Financial instruments: some new tunes

Article Abstract:

The International Accounting Standards Committee recently approved the text of International Accounting Standard No. 32, 'Financial Instruments: Disclosure and Presentation.' The new standard discusses the recognition and measurement of financial assets and liabilities, as well as the disclosure and presentation of financial instruments. It defines a financial instrument as any contract that results in the creation of a financial asset for one company and a financial liability or equity instrument for another company. The new standard requires the issuer of a financial statement to properly classify it as a liability or equity, and to perform split accounting when the instrument has both a liability and an equity component. In addition, it contains strict requirements on the offsetting of a financial asset or liability, and on the disclosure of information about financial instruments.

Financial instruments, Disclosure statements (Accounting)

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IASC update

Article Abstract:

The International Accounting Standards Committee (IASC) has introduced 30 standards intended to improve and integrate international regulations, accounting standards and procedures that govern financial statement presentation. These standards can all be found in the IASC publication 'Framework for the Preparation and Presentation of Financial Statements' issued in 1989. This document discusses the fundamental underlying assumptions and general characteristics of financial statements. It addresses in an objective fashion such issues as the historical cost, current cost, realizable value and present value measurement bases. Each of the standard included in the document discusses disclosure requirements. The titles of extant IASC standards, exposure drafts and draft statements of principles are listed.

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Exchanges of business or other non-monetary assets for an interest in a subsidiary, joint venture or associate

Article Abstract:

Accounting standards are described for financial statements covering the exchange of a business or non-monetary assets for an interest in a joint venture or a subsidiary.

United Kingdom, Accounting and auditing, Joint ventures

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