IAS 7: STATEMENT OF CASH FLOWS
The statement of cash flows shows you the movements in cash and cash equivalents.
Cash and Cash
Statement of Cash Flows:
Principles + their
Is it Material?
Definition? And What is it? Basis
P R OE
compliance with IFRS
Balance sheet (as at
Group 3: Zarmina Ali (18110060); Ayesha Ali (18110316); Haseeb Ashfaq (18110217).
Financial Instruments: A contract that results in a financial asset for one party and a financial liability or
equity instrument for another party. It can be broadly categor
How are Standards
Conceptual Framework (2013)
Purpose of the Conceptual Framework:
i. Sets out the concepts and assumptions that underlie the preparation and presentation of
ii. Helps board/public understand and interpret exist
SCHAUMS OUTLINE OF
THEORY AND PROBLEMS
LARRY J. STEPHENS, Ph.D.
Professor of Mathematics
University of Nebrasku at Oriialin
SCHAUMS OUTLINE SERIES
San Francisco Washington, D.C. Auckland Bogotci Caracas
Audit Firm: KPMG Taseer Hadi and Co.
A Brief History of KPMG
Cutting through Complexity- The birth of KPMG, one of the largest professional service
company, belonging to one of the Big Four Auditors came after a decade of successful mega
mergers between 4
Corporate Financial Reporting
IAS 11 Construction Contracts
negotiated as a single
Ias 23 summary
Costs incurred by the entity in connection with the borrowing of funds. (Interest)
Directly attributable to acquisition, construction or production of a qualifying asset.Capitalized. Other
borrowing costs recog
Gross inflow of economic benefits in ordinary course of business in an entity resulting in
increases in equity other than contributions from equity holders
Sale of goods
Rendering of services
IAS10: EVENTS AFTER THE REPORTING PERIOD
RD = Reporting Date
IAS 41-AGRICULTURE (Group 8)
Scope (S) and
Biological Assets (S)
Agricultural produce at
Related Land: Treated
as PPE or investment
assets (E)-see IAS 38
IAS 2 INVENTORIES
Inventories are assets:
held for sale in the ordinary course of business
in the process of producton for such sale; or
in the form of materials or supplies to be consumed in the producton process or in the rendering of
IFRS 5: Assets held for sale & discontinued operations
Assets held for Sale - Classification
Commitment to sell the asset & highly unlikely that plan will be withdrawn
Available for immediate sale/actively marketed/active plan of finding buyer is initiate
IAS: 38 INTANGIBLE ASSETS
Definition: An identifiable non-monetary asset without physical substance
1. Identifiable: Can be separated from the entity, sold etc or arises from contractual or legal rights.
2. Non-Monetary: Cant be converted into a fixed or
Group 2: 18110144
An impairment means that your assets carrying amount is currently overstated
IAS-36 does not cover
Assets held for sale
Assets under the FV model
1. Check Impair
AAQIB WAHEED 19110283
DANIYAL FAROOQ 19110292
HASSAN BIN TAHIR MIR 19110112
MUHAMMAD HASHIM DIWAN 19110074
MUNIB NASIR 19110192
LOCATION: WAPDA TOWN,
SOLE PROPRIETORSHIP: MR.
PRODUCTS: FMCG, FAST FOOD,
MIS 373: Basic Operations Management
Additional content from Jeff Heyl
After this lecture, students will be able to
Explain the need for quality control.
List and briefly explain the elements o
ACCT 221 2016-20171Fall5emesterl
Total marks: 45 ROLL NO
Time allowed: 45 minutes
I. Show all workings clearly
2 Read each question carefully before you start calculating or writing.
3. No programmable calculators are allowed in the exam.
P acquires 100% of the equity shares of S when S is set up. Net assets of S were
$200,000 at the time and P paid the same amount to buy the shares.
Property, plant & equipment
1. Answer True or False in the space provided
A. The idea of consistency does not mean that companies cannot switch from one accounting method to another.
B. The historical cost principle would be of limited usefulness if not for the going con
REVALUATION OF PROPERTY, PLANT, AND
The general rules for revaluation accounting are as follows.
1. When a company revalues its long-lived tangible assets above
historical cost, it reports an unrealized gain that increases other
1. Early in 2015, Dobby Ltd hired H. Potter to renovate Dobbys factory. Construction was begun on June 1, 2015 and
was completed on December 31, 2015. Dobby made the following payments to Potter during 2015:
June 1, 2015
Not mandatory per IFRS. Depends on local jurisdiction.
Interim period (< 1 year). Contrast UK (half yearly) and Pakistani
Update on an entitys financials, esp. in a listed context; an
EVENTS AFTER THE REPORTING
EVENTS AFTER THE REPORTING PERIOD
Bisma Chemicals is a listed company with a June 30th financial close. As at June 30th,
2015 Bismas inventory was valued at Rs.10million and represented 10% of its total
I got the opportunity to join A. F. Ferguson & Co. a member firm of the PwC network, in Karachi, for the
purpose of my audit internship.
PricewaterhouseCoopers (PwC) was formed in 1998 by a merg
2018 110 265
Firm: Ernst & Young Ford Rhodes Sidat Hyder
Client: Karachi Electric
Avari Towers- Hotel Operation
Duration: 4th July 2016 12th Aug 2016
Table of Contents
1. Ernst & Young Ford Rhodes Sidat Hyder
Time allowed: 180 minutes
Name: SO MIKE/944
- Closed books, Closed notes
I Do not start. until you are asked to do so
a Read all the questions carefully before starting
a N0 calculators
ACCT 250 - AUDITING
Consider this disclosure1:
State how inquiry and observation would be used to address existence
(E) and valuation (V) assertions for inventory.
Greetings from PCO!
We hope that your spring semester went well. Almost all of you will be busy in doing your mandatory Audit Internship during this time. As you are aware, that six weeks ACF Audit Internship is a mandatory degree requi