IAS 12 𝐼𝑛𝑐𝑜𝑚𝑒 𝑇𝑎𝑥𝑒𝑠 prescribes the accounting treatment for income taxes. Income taxes include all domestic and foreign taxes that are based on taxable profits.

IAS 16 𝑃𝑟𝑜𝑝𝑒𝑟𝑡𝑦, 𝑃𝑙𝑎𝑛𝑡 𝑎𝑛𝑑 𝐸𝑞𝑢𝑖𝑝𝑚𝑒𝑛𝑡 outlines the accounting treatment for most types of property, plant and equipment. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life.

IAS 19 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑒 𝐵𝑒𝑛𝑒𝑓𝑖𝑡𝑠 prescribes the accounting for all types of employee benefits, these benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment.

IAS 21 𝑻𝒉𝒆 𝑬𝒇𝒇𝒆𝒄𝒕𝒔 𝒐𝒇 𝑪𝒉𝒂𝒏𝒈𝒆𝒔 𝒊𝒏 𝑭𝒐𝒓𝒆𝒊𝒈𝒏 𝑬𝒙𝒄𝒉𝒂𝒏𝒈𝒆 𝑹𝒂𝒕𝒆𝒔 outlines how to account for foreign currency transactions and operations in financial statements, and also how to translate financial statements into a presentation currency.

IAS 23 𝑩𝒐𝒓𝒓𝒐𝒘𝒊𝒏𝒈 𝑪𝒐𝒔𝒕𝒔 requires that borrowing costs directly attributable to the acquisition, construction or production of a 'qualifying asset' (one that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset.

IAS 24 Related Party Disclosures requires disclosures about transactions and outstanding balances with an entity's related parties. The standard defines various classes of entities and people as related parties and sets out the disclosures required in respect of those parties, including the compensation of key management personnel.

Follow us for more updates.
📞 Contact us at - +91 8882677955, +91-7303457955
📌 Subscribe to our YouTube Channel: https://www.youtube.com/c/FinTramGlobal/

IAS 28 𝑰𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕𝒔 𝒊𝒏 𝑨𝒔𝒔𝒐𝒄𝒊𝒂𝒕𝒆𝒔 𝒂𝒏𝒅 𝑱𝒐𝒊𝒏𝒕 𝑽𝒆𝒏𝒕𝒖𝒓𝒆𝒔 outlines how to apply the equity method to investments in associates and joint ventures. The standard defines an associate by reference to the concept of "significant influence", which requires the power to participate in financial and operating policy decisions of an investee (but not joint control or control of those policies).

Follow us for more updates.
📞 Contact us at - +91 8882677955, +91-7303457955
📌 Subscribe to our YouTube Channel: https://www.youtube.com/c/FinTramGlobal/

IAS 33 𝑬𝒂𝒓𝒏𝒊𝒏𝒈𝒔 𝒑𝒆𝒓 𝒔𝒉𝒂𝒓𝒆 deals with the calculation and presentation of earnings per share (EPS). It applies to entities whose ordinary shares or potential ordinary shares (for example, convertibles, options and warrants) are publicly traded. Non-public entities electing to present EPS must also follow the Standard.
Follow us for more updates.📞 Contact us at - +91 8882677955, +91-7303457955
📌 Subscribe to our YouTube Channel: https://www.youtube.com/c/FinTramGlobal/