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IFRS 4
IFRS 4 is an International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB) providing guidance for the accounting of insurance contracts. The standard was issued in March 2004, and was amended in 2005 to clarify that the standard covers most financial guarantee contracts. Paragraph 35 of IFRS also applies the standard to financial instruments with discretionary participation features. IFRS 4 was intended to provide limited improvements to accounting for insurance contracts until the IASB completed the second, more comprehensive phase of its insurance accounting project. The replacement standard, IFRS 17 was issued in May 2017 and will become effective on January 1, 2023, supplanting IFRS 4 at that time. Provisions Generally, IFRS 4 permitted companies to continue previous accounting practices for insurance contracts, but did enhance the disclosure requirements. IFRS 4 defines an insurance contract as a "contract under which on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Financial Reporting Standard
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities listed on a public stock exchange. IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in the United States where U.S. GAAP is applied. History The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework. These were looked to by many national accounting standard-se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revaluation Of Fixed Assets
In finance, a revaluation of fixed assets is an action that may be required to accurately describe the true value of the capital goods a business owns. This should be distinguished from planned depreciation, where the recorded decline in the value of an asset is tied to its age. Fixed assets are held by an enterprise for the purpose of producing goods or rendering services, as opposed to being held for resale for the normal course of business. An example, machines, buildings, patents, or licenses can be fixed assets of a business. The purpose of a revaluation is to bring into the books the fair market value of fixed assets. This may be helpful in order to decide whether to invest in another business. If a company wants to sell one of its assets, it is revalued in preparation for sales negotiations. Reasons for revaluation It is common to see companies revaluing their fixed assets. It is important to make a distinction between a 'private' revaluation and a 'public' revaluation w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derivatives (finance)
The derivative of a function is the rate of change of the function's output relative to its input value. Derivative may also refer to: In mathematics and economics *Brzozowski derivative in the theory of formal languages *Formal derivative, an operation on elements of a polynomial ring which mimics the form of the derivative from calculus * Radon–Nikodym derivative in measure theory *Derivative (set theory), a concept applicable to normal functions *Derivative (graph theory), an alternative term for a line graph deva *Derivative (finance), a contract whose value is derived from that of other quantities *Derivative suit or derivative action, a type of lawsuit filed by shareholders of a corporation In science and engineering *Derivative (chemistry), a type of compound which is a product of the process of derivatization *Derivative (linguistics), the process of forming a new word on the basis of an existing word, e.g. happiness and unhappy from happy * Aeroderivative gas turbine, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Financial Reporting Standards
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities listed on a public stock exchange. IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in the United States where U.S. GAAP is applied. History The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework. These were looked to by many national accounting standard-set ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IAS 39
IAS 39: Financial Instruments: Recognition and Measurement was an international accounting standard which outlined the requirements for the recognition and measurement of financial assets, financial liabilities, and some contracts to buy or sell non-financial items. It was released by the International Accounting Standards Board (IASB) in 2003, and was replaced in 2014 by IFRS 9, which became effective in 2018. It was adopted by the European Union in 2004. In 2005, the EU also introduced the fair value and hedging provision of the amended version of IAS 39. The EU version was changed at the end of 2008 in response to the financial crisis of 2008. The comparative accounting measures in the United States are FAS 133 and FAS 157. The Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shadow Accounting
A shadow is a dark area where light from a light source is blocked by an opaque object. It occupies all of the three-dimensional volume behind an object with light in front of it. The cross section of a shadow is a two-dimensional silhouette, or a reverse projection of the object blocking the light. Point and non-point light sources A point source of light casts only a simple shadow, called an "umbra". For a non-point or "extended" source of light, the shadow is divided into the umbra, penumbra, and antumbra. The wider the light source, the more blurred the shadow becomes. If two penumbras overlap, the shadows appear to attract and merge. This is known as the shadow blister effect. The outlines of the shadow zones can be found by tracing the rays of light emitted by the outermost regions of the extended light source. The umbra region does not receive any direct light from any part of the light source and is the darkest. A viewer located in the umbra region cannot directly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James J
James is a common English language surname and given name: *James (name), the typically masculine first name James * James (surname), various people with the last name James James or James City may also refer to: People * King James (other), various kings named James * Saint James (other) * James (musician) * James, brother of Jesus Places Canada * James Bay, a large body of water * James, Ontario United Kingdom * James College, a college of the University of York United States * James, Georgia, an unincorporated community * James, Iowa, an unincorporated community * James City, North Carolina * James City County, Virginia ** James City (Virginia Company) ** James City Shire * James City, Pennsylvania * St. James City, Florida Arts, entertainment, and media * ''James'' (2005 film), a Bollywood film * ''James'' (2008 film), an Irish short film * ''James'' (2022 film), an Indian Kannada-language film * James the Red Engine, a character in ''Thomas the Tank En ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Value
In accounting and in most schools of economic thought, fair value is a rational and unbiased estimate of the potential market price of a good, service, or asset. The derivation takes into account such objective factors as the costs associated with production or replacement, market conditions and matters of supply and demand. Subjective factors may also be considered such as the risk characteristics, the cost of and return on capital, and individually perceived utility. Economic understanding Vs market price There are two schools of thought about the relation between the market price and fair value in any form of market, but especially with regard to tradable assets: * The efficient-market hypothesis asserts that, in a well organized, reasonably transparent market, the market price is generally equal to or close to the fair value, as investors react quickly to incorporate new information about relative scarcity, utility, or potential returns in their bids; see also Rational pri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Embedded Derivative
Embedded or embedding (alternatively imbedded or imbedding) may refer to: Science * Embedding, in mathematics, one instance of some mathematical object contained within another instance ** Graph embedding * Embedded generation, a distributed generation of energy, also known as decentralized generation * Self-embedding, in psychology, an activity in which one pushes items into one's own flesh in order to feel pain * Embedding, in biology, a part of sample preparation for microscopes Computing * Embedded system, a special-purpose system in which the computer is completely encapsulated by the device it controls * Embedding, installing media into a text document to form a compound document ** , a HyperText Markup Language (HTML) element that inserts a non-standard object into the HTML document * Web embed, an element of a host web page that is substantially independent of the host page * Font embedding, inclusion of font files inside an electronic document * Word embedding ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IFRS 9
IFRS 9 is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments. It contains three main topics: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. The standard came into force on 1 January 2018, replacing the earlier IFRS for financial instruments, IAS 39. History IFRS 9 began as a joint project between IASB and the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at fair value, with all changes in fair value reported in net income (FASB) or profit and loss (IASB). As a result of the financial crisis of 2008, the boards decided to revise their accounting standards for financial instruments to address perceived deficiencie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reinsurance
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is called a "ceding company" or "cedent" or "cedant" under most arrangements. The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes and wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes. The reinsurer may be either a specialist reinsurance company, which only undertakes reinsurance business, or another insurance company. Insurance companies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Accounting Standards Board
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application."About the IASB" IFRS Foundation, 2018. Background and semantics The (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As t ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
