By Cormac Butler
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2 IASB IMPROVEMENTS We first look at recent changes that entities have had to adopt as a result of their conversion to the International Financial Reporting Standards. The improvements that IASB have made to the accounting standards are summarised below. e. call options) as an expense in the Profit & Loss account. The rule, however, is confined only to share-based payments. IFRS 3/IAS 27 Consolidation: Entities are now required to consolidate other companies if there is evidence that they control such companies.
E. keeping it ‘off-balance sheet’. The cost of a forward contract is normally zero, therefore, in the days prior to IAS 39, loss-making derivatives were shown at zero on the balance sheet even though they really are a liability. In the days prior to a special accounting standard on derivatives, this little trick was easy to perform. At the date of initial purchase, both derivatives would be recorded at cost on the balance sheet (zero). At the end of the accounting period, there was no requirement to show that the loss-making derivative, which was not cashed in, was in fact a liability.
Though, if they did, they would probably have to show them at market value. A second category of assets not shown at market value are those assets that entities tend to hold on to for a long period of time or until maturity. For instance, if an entity buys a 10-year bond that it intends to hold to maturity then it is the cash flow of the bond that is important and not the market value (except where the market value suggests a serious credit deterioration which will of course affect the cash flow).