[No Title]
Table of acronyms
Index of Accounting Standards
Chapter 1:
The South African regulatory framework
1.1
Background
1.2
Accounting publications
1.3
Types of companies
Chapter 2:
The Conceptual Framework
2.1
Background
Part 1
The Conceptual Framework for Financial Reporting 2010
2.2
Overview of the Conceptual Framework
2.3
Scope
2.4
The objective of general purpose financial reporting
2.5
The reporting entity
2.6
Qualitative characteristics of useful financial information
2.7
The 1989 Framework: The remaining text
Part 2
Framework for the Preparation and Presentation of Financial Statements
2.8
Overview of the Framework
2.9
Scope
2.10
Users of financial statements
2.11
The objectives and components of financial statements
2.12
Underlying assumptions
2.13
The qualitative characteristics of financial statements
2.14
Interaction between qualitative characteristics with the objective of financial reporting and constraints
2.15
Elements of financial statements
2.16
Recognition criteria
2.17
Concepts of capital and capital maintenance
Part 3
Main differences between the Conceptual Framework and the Framework
2.18
Objective of financial statements / financial reporting
2.19
Qualitative characteristics
Chapter 3:
Presentation of financial statements
3.1
Overview of IAS 1: Presentation of Financial Statements
3.2
Background
3.3
Objective and components of financial statements
3.4
General features
3.5
Structure and content
3.6
JSE Limited – Listing Requirements
Chapter 4:
Inventories
4.1
Overview of IAS 2: Inventories
4.2
Background
4.3
Nature of inventories
4.4
Measurement of inventories
4.5
Cost of inventories
4.6
Application of cost allocation techniques and cost formulas
4.7
Determining net realisable value
4.8
Lower of cost and net realisable value
4.9
Recognition of expense
4.10
Taxation implications
4.11
Disclosure
4.12
Comprehensive example
Chapter 5:
Statement of cash flows
5.1
Overview of IAS 7: Statement of Cash Flows
5.2
Background
5.3
Objective of the statement of cash flows
5.4
Elements of cash flows
5.5
Specific aspects
5.6
Disclosure
5.7
Comprehensive example
Chapter 6:
Accounting policies, changes in accounting estimates and errors
6.1
Overview of IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors
6.2
Background
6.3
Accounting policies
6.4
Changes in accounting policies
6.5
Changes in accounting estimates
6.6
Errors
6.7
Impracticability of retrospective application and retrospective restatement
Chapter 7:
Events after the reporting period
7.1
Overview of IAS 10: Events after the Reporting Period
7.2
Background
7.3
Date of authorisation of the issue of financial statements
7.4
Adjusting events
7.5
Non-adjusting events
7.6
Dividends
7.7
Going concern
7.8
Presentation and disclosure
7.9
Examples
Chapter 8:
Construction contracts
8.1
Background
8.2
Nature of construction contracts
8.3
Measurement of contract revenue and costs
8.4
Recognition of contract revenue and costs
8.5
Payments by customers
8.6
Comprehensive example without tax implications
8.7
Tax implications
8.8
Comprehensive example with tax implications
8.9
Disclosure
8.10
Comprehensive example
Chapter 9:
Income taxes
9.1
Overview of IAS 12: Income Taxes
9.2
Background
9.3
Nature of deferred tax
9.4
Temporary differences
9.5
Assessed tax losses and deferred tax assets
9.6
Enacted or substantively enacted tax rates and tax laws
9.7
Recognition and measurement of deferred tax
9.8
Recognition and measurement of current tax
9.9
Presentation and disclosure
9.10
Comprehensive example
Chapter 10:
Property, plant and equipment
10.1
Overview of IAS 16: Property, Plant and Equipment
10.2
Background
10.3
Nature of property, plant and equipment
10.4
Recognition
10.5
Measurement
10.6
Depreciation
10.7
Revaluation
10.8
Impairment losses and compensation for loss
10.9
Derecognition
10.10
Deferred tax implications
10.11
Disclosure
10.12
Comprehensive example of cost model
10.13
Comprehensive example of revaluation model
Chapter 11:
Leases
11.1
Overview of IAS 17: Leases
11.2
Classification of leases and related definitions
11.3
Land and buildings
11.4
Leases and investment property
11.5
Finance leases in the financial statements of lessees
11.6
Instalment sale agreements: From the purchaser’s perspective
11.7
Disclosure: The lessee (finance leases) and the purchaser (instalment sale agreements)
11.8
Finance leases in the financial statements of lessors
11.9
Instalment sale agreements: From the seller’s perspective
11.10
Disclosure: The lessor (finance leases) and the seller (instalment sale agreements)
