WHAT ARE THE OBJECTIVES AND SCOPE FOR IFRS 13, IFRS14, IFRS 15,IFRS16

Expert Solution

The scope and objective of IFRS 13 is :-

The objective of IFRS 13 is to set out a single definition of fair value and to require entities to provide disclosures regarding fair value in their financial statements for all assets and liabilities (financial and non-financial) measured at fair value [IFRS 13 paragraph 1].

THE OBJECTIVE AND SCOPE OF IFRS 14 IS THAT:-

Earlier application is permitted. The objective of IFRS 14 is to specify the financial reporting requirements for regulatory deferral account balances that arise when an entity provides goods or services to customers at a price or rate that is subject to rate regulation.

THE OBJECTIVE AND SCOPE OF IFRS 15 :-

Objective. The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer.

THE OBJECTIVE AND SCOPE OF IFRS 16:-

IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value

ekkarill92 answered 1 year ago

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