Practical considerations in Accounting for Tangible and Intangible Fixed Assets under IFRS
Non-Current Assets, or as are more commonly known as Fixed Assets, are those resources from which future economic benefits are expected to flow to the business and which are mostly meant for long term investment. These assets take both a physical (tangible) form and abstract (intangible) form and bring with them a number of recognition, measurement and classification considerations under IFRS.
In this IFRS Learning Suite session we will be looking in detail into a number of IFRSs that shed light on non-current assets, mainly:
– IAS16 Property, Plant and Equipment
– IAS 38 Intangible Assets
– IAS 40 Investment Property
– IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations
– IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
– IAS 23 Borrowing Costs
We will be going through the key definitions, initial recognition considerations, initial and subsequent measurement options of the above mentioned assets as well as the various disclosure requirements set out in IFRS. We shall be referrring to a number of practical examples encountered by local companies when accounting for non-current assets, including the provision of best practices when dealing with these important resources in running a business.
The session is aimed for accounting professionals and financial controllers.
By the end of the session participants would be knowledgeable of the key concepts such as definition, recognition and measurement requirements as set out in the non-current assets standards.
Basic knowledge on financial reporting is recommended.
Time: 14:00 – 16:45 (including 15 minutes break)
Venue: Live online session – details of how to join the meeting will be sent once registration is complete
CPE Hours: This course qualifies for 2.5 hours of structured CPE which can be classified as Core Competency. A certificate of attendance will be provided at the end of the session.
Emerson Zammit, Advisor – Accounting Advisory Services, KPMG in Malta
Emerson Zammit joined KPMG during 2018 after completing the Master in Accountancy Degree at the University of Malta. Emerson holds the role of an advisor within the firm’s Accounting Advisory Services team and has assisted a wide range of clients across different industries with complex financial reporting matters and other tailor-made solutions in compliance with IFRS. Emerson delivers technical training to both local and international clients on specific accounting matters.
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- Guided Learning 2.5 Hours
- Language English
- Assessments Not Applicable