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It is necessary to adopt a basis which will give a reasonably accurate estimate. In this case, the revenue amounts will not be faithful representations and they will lack predictive value not relevant. It should be noted that only where liquidation appears imminent is the going concern assumption inapplicable. It should also be noted that depreciation is not so much a matter of valuation as it is a means of cost allocation.

As a result companies now have the option to record fair value in their accounts for most financial assets and financial liabilities, including such items as receivables, investments, and debt securities.

Relevance and faithful representation are the two fundamental qualities that make accounting information useful for decision-making. Promotional costs often are considered expenses of the period in which the expenditures occur due to the uncertainty in determining the time periods benefited. It is not the result of postulating specific time periods as measurable segments of total life. A legal sale is transacted before any revenue is recognized in the accounts.

Even if the subscription rate does provide for the recovery of all associated costs within the first period, however, the editorial and publishing activities still would be important since the firm has an obligation in the amount of the present value of the costs expected to be incurred in connection with the editorial and publication activities to produce and deliver the magazine. Because revenue cannot be recognized, the related expenses should be deferred so that they can be amortized over the respective periods of revenue recognition.

Therefore, the asset cost is allocated to the accounting periods by some method. Faithfully represented information can be depended upon to represent the conditions and events that it is intended to represent.

Setting the amount at the commercial value of the services might be a reasonable approach were it not for the contingent nature of the source of the fees.

Each crucial event is clearly discernible and is a time of interaction between the publisher and subscriber. Examples of costs that should be treated as measures of assets are the costs of merchandise on hand at the end of an accounting period, costs of insurance coverage relating to future periods, and the cost of self-constructed plant or equipment.


Moderate 20—25 E Accounting principles—comprehensive. It should be emphasized to the students that the Board itself is likely to be the major user and thus the most direct beneficiary of the guidance provided by this pronouncement. This time is currently acceptable when the revenue is known from the contract and total cost can be estimated to determine percentage of completion.

For example, charging the cost of the building and equipment to expense in the first month of operations understates income in the first month. Problems of measurement may arise in estimating the degree of completion of a contract, the amortized cost or fair value of a receivable or the value of a nonmonetary asset received in an exchange transaction.

Production cost includes direct production costs and an appropriate proportion of production overheads and factory depreciation. The sale is considered to be the earliest point at which this evidence is available in the usual case. The student will probably be unfamiliar with this standard. These financial statements do not provide feedback on any strategies which the company may have used to increase profits. Remember me on this computer.

Intermediate Accounting Ifrs Edition Volume 2 Chapter 16

The important concept here is that the incurrence of the cost has resulted in the acquisition of an asset, a future service intermefiate. CA Time 20—25 minutes Purpose—to provide the student with the opportunity to discuss the ethical issues related to expense recognition. Objective evidence is the key.

Managers and company insiders editon do not meet these criteria. Because no independent auditor has verified these amounts, there is no way of knowing whether or not they are represented faithfully. The phases of the conceptual framework project are: Another type of comparability, consistency, is present when a company applies the same accounting treatment to similar events, from period to period, the company shows consistent use of accounting standards.

But a loss is a measure of the service potential expired that accouting considered abnormal, unnecessary, unanticipated, and possibly nonrecur- ring and is usually not taken into direct consideration in planning the size of the revenue stream. Comparability facilitates comparisons between information about two different enterprises at a particular intrrmediate in time. The transaction would probably require informative disclosure in the financial statements.

This is inconsistent with neutrality, which encompasses freedom from bias.

Intermediate Accounting Ifrs Edition Volume 2 Chapter 16 –

However, knowledge of the objectives and concepts the Board uses should enable all who are affected by or interested in financial accounting standards to better jawxban the content and limitations of information provided by financial accounting and reporting, thereby furthering their ability to use that informa- tion effectively and enhancing confidence in financial accounting and reporting.


The IASB indicated that it expects the currency unadjusted for inflation or deflation to be used to measure items recognized in financial statements.

Help Center Find new research papers in: Nestle uses Swiss francs CHF. The Board qccounting that fair value measurement for financial assets and financial liabilities provides more relevant and understandable information than historical cost.

Faithful representation means that the item is representative of the real-world phenomenon that it purports to represent. CA Time 20—25 minutes Purpose—to provide the student with an opportunity to assess different points to report costs as expenses.

While users accoounting financial statements might ifrz from receiving internal information, such as company plans and budgets, competitors might also be able to use this information to gain a competitive advantage relative to the disclosing company. Since there is a ready buyer and a quoted price, a sale is not necessary to establish the amount of revenue to be received.

Consistency facilitates comparisons between information about the same enterprise at two different points in time. Accounting standards based on individual conceptual frameworks generally will not result in consistent and comparable accounting reports.

Prior to the time the revenue is recognized in the accounts, it already has been received in distributable form. Although the firm cannot prosper without good advertising contracts and while advertising rates depend substantially on magazine sales, it also is true that readers will not renew their subscriptions unless the content of the magazine pleases them. Regarding the use of fair value, some investments and other financial assets are reported at fair value.

Hence, only a portion—not most—of the revenue should be recognized voluume the accounts at the time the subscription is sold. A conceptual framework is necessary so that standard setting is useful, i.

As indicated in bmanagement makes a number of judgments and estimates in determining whether the criteria have been met. This time is currently acceptable when the costs and expenses related to the particular transaction are reasonably determinable at the time of sale and when the collection of the sales price is reasonably certain.