British Airways 2008/09 Annual Report and Accounts / 75 Financial statements Overview Our business Corporate governance Financial statements 76 / British Airways 2008/09 Annual Report and Accounts Independent auditor’s report to the members of British Airways Plc We have audited the Group and Parent Company financial statements (the ‘financial statements’) of British Airways Plc for the year ended March 31, 2009, which comprise the Group consolidated income statement, the Group and
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Executive Memo to the Board To: Board of Directors From: UoPx CPA Auditors Subject: GAAP Requirements and Accounting Treatment for Share-Based Payment Reporting and Consolidation of Special Purpose Entity Week 6 Points to consider Memo on SPE and Share-based payments Evaluate Share-based payment reporting JJH->Share-based employee compensation awards are classified as either equity instruments or liability instruments. The measurement date for estimating the fair value
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Rendering of services Interest, royalties and dividends Disclosure Effective date 1–6 7–8 9–12 13 14–19 20–28 29–34 35–36 37–39 Paragraphs Appendices A Revenue—Barter Transactions Involving Advertising Services (Corresponding to SIC 31) Customer Loyalty Programmes (Corresponding to IFRIC 13) Agreements for the Construction of Real Estate (Corresponding to IFRIC 15) Transfers of Assets from Customers (Corresponding to IFRIC 18) B C D 3 E References to matters contained in other Accounting
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3 2 Changes in financial accounting over the last two years 4 2.1 IAS 1 Presentation of Items of Other Comprehensive Income (OCI) — Amendments to IAS 1………. … 5 2.2 IAS 12 Income Taxes (Amendment) — Deferred Taxes: Recovery of Underlying Assets.. 6 2.3 IAS 24 Related Party Disclosures (Revised).. 7 2.4 Annual improvements adopted by the IASB 8 2.5 IAS 27 Consolidated and Separate Financial Statements . 8 4 References 10 Basics of financial accounting Financial accounting can
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Case 9-4 How should NeedsSpace account for the two obligations noted as provisions in the lease agreement? ● Provision 1: “Lessor may require the lessee to perform general repairs and maintenance on the leased premises.” By entering the lease agreement, NeedsSpace (the lessee) becomes legally and contractually responsible for performing general repair and maintenance on the leased premises. Assuming that the lessee is required to make deposits to financially protect the lessor concerning
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CAPITAL THAT IS APPLIED FOR BY PROSPECTIVE SHARE HOLDERS & ALLOTED BY THE COMPANY * UNSUBSCRIBED CAPITAL :BALANCE OF ISSUED CAPITAL NOT SUBSCRIBED BY THE PUBLIC * EXAMPLE : SITUATION 1: UNDERSUBSCRIPTION ‘XYZ LTD.’ GETS PROSPECTS FOR 6 LAKH SHARES SITUATION 2: OVERSUBSCRIPTION ‘XYZ LTD’ GETS PROSPECTS FOR 8 LAKH SHARES * PREMIUM: IT IS THE AMOUNT PAID AT THE TIME OF PURCHASE OF SHARES MORE THAN THE FACE IT. * DISCOUNT: IT IS THE AMOUNT PAID AT THE TIME OF PURCHASE OF
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Philippine Accounting Standards PAS | Title | Effective Date | PAS 1 | Presentation of Financial Statements [superseded by PAS 1 (Revised)] | 01/01/05 | | Amendment to PAS 1: Capital Disclosures | 01/01/07 | PAS 1 (Revised) | Presentation of Financial Statements | 01/01/09 | | Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation | 01/01/09 | | Amendments to PAS 1: Presentation of Items of Other Comprehensive Income | 07/01/12* |
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effective from 1 January 2012. PSAK 64 is virtually mirroring IFRS 6 Exploration and Evaluation of Mineral Resources (per January 2009) Revisions on PSAK 33 are made to: • Remove the overlapping of regulation between the (old) PSAK 33 on one side and PSAK 64 on the other side. • maintain previous regulations on the PSAK 33 that are not addressed in PSAK 62 September 2011 Page 3 What are PSAK 64/ IFRS 6 actually talking about? ● IFRS 6 was issued in December 2004 as a temporary Standard before the IASB
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CHAPTER 2: REGULATION IN FINANCIAL ACCOUNTING Chapter 2 regulation in Financial accounting LEARNING OUTCOMES Upon completion of this chapter you should be able to understand: • The difference between management and financial accounting. • Why accounting regulations are important and required. • The need for and the structure of professional regulation, company law, stock exchange legislation and EU Directives. • How the different aspects of regulation work together
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................................ 6 International standards and the IASB ............................................................................................................ 6 Financial accounting and reporting in the United States ................................................................................ 6 IFRS and U.S. GAAP comparison ................................................................................................................. 6 Overall financial statement presentation
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