This IFRS was issued in May 2011. It applied to all periods beginning on or after 1 Jan 2013. IFRS 10 outlines the requirements of for preparation and presentation of consolidated financial statements, generally requiring entities to consolidate investees that it controls. Establishment of control is prime requirement before proceeding with application for the provisionsContinue reading “IFRS-10-Consolidated Financial Statements”
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IFRS 15: Revenue from Contracts with Customers
Issued in May 2014 and applicable from period starting on or after 1 January 2018. In order to reduce the probability of earning manipulation and enhance the reliability of financial statement, it was utmost essential to shift the recognition of revenue from mere estimations and judgemental criterias to more robust and universal guidelines which canContinue reading “IFRS 15: Revenue from Contracts with Customers”
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