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International Financial Reporting Board | IFRB Report

   

Added on  2020-02-24

10 Pages1247 Words69 Views
RUNNING HEAD: IFRS and IASB1 Amendment in IFRS and IASB

IFRS and IASB2Circulated Amendment forInternational financialreporting standard andAASBThis newsletter shows all the recentamendment and notification passed byinternational financial reporting Board andother authorities. Applying AASB 9FinancialInstrumentswith AASB4Insurance ContractsRecent amendment make changes in insurance contact and applicable rules. It is applicable from the following accounting period from the month in which new circulation and details have been passed.It provides temporary exemption from specific requirement of AASB 128These changes and amendments could also be noticed by staff members by visiting the sites of federal register of legislationhttps://www.legislation.gov.au/Details/F2016L01637The changes in AASB-9 have strengthenedthe disclosure requirements in theapplication of insurance contract. This willincrease the transparency of the instancecontract and balance sheet details ofcompany. Accounting standard AASBAmendment to Australian accountingstandards- classification andmeasurement of share based paymenttransactionsThis newly amendment will make the changes in treatment of vesting and non-vesting conditions.There would be no obligation on company to make payment of employee’s tax while allocating employee stock options to employees.Impairment test IAS-136Amendment to the issued IFRS-136All the assets would be undergone forimpairment loss.Accounting standard AASB and IFRS standard

IFRS and IASB3Goodwill will be used first to overcome allthe losses. Cash generating units will befurther used to reduce the impairment loss

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