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HKAS 19 Employee benefits; HKAS 20 Accounting for government grants and disclosure of government assistance; HKAS 21 The Effects of Changes in Foreign exchange rates; HKAS 23 Borrowing Costs; HKAS 24 Related Party Disclosures; HKAS 26 Accounting and Reporting by Retirement Benefit Plans; HKAS 27 Consolidated and Separate Financial Statements
Expenses recognised in the income statement should be analysed either by nature (raw materials, transport costs, staffing costs, depreciation, employee benefit etc.) or by function (cost of sales, selling, administrative, etc.). (IAS 1.99) If an entity categorises by function, then additional information on the nature of expenses, at least ...
A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. [3]
Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses.
IAS 16 prescribes that an item of property, plant and equipment should be recognised (capitalised) as an asset if it is probable that the future economic benefits associated with the asset will flow to the entity and the cost of the asset can be measured reliably. [4]
This accounting definition of assets includes items that are not owned by an enterprise, for example a leased building (Finance lease), but excludes employees because, while they have the capacity to generate economic benefits, an employer cannot control an employee. In economics, an asset (economics) is any form in which wealth can be held.
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Actuarial gains and losses on defined benefit plans recognized (Minimum pension liability adjustments) [IAS 19/ "FAS 158" – "Employers' Accounting For Defined Benefit Pension And Other Postretirement Plans"] Changes in the revaluation surplus [IAS 16 and IAS 38].
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related to: ifrs 19 employee benefits