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Finance and Accounting Essay: Advanced Financial Accounting
Finance & Accounting
Pages 12 (3012 words)
ADVANCED FINANCIAL ACCOUNTING Table of Contents Table of Contents 2 1.Accounting for Defined-Benefit Schemes under IAS 19 3 2.Revision of Accounting Treatment of Goodwill and Intangible Assets 4 3.Disclosure Issues Related to Segmental Reporting 6 4.Global Accounting Standard Harmonisation 7 5.Segmental Reporting Information – Costs and Benefits 9 6.‘User Needs’ Approach to Financial Reporting 11 7.Outline the reasons why management may seek to keep items 'off the balance sheet’?
Employee benefits actually include every type of consideration received by the business entities in lieu of the services rendered by its employees. The basic underlying principle of IAS 19 is that the recognition of costs incurred because of providing benefits to the employees by business entities should be done in the earning period of such benefits, rather that when it is paid to the employees. There were some recent changes made in IAS 19 during June 2011 by the IASB and it has a significant impact on the accounting procedures to be followed by the entities regarding defined benefit schemes in the form of pension funds. The time was just right for these changes to take place because it was long awaited by people for IASB to make such changes. One of such change in the accounting of defined benefit plans is the recognition of changes in pension related liabilities or assets to the immediate effect. Only Other Comprehensive Income (OCI) will include the actuarial profit or loss of an entity now. ...
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