CONFERENCE PAPERS Vol.4
MONETARY POLICY AND THE INFLATION PROCESS
BANK FOR INTERNATIONAL SETTLEMENTS
Monetary and Economic Department
TABLE OF CONTENTS
Participants in the meeting
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combinations in consolidated financial statements prepared by
Russian companies in accordance with Law No. 208-FZ.
US GAAP IFRS RAP
Non-controlling interest is measured
for using the percentage-of-completion
method if certain criteria are met.
Otherwise, revenue recognition is
limited to recoverable costs incurred.
The completed contract method is not
Construction contracts are combined
or segmented if certain
related to all other factors is recognized
in other comprehensive income, net of
Generally, only objective evidence of
one or more credit loss events result
in an impairment being recognized
in the statement of comprehensive
income for a
If recognition of the investors share in losses of the associate
results in a decrease of the investors interest in the associate
to or below zero, the relevant measures are not included in the
aggregated financial statements.
Information on interest in t
Revenue Recognition ConstructionType and Production-Type Contracts)
generally is not permitted for nonconstruction
Revenue may be recognized in
accordance with long-term contract
accounting whenever revenues, costs
and the stage of completion ca
or net realizable value. Net realizable
value is defined as the estimated
selling price less the estimated costs
of completion and the estimated costs
necessary to make the sale.
Inventory is carried at the lower of cost
or net realizable value.
economic benefits are probable and can be reliably measured.
Neither model allows the capitalization of start-up costs, general
administrative and overhead costs or regular maintenance. Both
US GAAP and IFRS require that the costs of dismantling an asset
The derecognition criteria may be
applied to a portion of a financial asset
only if it mirrors the characteristics of
the original entire financial asset.
The derecognition criteria may be
applied to a portion of a financial
asset if the cash f
keep pace with significant developments. In addition, this publication supersedes
previously issued editions.
The appendices to this guide include a FASB/IASB project summary exhibit,
noteworthy updates since the previous edition, an
Projected unit credit method is
required in all cases.
The amount is expensed as incurred.
Consequently, actuarial methods are not
Calculation of the
expected return on
Based on either the fair value of plan
assets or a "calculated
the goods, revenues can be measured
reliably and it is probable that the
economic benefits will flow to the
Revenue is recognized when the
following conditions are met:
a) The entity has the right to
receive revenue that arises from
(2) real estate sale-leasebacks, (3) real estate sales-type leases, (4) leases of land
and (5) the rate used to discount minimum lease
payments to the present value for purposes of determining lease classification and
subsequent recognition of a capital l
expected to be paid based on
enacted or substantively enacted tax
legislation. Some adopt a "one-step"
approach that recognizes all uncertain
tax positions at an expected value.
Others adopt a "two-step" approach
that recognizes only those uncertain
Lessor accounting under ASC 840 and IAS 17 is similar and uses
the above tests to determine whether a lease is a sales-type/direct
financing lease (referred to as a finance lease under IAS 17)
or an operating lease. ASC 840 specifies two additional criter
contains reference to the requirement
of accounting of impairment in respect
of intangible assets in accordance with
Goodwill is assigned to a reporting unit,
which is defined as an operating segment
or one level below an oper
plan based on the terms (contractual
and constructive) of the plan. If a
defined benefit plan, must account for
the proportionate share of the plan
similar to any other defined benefit
plan unless sufficient information is
disposition). If it is determined that the
asset is not recoverable, an impairment loss
calculation is required.
One-step approach requires that
impairment loss calculation be
performed if impairment indicators
PBU 24/2011 Accounting for
does not specify exemptions related to
No further convergence is planned at this time.
No significant development activities are planned in this area for
the near term.
IFRS, US GAAP and RAP. Compa
granted in the rare circumstance that
the fair value of the goods and services
cannot be reliably estimated.
Measurement date is the earlier of: (1)
the date at which a "commitment for
performance" by the counterparty is
reached, or (2) the date at which
the recognition of deferred tax assets on basis differences in domestic subsidiaries
and domestic joint ventures that are permanent in
The Boards have abandoned plans for a joint convergence project.
However, the IASB and FASB have s
second half of 2013. When the FASB begins its redeliberations, it
will consider whether and how to incorporate some of the IASBs
concepts into the FASB hedging model. The FASB will re-expose
any changes to the Codification before issuing final guidance.
entities/tax jurisdictions that remain
within the consolidated group.
Requires taxes paid on intercompany
profits to be recognized as incurred
and requires the recognition of
deferred taxes on temporary
differences between the tax bases of
either follow an approach similar to
US GAAP (historical cost) or apply the
acquisition method (fair value) if there
is substance to the transaction (policy
Other differences may arise due to different accounting requirements of othe
ASC 740, Income Taxes, and IAS 12, Income Taxes, require entities
to account for both current tax effects and expected future
tax consequences of events that have been recognized (i.e., deferred
taxes) using an asset and liability approach. D
refinanced with longterm
balance sheet date
Short-term loans are classified as long-term
if the entity intends to refinance the loan
on a long-term basis and, prior to issuing
the financial statements, the entity can
demonstrate an ability to
extent it is probable (similar to "more
likely than not" under US GAAP) that
they will be realized.
Amounts should be recognized if there is
a possibility (with no indication of degree
of probability) that they will be realized.
IFRS, US GAAP and RAP. Com
unless certain conditions are met.
There is no relevant accounting
guidance in PBU 14/2007 Accounting
for Intangible Assets. Companies are
allowed but not obliged to follow IFRS
for impairment rules.
likely outcome, although other possible
outcomes should still be considered.
The best estimate of an obligation should
be accrued. For a large population
of items being measured, such as
warranty costs, the best estimate is
the typically expected value, a
FOREIGN EXCHANGE RATES AND EXCHANGE CONTROLS
The table below sets forth, for the periods indicated, certain information concerning the exchange rates between the
Singapore dollar and the US dollar, as quoted by Bloomberg L.P. and
Oil Prices, Inflation and Interest
Rates in a Structural Cointegrated
VAR Model for the G-7 Countries
Alessandro Cologni and Matteo Manera
NOTA DI LAVORO 101.2005
IEM International Energy Markets
Alessandro Cologni, Fondazione Eni Enrico Ma
Expectations, Bond Yields and Monetary Policy
Albert Lee Chun
First Version: February 27, 2005
This Version: February 2007
Through explicitly incorporating analysts forecasts as observable factors in a dynamic arbitragefree model of the yield cur
1. The documents:
- Sales Contract
- Procurement Contract
- Authorized Contract
- Agency Contract
2. The Parties to Contract:
- Buyer- Seller
- Purchaser- Supplier