11.11
Operating leases in the financial statements of lessees
11.12
Operating leases in the financial statements of lessors
11.13
Sale and leaseback transactions
11.14
Comprehensive example
11.15
Evaluating the substance of transactions involving the legal form of a lease (SIC 27)
11.16
Determining whether an arrangement contains a lease (IFRIC 4)
Chapter 12:
Revenue
12.1
Overview of IAS 18: Revenue
12.2
Background
12.3
Definition of revenue
12.4
The measurement of revenue
12.5
Recognition of revenue
12.6
Exchange transactions
12.7
The appendix to IAS 18
12.8
Finance leases in the financial statements of lessors
12.9
ED 284 – Proposed amendments to IAS 18
Chapter 13:
Employee benefits
13.1
Overview of IAS 19: Employee Benefits
13.2
Background
13.3
Short-term employee benefits
13.4
Post-employment benefits
13.5
Comprehensive example of a defined benefit plan
13.6
Other long-term employee benefits (IAS 19.153 to .158)
13.7
Termination benefits (IAS 19.159 to .171)
13.8
Equity compensation benefits
13.9
IFRIC 14 – Limit on a defined benefit asset, minimum funding requirements and their interaction
Chapter 14:
Government grants and government assistance
14.1
Overview of IAS 2: Government Grants and Government Assistance
14.2
Background
14.3
Theoretical premises
14.4
Categories of government grants (IAS 20.7 to .38)
14.5
Repayment of government grants (IAS 20.32 and .33)
14.6
Other forms of government assistance (IAS 20.34 to .38)
14.7
Government assistance – No specific relation to operating activities (SIC 10)
14.8
Disclosure
Chapter 15:
The effects of changes in foreign exchange rates
15.1
Overview of IAS 21: The Effects of Changes in Foreign Exchange Rates
15.2
Background
15.3
Exchange rate
15.4
Accounting implications
15.5
Reporting foreign currency transactions in functional currency
15.6
Translation of financial statements into presentation currency
15.7
Foreign operations
15.8
Disclosure
Chapter 16:
Borrowing costs
16.1
Overview of IAS 23: Borrowing Costs
16.2
Background
16.3
Accounting treatment
16.4
Rules of capitalisation
16.5
Capitalisation procedures
16.6
Tax implications
16.7
Disclosure
Chapter 17:
Related party disclosures
17.1
Overview of IAS 24: Related Party Disclosure
17.2
Background
17.3
Identifying related parties
17.4
Related party transactions
17.5
Disclosure
17.6
Materiality
17.7
Comprehensive example
Chapter 18:
Consolidated and separate financial statements
18.1
Background and overview of contents of the standards
18.2
Separate financial statements (IAS 27)
18.3
Control (IFRS 10.5 to .18 and .B2 to .B85)
18.4
Consolidated financial statements (IFRS 10.4)
18.5
Consolidation procedures (IFRS 10.19 to .26 and .B86 to .B99)
18.6
Disclosure (IAS 27.15 to .17 and IFRS 12)
Chapter 19:
Investments in associates and joint ventures
19.1
Overview of IAS 28: Investments in Associates and Joint Ventures
19.2
Background
19.3
Accounting treatment
19.4
Specific requirements
19.5
Disclosure
Chapter 20:
Financial reporting in hyperinflationary economies
20.1
Overview of IAS 29: Hyperinflationary Economies
20.2
Background
20.3
Identifying a hyperinflationary economy
20.4
Restatement of financial statements
20.5
Other considerations
20.6
Disclosure
Chapter 21:
Earnings per share
21.1
Overview of IAS 33:, Earnings per Share
21.2
Background
21.3
Earnings per share
21.4
Shares
21.5
Diluted earnings per share
21.6
Dividends per share
21.7
Headline earnings (Circular 03/12)
21.8
Presentation and disclosure
21.9
Comprehensive example
21.10
ED 245 on proposed changes to IAS 33 (Simplification of earnings per share)
Chapter 22:
Interim financial reporting
22.1
Overview of IAS 34: Interim Financial Reporting
22.2
Background
22.3
Content of interim financial reports
22.4
Recognition and measurement issues
22.5
Disclosure
22.6
Comprehensive example
Chapter 23:
Impairment of assets
23.1
Overview of IAS 36: Impairment of Assets
23.2
Identifying impairment
23.3
Measurement of recoverable amount and recognition of impairment loss
23.4
Reversal of impairment loss
23.5
Cash-generating units
23.6
Disclosure
23.7
Tax implications
23.8
Comprehensive example
Chapter 24:
Provisions, contingent liabilities and contingent assets
24.1
Overview of IAS 37
24.2
Background
24.3
Relationship between provisions and contingent liabilities
24.4
Identification of liabilities, provisions and contingent liabilities
24.5
Provisions
24.6
Contingent liabilities
24.7
Contingent assets
24.8
Comprehensive example
24.9
Tax implications
