International Financial Reporting Standards, IFRS Foundation & IASB, Illustrative Examples, 2017 Illustrative Examples, International Accounting Standards (IASs) Accounting, IFRS These illustrative FRS 102 financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources. This collection of SB-FRSs and INT SB-FRSs includes official pronouncements issued by the Accountant-General (up to 31 December 2020) and are required to be applied for annual periods beginning on 1 January 2020. FRS 38 5 Introduction IN1 Financial Reporting Standard 38 Intangible Assets (FRS 38) replaces FRS 38 Intangible Assets (issued in 2003), and should be applied: (a) on acquisition to the accounting for intangible assets acquired in business combinations for annual periods beginning on or after 1 July 2004. its financial statements in accordance with Financial Reporting Standards in Singapore (“FRS”) for a number of years. Assessing the useful lives of intangible assets. FINANCIAL REPORTING STANDARD Intangible Assets Illustrative Examples FRS 38 FRS 38 IE Illustrative Standard, supplemented by interpretations and examples to give clarity to those requirements, and pointers regarding practical issues that are likely to arise. the higher of fair value less costs of disposal and value in use). Request a non-obligation demo to find out! STATUTORY BOARD FINANCIAL REPORTING STANDARDS EFFECTIVE AS AT 1 JANUARY 2020. Cost of intangible asset. Contents. These examples accompany, but are not part of, IAS 38. The maximum number of documents that can be ed at once is 1000. Cost of a separately acquired intangible asset comprises (IAS 38.27): Its purchase price, plus import duties and non-refundable taxes, less discounts and rebates,; Any directly attributable costs of preparing the asset for its intended use. Singapore Financial Reporting Standards ... – FRS 105 38 27. FRS_38_(2015) - FINANCIAL REPORTING STANDARD FRS 38 Intangible Assets This version of FRS 38 does not include amendments that are effective for annual, that are effective for annual periods beginning, Acquisition as part of a business combination, Intangible asset acquired in a business combination, Subsequent expenditure on an acquired in-process research and, Cost of an internally generated intangible asset, Past expenses not to be recognised as an asset, INTANGIBLE ASSETS WITH FINITE USEFUL LIVES, Amortisation period and amortisation method, Review of amortisation period and amortisation method, INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES, Intangible assets measured after recognition using the revaluation model, TRANSITIONAL PROVISIONS AND EFFECTIVE DATE, Assessing the useful lives of intangible assets, paragraphs have equal authority. The following illustrative financial statements are not a comprehensive model of how the financial statements of a small entity reporting under FRS 102, Section 1A should look. - ISCA has expounded on this area and published the Leases Roadmap, which is equipped with instructions to … FRS 38 should be read in the context of its objective, the. applying accounting policies in the absence of explicit guidance. To make your more manageable, we have automatically split your selection into separate batches of up to 25 documents. In the appendices, we provide: • a summary of the important illustrative examples accompanying IFRS 16 dealing with the identification of leases; Volume C - UK Reporting - International Financial Reporting Standards Volume D - UK Reporting - IFRS 9 and related Standards Volume E - UK Reporting - IAS 39 and related Standards IFRS disclosures in practice Model annual report and financial statements for UK listed groups - IFRS Standards intangible assets acquired in business combinations. 38 - 40, 122, BC38 - 40) FRS 101, Presentation of Financial Statements, following the amendments to IAS 1, Presentation of Financial Statements, is still the back-bone to all the other financial reporting standards. They illustrate aspects of FRS 115 but are not intended to provide interpretative guidance. Illustrative consolidated fi nancial statements for various industry sectors* *Latest updates available electronically only This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Intangible assets (IAS 38) Regulatory deferral accounts (IFRS 14) Interim financial reporting (IAS 34) Related party disclosures (IAS 24) Inventories (IAS 2) Revenue from contracts from customers (IFRS 15) Investments in associates and joint ventures (IAS 28) Separate financial statements (IAS 27) Joint arrangements (IFRS 11) Appendix IV provides illustrative disclosures for the early adoption of IFRS 9, which is effective for periods beginning on or after 1 January 2018. IFRS 13 Fair Value Measurement amended all references to “fair value less costs to sell” in these examples with effect from 1 January 2013. Includes an appendix showing example disclosures under IFRS 3 (revised). Effective date The illustrative financial statements include the disclosures required by the Singapore Companies Act, SGX-ST Listing Manual, and FRSs and INT FRSs that are issued at the date of publication (August 31, 2016). These examples also illustrate the tagging of new elements added to the IFRS Taxonomy 2019 as a result of the analysis of common reporting practice on IFRS 13 Fair Value Measurement (see Example 15) and general improvements (see Examples 7, 8 and 17) . GAAP 2019: UK reporting legal and regulatory framework (Volume A) Deloitte, Croner-i, … Example 1: Illustrative … Practical guide with worked examples explaining the requirements of FRS 100, FRS 101, FRS 102, FRS 103, FRS 104 and FRS 105. This factsheet has been prepared by FRC staff. This preview shows page 1 - 6 out of 31 pages. 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