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Definition
Initial Measurement
Subsequent
Measurement
Fair Value
Cost Model
Full PFRS
Same as IFRS for SMEs.
Accounting result likely to
be the same.
Cost of purchased
investment =
Purchase Price + Directly
Attributable Costs (legal
and brokerage fees,
property transfer taxes
and other transaction
cost)
treatment of property,
plant and equipment
(PPE).
Transfers
Full PFRS
Property, plant and
equipment (PPE) are
tangible assets that are:
(Same definition)
Initial Measurement
Cost of purchased
investment =
Purchase Price + Directly
Attributable Costs (legal
Subsequent
Measurement
Major inspection
Impairment
for it to be capable of
operating in the manner
intended by
management.
Cost or Revaluation
model , wherein PPE are
carried at PPE are carried
at cost less accumulated
depreciation and any
impairment losses or at a
revalued amount less
any accumulated
depreciation and
subsequent accumulated
impairment losses.
same
Depreciation-definition
Components approach
Depreciation charge
Depreciable amount
and Depreciable
period
Depreciation Method
Change in the
depreciation method is
accounted for as a
change in estimate.
Non-current assets
held for sale
GOVERNMENT GRANT
Definition
Full PFRS
Similar to IFRS for SMEs.
Recognition and
Measurement
The entity
complies
with
the
conditions attached to
the grants; and
The grantsare
receivable.
grant that
imposes
specified
future performance
conditions on the
recipient is recognized in
income only when the
performance
conditions are met.
Grants
received
before the
income
recognition criteria are
satisfied are
recognized as a
liability and released to
income when all
attached conditions have
been complied with.
Grants are measured at
the fair value of the
asset received or
receivable.
Disclosures
accounting policy
adopted for grants,
including method of
balance sheet
presentation
nature and extent of
grants recognized in
the financial
statements
** *
unfulfilled conditions
and contingencies
attaching to recognized
grants
BORROWING COSTS
Definition
Full PFRS
Similar to IFRS for SMEs.
Recognition
Directly attributable
borrowing costs are
capitalized as part of
Interest expense
calculated using
effective interest
method
Finance charges in
respect of finance
leases recognized
Exchange
differences arising
from foreign
currecy borrowings
to the extent that
they are regarded
as an adjustment
to interestcosts
Recognize all borrowing
costs as expense of the
period when incurred.
Disclosures
INTANGIBLE ASSETS
Definition
Full PFRS
Same as pfrs for smes
same
Recognition as
expense
same
Start-up
costs.
Training.
Advertising
Relocation costs.
Expenditures
on
internally
generated intangibles
such as brands,
mastheads, customer
lists, publishing titles
and items similar in
substance
. Past expenses on
intangible items are not
recognized as an asset.
Separately acquired
intangible assets
Intangible assets
acquired as part of a
business combination
Research and
development costs
Measurement after
initial recognition
Initial Measurement
same
The purchase
price,
Any costs
directly
attributable
to
preparing
the assets for its
intended use.
The cost of an intangible
asset acquired as a part
of a business combination
is its fair value at the
acquisition date.
All research and
development costs are
recognized as an
expense.
Useful life
accumulated
impairment losses.
The useful life of an
intangible asset is either
finite or indefinite.
The useful life is
regarded as indefinite
when, based on analysis
of all of the relevant
factors, there is no
foreseeable limit to the
period over which the
asset is expected to
generate net cash
inflows.
Impairment
IMPAIRMENT OF ASSETS
Impairment formula
Full PFRS
Same as pfrs for smes
Impairment Losses
Annual assessment of
indicators
Indicators of
impairment
Recoverable amount
Intangible
assets
with an
indefinite
useful
life or an intangible asset
not yet available for use.
Goodwill.
Same
as
IFRS
for
SMEs. An additional
indicator exists when
the entitys net asset
value is above its
market capitalization.
same
Assets
(including
goodwill) are tested for
impairment when there is
an indication that the
asset may be impaired.
The
existence
of
impairment indicators is
assessed
at
each
reporting date
External
indicators
of
impairment
include
a
decline in an assets
market value, significant
adverse
changes
in
technological,
market,
economic
or
legal
environment
and
increases
in
market
interest rates. Internal
indicators
include
evidence of obsolescence
or physical damage of an
asset, changes in the way
an asset is used (for
example,
due
to
restructuring
or
discontinued operations)
or evidence from internal
reporting
that
the
economic performance of
an asset is, or will be,
worse than expected.
Recoverable
Value in use
same
amount
is
the
higher of an assets
(or
CGUs)
fair
value less costs to
sell and its value in
use.
If
either
exceeds
the
carrying amount, it
is not necessary to
estimate the other
amount.
The value in use is
defined as the present
value of the future cash
flows expected to be
derived from an asset or
CGU. Future cash flows
are estimated for the
asset
in
its
current
condition.
Cash inflows or outflows
from financing activities
and income tax receipts
or payments are not
included.
When
performing
the
impairment test of an
asset (or CGU), the entity
estimates the fair value
less costs to sell based on
a hierarchy of reliability of
evidence
:
A
price in
a
binding
sale agreement
in an arms length
or market price
in an
active market, less costs
of disposal.
Best available
information to
reflect
the
amount that an entity
could
obtain at the
reporting
date
from
disposal of the asset in an
Allocation of goodwill
Goodwill acquired in a
business combination is
allocated to the CGUs
that are expected to
benefit
from
the
synergies
of
the
combination.
IAS
36
includes comprehensive
guidance on how to
allocate goodwill under
several circumstances.
Goodwill is tested for
impairment at the lowest
level at which it is
monitored
by
management. CGUs may
be grouped for testing,
but the grouping cannot
be
higher
than
an
operating segment as
defined in IFRS 8 (before
aggregation).
Reversal of
impairment
carrying
amount.
The
amount of the reversal is
subject
to
certain
limitations.
Goodwill impairment can
never be reversed.