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BYP 3-9 ALL ABOUT YOU
(a) By taking out the bank loan your friend has incurred a liability. You do
not have a liability unless your friend defaults, or unless it becomes
it is possible that you will owe money, then you should disclose facts
regarding the situation. The most important point is that this event has
the potential to materially impact your finances, and therefore you have
a responsibility to disclose it to the bank in some form.
employment relatively quickly, you might want to wait until your job
situation has stabilized before pursuing a loan of this size.
BYP 3-10 CONSIDERING PEOPLE, PLANET, AND PROFIT
The balance sheet should provide a fair representation of what a company
owns and what it owes. If significant obligations of the company are not
companies will be held accountable.
Therefore, it doesn’t seem reasonable to not accrue for environmental
costs. Recognition of these liabilities provides a more accurate picture of
BYP 3-11 FASB CODIFICATION ACTIVITY
price concessions, or similar adjustments, as applicable.
(b) Compensation is recripocal transfers of cash or other assets in exchange
for services performed.
IFRS CONCEPTS AND APPLICATION
IFRS3-1
GAAP has more than 100 rules dealing with revenue recognition while IFRS
uses a single standard. Under IFRS, revenue recognition is based on the
IFRS3-2
IFRS uses the term income to encompass both revenues and gains. GAAP
defines income as the net difference between revenues and expenses. In
Under IFRS, expenses include both those costs incurred in the normal
course of operations and losses that are not part of normal operations. In
IFRS 3-3 INTERNATIONAL FINANCIAL REPORTING PROBLEM
(a) Note 3.7 indicates that revenue is measured as the fair value of
(b) Note 3.7 states that revenue from the sale of goods is recognized when
(c) Zetar Plc could have adjustments for prepayments such as:
tax assets.
