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IAS 19 permits these to be recognised immediately outside the profit and loss account or to be spread over several years within the profit and loss account to the extent that they exceed a specified threshold (paragraphs 92-93A of IAS 19). Liabilities may increase or decrease when there is a change to the benefits of the plan, and the ...
Comprehensive income (IAS 1: "Total Comprehensive Income") is the total non-owner change in equity for a reporting period. This change encompasses all changes in equity other than transactions from owners and distributions to owners. Most of these changes appear in the income statement.
In essence, the liability-driven investment strategy ( LDI) is an investment strategy of a company or individual based on the cash flows needed to fund future liabilities. It is sometimes referred to as a "dedicated portfolio" strategy. It differs from a “benchmark-driven” strategy, which is based on achieving better returns than an ...
Asset retirement obligation. An Asset Retirement Obligation (ARO) is a legal obligation associated with the retirement of a tangible long-lived asset in which the timing or method of settlement may be conditional on a future event, the occurrence of which may not be within the control of the entity burdened by the obligation.
v. t. e. In financial accounting, a liability is a quantity of value that a financial entity owes. More technically, it is value that an entity is expected to deliver in the future to satisfy a present obligation arising from past events. [1] The value delivered to settle a liability may be in the form of assets transferred or services performed.
In financial accounting under International Financial Reporting Standards (IFRS), a provision is an account that records a present liability of an entity. The recording of the liability in the entity's balance sheet is matched to an appropriate expense account on the entity's income statement. In U.S. Generally Accepted Accounting Principles (U ...
e. International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
Statement of Changes in Financial Position (1977) Cash Flow Statements (1992) Statement of Cash Flows (2007) 1977. January 1, 1979. IAS 8. Unusual and Prior Period Items and Changes in Accounting Policies (1978) Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies (1993)