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Amendment in IFRS and IASB

   

Added on  2019-10-30

10 Pages1187 Words230 Views
RUNNING HEAD: IFRS and IASB1 Amendment in IFRS and IASB

IFRS and IASB2International financialreporting standard andAASB rules There are several amendments and ruleswhich are issued by the IFRS reportingauthority with a view to increase the overalleffectiveness of accounting and reporting ofcompany.Application of AASB-9Amendment in rules andregulations in insurancecontractChanges in Insurance contract and applicable rules to determine the insurance money. Newly issued rules and regulations will beapplicable from the accounting period ofthe following month.Temporary exemption form the AASB 128in determined approach. These changes are issued and circulated by IFRS authortity by showcasing all the rules in IFRS sites and dashboard.https://www.legislation.gov.au/Details/F2016L01637Changes in IFRS-9 will increase thetransparency and strengthen the applicablerules and reporting of insurance contract Accounting standard AASBAmendment in Australian accountingstandards and strengthen the reportingand accounting rules for recording,classing and evaluating the accountingmethods and financial transactions ofcompany.Changes in treatment in vesting and non-vesting of assets. Company will pay all the taxes and payment on the behalf of employees while allocating employees stock options scheme.Impairment test IAS-136Amendment to the issued IFRS-136Assets of company should showcase trueand faire view of assets by using impairmentassets test.Accounting standards and amended rules

IFRS and IASB3Firstly goodwill and then other cashgenerating units will be undertaken bycompanies for charging impairment test.

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