Identify and discuss any remarkable differences between AGAAP
(Australian GAAP) and IFRS to the disclosures relating
to the following financial aspects
• Non-Current Assets
• Intangible Assets
• Leases
• Employee Benefits
Differences between AGAAP (Australian GAAP) and
IFRS to the disclosures relating to the following
financial aspects
Non-Current Assets: Discloures for Non current
Assets in GAAP and IFRS is different in the financial
statements.
GAAP records the assets in the order of liquidity, how quickly the
assets are converted into cash. So, Current Assets are recorded
first and then followed by the Non-current assets. But Under IFRS
it is reverse. Least liquid to most Liquid. So it records
Non-Current assets first and then followed by Current Assets.
Intangible Assets: Under GAAP, the intangible assets such as development costa re expensed as and when incurred. So it is shown in Current Assets with the exception of internally developed software ony during development stage. Under IFRs the intangible assets such as development costs are capitalized when there are future economic benefits and so shown under Non-Crrent Assets.
Leases: Under GAAP, 3 classifications are shown
for lessor such as operating, Direct financing , Sales type
lease.
The profit in the direct finance lease is deferred at the
commencement date and included in the measurement of net investment
on lease. Under IFRS only two classifications are there. Operating
and Financing lease. Profit is recognised at the commencemnet of
the lease in both the cases.
Employee Benefits: Under IFRS if the services are provided by the employee for future employee benefits , it is immediately recognised in Other comprehensive Income, under GAPP it is recognised in Income statement immediately or in the future.For prior service costs, under IFRS it is shown under profit and loss account whne the employee benefit plan is ammended and For GAAP it is shown under Other comprehensive income ath the date of the employee benefit plan adopted and then ammortized income over the future years of the employee.
Identify and discuss any remarkable differences between AGAAP (Australian GAAP) and IFRS to the disclosures relating to...
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