What a comprehensive but informative video on IAS 10! Thanks, Silvia. As supplemental material, this really helped in understanding our lesson on PAS 10.
Inventory included in the accounts at the year end cost $25,000 was subsequently sold for $15,000.....the solution says its an adjusting event. Can you please advise what's the logic behind it as the inventory was sold after year end so in my opinion it should be a non-adjusting event.
Well, it is adjusting event, because the selling price of inventories after the year-end provides evidence of conditions that existed at the reporting date (thus, the inventories' NRV was perhaps just 15 000 at the year-end, and as you know, you need to keep inventories at lower of cost and NRV). However, the situation can be different: maybe after the year-end, there was a damage on inventories and those damaged inventories sold at 15 000 - in this case, the lower selling price is not an evidence of NRV at the year-end, because it decreased due to damage occurring after the year end. In that case, it would be non-adjusting.
Hello, great tution. What about events that happens during the reporting period? Lets say the reporting period is Jan to Dec and there is an event in december. Is the event still before the reporting period?
I am struggling to understand even basic financial terminology despite all my repetitive research. One of a plethora of questions I still have is : Where can I find the IAS/ IFRS SSAP/FRS OLD AND NEW TERMINOLOGY online - a reliable source? I am a severely struggling student and I am getting no help and trying to do all the research with zero help from tutors who are lazy. I have a table here and need to insert the correct old and new terminology. Thanks in advance.
Hmmm. Would you please write me via our contact for on our website? I wonder what terminology you do not understand, because the truth is that the absolutely basic terminology is not explained in the standards and it is assumed you know the accounting basics. I have an article "IFRS Glossary" on my website explaining some terms, but if you let me know what specifically gives you a hard time, I can expand on that. Thanks!
Hello! Your videos are very interesting! Could you make videos about consolidation especially reclassification, restatement and elimination of accounts between groups
Hello Ma’am My Self Mangal Singh Practising Chartered Accountants in India Your Vedio is very useful for understanding IFRS as well as IND As which applicable in India Siliva Can you provide me IAS on Financial Instrument lecture
Reporting period is different in different countries. For India it is April to March, for UK, Us, Australia it is Jan to Dec. It doesn't include the period to prepare financial statements. Once the reporting period ends, you can prepare the FS
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Fantastic! I have been following your channel for years and now I truly understand the hard work you have been consistently putting in.
Siliva, thank you very much for the top class video. Best teacher on IFRS!
This lady is perfect in this subject 🙌
After so many years i understand this.
Thank you mem for this simple and great explanation.
Your efforts are very much appreciated po. Thank you for this informative video! ❤
Thank you so much, Ma'am Silvia for this very informative video. I found it super easy-to-understand. God bless!
good TO HEAR EXPLAINATION XALMLY , a student from PAKISTAN
Thank you so much for this informative video, ma'am! Great explanation 🥰
Thank you for such a short and clear explanation 👍🏻👍🏻
Thank you for providing us this video material. It was really interesting learning from it.
What a comprehensive but informative video on IAS 10! Thanks, Silvia. As supplemental material, this really helped in understanding our lesson on PAS 10.
Please make a video on IFRS 14
Thanks Silvia for your tuition.
Thank you very much, you help a lot and did a great teaching.
Good Job, Silvia. A student from Nigeria
thanks for the useful materials, is it also possible to give an example where IAS 10 is applied to the COVID-19 outbreak
Super ... Awesome..Seeing classes from India
Would you please provide us tips summary of preparation workplans to firsttime reporting entities to get ready to start? Thanks
Thank you. Clearly explained
I am really grateful for this video lecture maam!
At 6:39 what did you say? Because no obligation....??
Precised and detailed; thankbfor for what you do
Thank you po for this informative material.
Fantastic
THANK YOU VERY MUCH! 💓💓 KEEP IT UP YOU VIDEOS REALLY HELP..
Thank you
Inventory included in the accounts at the year end cost $25,000 was subsequently sold for $15,000.....the solution says its an adjusting event. Can you please advise what's the logic behind it as the inventory was sold after year end so in my opinion it should be a non-adjusting event.
probably it has been assumed that the inventory was sold prior to authorisation of accounts?
Well, it is adjusting event, because the selling price of inventories after the year-end provides evidence of conditions that existed at the reporting date (thus, the inventories' NRV was perhaps just 15 000 at the year-end, and as you know, you need to keep inventories at lower of cost and NRV). However, the situation can be different: maybe after the year-end, there was a damage on inventories and those damaged inventories sold at 15 000 - in this case, the lower selling price is not an evidence of NRV at the year-end, because it decreased due to damage occurring after the year end. In that case, it would be non-adjusting.
Awesome as usual
Greeting from 🇪🇬Egypt
Thanks Silvia
Hello, great tution. What about events that happens during the reporting period? Lets say the reporting period is Jan to Dec and there is an event in december. Is the event still before the reporting period?
Yes mate, you account for those events in the financial statements.
I am struggling to understand even basic financial terminology despite all my repetitive research. One of a plethora of questions I still have is : Where can I find the IAS/ IFRS SSAP/FRS OLD AND NEW TERMINOLOGY online - a reliable source? I am a severely struggling student and I am getting no help and trying to do all the research with zero help from tutors who are lazy. I have a table here and need to insert the correct old and new terminology. Thanks in advance.
Have you tried reading the Conceptual Framework?
Hmmm. Would you please write me via our contact for on our website? I wonder what terminology you do not understand, because the truth is that the absolutely basic terminology is not explained in the standards and it is assumed you know the accounting basics. I have an article "IFRS Glossary" on my website explaining some terms, but if you let me know what specifically gives you a hard time, I can expand on that. Thanks!
Done rewatchung this is a very great supplemental video thank you so much!
Thank you very helpful.
Hi Silvia. Is IAS 10 applicable only for events after year end? so it is not applicable for events after interim periods end?
where to disclose? Notes to account or Director's report?
Notes to the accounts
Brilliant silvia
Hello!
Your videos are very interesting!
Could you make videos about consolidation especially reclassification, restatement and elimination of accounts between groups
LLlA
Hello Ma’am
My Self Mangal Singh
Practising Chartered Accountants in India
Your Vedio is very useful for understanding IFRS as well as IND As which applicable in India
Siliva Can you provide me IAS on Financial Instrument lecture
I need your help
Thanks
Is reporting period is fiscal year
From 1/1 to 31/12
Or it also include the period to prepare financial statment
Reporting period is different in different countries. For India it is April to March, for UK, Us, Australia it is Jan to Dec. It doesn't include the period to prepare financial statements. Once the reporting period ends, you can prepare the FS
@@ayushik636 thanks a lot miss ayushi here in Egypt it's differ from industry to other but in common start in January and end in December
@@سامحسيد-ص8ج yes commonly it is calendar year in most places
Awesome
❤
Can you please do IAS 20 pleaseeeee I’m writing an exam next week
Good luck! This is my older video, but since IAS 20 has not changed, it still applies: th-cam.com/video/iEK8_5JPveU/w-d-xo.html
❤️❤️