FinTram Global
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Leading learning platform, transforming professionals. This channel is for CFP, US CPA, US CMA, ACCA, IFRS students to know various jobs in the market. We do not advocate any job or company.
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Discovering the realm of finance step by step. Join us on a journey as we delve into the intricacies of ACCA, unraveling its hidden gems!

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IAS 2 ๐˜๐˜ฏ๐˜ท๐˜ฆ๐˜ฏ๐˜ต๐˜ฐ๐˜ณ๐˜ช๐˜ฆ๐˜ด states requirements for inventory accounting. It mandates measuring inventories at lower of cost and net realisable value (NRV). It outlines methods for determining cost: specific identification, first-in first-out (FIFO), weighted average cost. The objective is to prescribe inventory accounting treatment, including cost determination and expense recognition. It also guides cost formulas for assigning costs to inventories.
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IAS 7 ๐‘บ๐’•๐’‚๐’•๐’†๐’Ž๐’†๐’๐’• ๐’๐’‡ ๐‘ช๐’‚๐’”๐’‰ ๐‘ญ๐’๐’๐’˜๐’” requires an entity to provide a statement of cash flows for an accounting period, which analyses changes in cash and cash equivalents during a period. It requires the cash flows of an entity to be analysed into operating, investing and financing activities. Cash flows from operating activities may be reported using either the direct or indirect method.NOTE: Only the Indirect method is examinable in the Financial Reporting syllabus.
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IAS 10 ๐ธ๐‘ฃ๐‘’๐‘›๐‘ก๐‘  ๐ด๐‘“๐‘ก๐‘’๐‘Ÿ ๐‘‡โ„Ž๐‘’ ๐‘…๐‘’๐‘๐‘œ๐‘Ÿ๐‘ก๐‘–๐‘›๐‘” ๐‘ƒ๐‘’๐‘Ÿ๐‘–๐‘œ๐‘‘ contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material).

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