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A blog about latest updates in Tax and Accounting Standards

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IAS 19 EMPLOYEE BENEFIT

Ø WHAT DOES IAS 19 IS ALL ABOUT? IAS 19 prescribes when the cost of employee benefit should be recognised as an expense or liability and the amount of liability or expense to be recognised. 1. A LIABILITY should be recognised when an employee has provided service in exchange for benefits to be received by the employee at some time in future. 2. An EXPENSE should be recognised when entity consumes the economic benefits from a service provided by an employee in exchange for economic benefits. Ø WHAT ARE CATEGORIES OF EMPLOYEE BENEFIT? 1. Short-term employee benefits Short-term employee benefits are those which are expected to be settled wholly before twelve months after the end of the annual reporting period. a) Wages & Salaries b) Profit-sharing c) Bonuses...

Form 5452 (Non-Dividend Distribution)

Ø Who Must File Form 5452? All corporations that have made non dividend distributions to their shareholders must file Form 5452. If the corporation is a member of a consolidated group, the parent corporation must file Form 5452. Ø WHEN TO FILE FORM 5452? All corporations that have done non dividend distributions to their shareholders shall file Form 5452. If the corporation is the member of a consolidated group, the parent corporation must file Form 5452. A S corporation shall file this form when distributions are made under section 1371(e): Any distribution of money by a corporation with respect to its stock during a post-termination transition period shall be applied against and reduce the adjus...

FINANCIAL INSTRUMENT , IAS 32

Ø WHAT ARE FINANCIAL INSTRUMENTS? There are 3 Accounting Standard on Financial Instruments: 1. IAS 32 Financial Instruments : Presentation which deals with: a. The classification of Financial Instrument between Equity and Liability b. Presentation of certain compound instruments. 2. IFRS 7 Financial Instruments : Disclosures, which revised, simplified and incorporated disclosure requirements previously in IAS 32 3. IFRS 9 Financial Instruments replaces IAS 39 Financial Instrument: Recognition and measurement. This standard covers: a. Recognition and Derecognition b. The measurement of Financial Instrument c. Impairment d. General Hedge Accounting Ø WHAT ARE...

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