and the effects on the...
OpenIFRS 13 - Fair Value Measurement
IFRS 13 defines fair value and provides a single framework for measuring fair value across IFRS. It introduces a hierarchy of inputs (Level 1, 2, and 3) and emphasizes market-based measurement.
OpenIFRS 14 - Regulatory Deferral Accounts
IFRS 14 permits entities that apply rate regulation to continue recognizing regulatory deferral account balances when they adopt IFRS for the first time, with specific presentation and disclosure requ...
OpenIFRS 15 - Revenue from Contracts with Customers
IFRS 15 sets a five-step model for recognizing revenue: identifying the contract, identifying performance obligations, determining the transaction price, allocating the price, and recognizing revenue ...
OpenIFRS 16 - Leases
IFRS 16 requires lessees to recognize a right-of-use asset and a lease liability for most leases. It eliminates the classification of leases as operating or finance leases for lessees.
OpenIFRS 17 - Insurance Contracts
IFRS 17 establishes a comprehensive model for measuring insurance contract liabilities based on future cash flows, discounting, and risk adjustment. It increases comparability and transparency in insu...
OpenIFRS 2 - Share-based Payment
IFRS 2 sets requirements for transactions where an entity receives goods or services in exchange for equity instruments or incurs liabilities based on the value of its shares. It explains measurement ...
OpenIFRS 3 - Business Combinations
IFRS 3 provides guidance for accounting for business combinations using the acquisition method. It requires identifying the acquirer, measuring identifiable assets and liabilities at fair value, and r...
OpenIFRS 4 - Insurance Contracts
IFRS 4 is an interim standard that introduced basic requirements for accounting for insurance contracts before the full model in IFRS 17. It allowed many existing practices but required certain disclo...
OpenIFRS 5 - Non-current Assets Held for Sale and Discontinued Operations
IFRS 5 sets criteria for classifying assets as held for sale and requires them to be measured at the lower of carrying amount and fair value less costs to sell. It also describes how to present discon...
OpenIFRS 6 - Exploration for and Evaluation of Mineral Resources
IFRS 6 deals with the accounting for exploration and evaluation expenditures for mineral resources. It allows entities to continue existing accounting policies with certain limitations and requires te...
OpenIFRS 7 - Financial Instruments: Disclosures
IFRS 7 requires entities to provide disclosures that help users evaluate the significance of financial instruments and the nature and extent of risks arising from them. It covers credit risk, liquidit...
OpenIFRS 8 - Operating Segments
IFRS 8 requires entities to disclose financial information about operating segments based on internal reports reviewed by the chief operating decision maker (CODM). It enhances transparency on busines...
OpenIFRS 9 - Financial Instruments
IFRS 9 provides principles for classifying, measuring, and recognizing financial assets and liabilities. It introduces the expected credit loss model (ECL) for impairment, hedge accounting rules, and ...
OpenIFRS Conceptual Framework
The Conceptual Framework defines the fundamental principles underlying IFRS, including the objectives of financial reporting, qualitative characteristics, and definitions of assets, liabilities, equit...
OpenIMA
IMA is an abbreviation for the Institute of Management Accountants, an international organization dedicated to promoting management accounting and financial management. It offers various programs and ...
Openimpairment
Impairment is when an asset's book value is no longer recoverable from its future cash flows
OpenImpairment
A reduction in the recoverable amount of an asset below its carrying amount in the books.
OpenImpairment loss
The excess of carrying amount over recoverable amount.
OpenImpairment Loss
An impairment loss occurs when the recoverable amount of an asset is lower than its carrying amount. The carrying amount is reduced and the loss is recognized in profit or loss.
OpenImprest System
A system for controlling petty cash where a fixed amount is maintained and replenished periodically.
OpenImprest System
A system for controlling petty cash where a fixed amount is maintained and replenished periodically.
OpenImputed cost
A cost assigned internally when no actual cash outflow occurs.
OpenIncome
Income is the money a person or organization receives due to effort (work), or from a return on investments.
Openincome statement
The income statement is one of the main financial statements (along with the balance sheet, statement of cash flows, and statement of shareholders' equity). The income statement is also referred to as...
Openindependent contractor
An independent contractor is someone who performs a task for a company, but is not an employee. The IRS has standards to help distinguish between an independent contractor and an employee.
Open