24.10
Changes in existing decommissioning, restoration and similar liabilities (IFRIC 1)
24.11
Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds (IFRIC 5)
24.12
Liabilities arising from participating in a specific market – waste electrical and electronic equipment (IFRIC 6)
24.13
ED 204 and ED 277– Future amendments to IAS 37
Chapter 25:
Intangible assets
25.1
Overview of IAS 38: Intangible Assets
25.2
Nature of intangible assets
25.3
Recognition and initial measurement
25.4
Internally generated intangible assets
25.5
Subsequent measurement
25.6
Impairment
25.7
Derecognition
25.8
Disclosure
25.9
Tax implications
25.10
Comprehensive example
Chapter 26:
Investment property
26.1
Overview of IAS 40: Investment Property
26.2
Nature of investment property
26.3
Recognition and initial measurement
26.4
Subsequent measurement
26.5
Disclosure
26.6
Tax implications
26.7
Comprehensive example
Chapter 27:
First-time adoption of International Financial Reporting Standards
27.1
Background and overview of IFRS 1, First-time adoption of IFRS
27.2
The position in South Africa
27.3
The basis of IFRS 1
27.4
IFRS 1 adjustments
27.5
Retrospective application of all IFRSs
27.6
Comparative information (IFRS 1.21 and .22)
27.7
Explanation of transition to IFRSs
27.8
Interim financial reporting (IFRS 1.32 and .33)
27.9
Comprehensive example
Chapter 28:
Share-based payment
28.1
Overview of IFRS 2: Share-based Payment
28.2
Recognition of transactions
28.3
Equity-settled share-based payment transactions
28.4
Cash-settled share-based payment transactions
28.5
Share-based payment transactions with cash alternatives
28.6
Taxation
28.7
Disclosure
28.8
Comprehensive example
28.9
Accounting for Black Economic Empowerment transactions (AC 503)
28.10
Group share-based payment transactions
Chapter 29:
Business combinations
29.1
Overview of IFRS 3, Business Combinations
29.2
Background and scope
29.3
Introduction of acquisition method
29.4
Accounting treatment in terms of the acquisition method
29.5
Tax implications
29.6
Disclosure
Chapter 30:
Non-current assets held for sale and discontinued operations
30.1
Overview of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations
Non-current assets held for sale
30.2
Introduction
30.3
Classification of a non-current asset (or disposal group) as held for sale
30.4
Accounting treatment
30.5
Measurement of an individual non-current asset
30.6
Measurement of a disposal group
30.7
Recognition of gains and losses at date of sale of a non-current asset
30.8
Non-current assets to be abandoned
30.9
Changes to a plan of sale
30.10
Tax implications
30.11
Disclosure of a non-current asset or disposal group classified as held for sale
Discontinued operations
30.12
Introduction
30.13
Presenting discontinued operations
30.14
Measuring and presenting subsidiaries meeting the criteria to be classified as held for sale at acquisition
30.15
Tax implications
Chapter 31:
Operating segments
31.1
Overview of IFRS 8, Operating Segments
31.2
Background
31.3
Identification of segments
31.4
Reportable operating segments
31.5
Disclosure
31.6
Comprehensive example
Chapter 32:
Financial Instruments
32.1
Overview of financial instruments
32.2
Background
32.3
Terminology
32.4
Primary financial instruments
32.5
Derivative financial instruments
32.6
Synopsis: identification, recognition and measurement of financial assets
32.7
Synopsis: identification, recognition and measurement of financial liabilities
32.8
Disclosure
32.9
Hedge accounting
32.10
Deferred tax
Chapter 33:
Joint arrangements
33.1
Introduction and overview of IFRS 11: Joint Arrangements
33.2
Identification of joint arrangements
33.3
Types of joint arrangements
33.4
Classification of joint arrangements
33.5
Accounting treatment
33.6
Disclosure
33.7
Comprehensive example: Joint operation
Chapter 34:
Fair value measurement
34.1
Summary of IFRS 13: Fair Value Measurement
34.2
Background
34.3
Meaning of fair value
34.4
Application of fair value
34.5
Fair value at initial recognition
34.6
Fair value techniques
34.7
Fair value hierarchy
34.8
Disclosure
34.9
Comprehensive example
Chapter 35:
Financial reporting for small and medium-sized entities
35.1
Overview of IFRS for Small and Medium-sized Entities and Circular 1/2011, Financial Reporting for Small and Medium-sized Entities
35.2
Background
35.3
South African context
35.4
Circular 1/2011
35.5
Brief summary of the contents of the standard
35.6
Applying IFRS for SMEs for micro entities


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