When inventories are purchased with deferred settlement terms, the difference between the purchase price for normal credit terms and the amount paid is recognised as interest expense over the period of financing. IFRS – VAS: Significant differences. IFRS: There are 38 Standards VAS: There are 26 Standards. | VAS vs IFRS COMPARISON IFRS – VAS: Significant differences IFRS: There are 38 Standards VAS: There are 26 Standards Questions: Don’t turn over pages. Each group give a name of one VAS (with number if possible) on a rotation basis. Each group is credited with 5 marks in advance. If a single group can not recall a correct VAS, it’ll be deducted with one mark. Who can give more than 5 VAS can earn extra 2 marks for the group. Give HO 1 to participants. List of IFRS – VAS Comparison 1 Inventories – VAS 02 vs. IAS 02 2 Tangible fixed assets – VAS 03 vs. IAS 16 3 Intangible fixed assets – VAS 04 vs. IAS 38 4 Revenue and Other Income – VAS 14 vs. IAS 18 5 Framework – VAS 01 vs. IFRS Framework 6 Leases – VAS 06 vs. IAS 17 7 The effects of changes in Foreign Exchange rates – VAS 10 vs. IAS 21 8 Construction contract – VAS 15 vs. IAS 11 9 Borrowing costs – VAS 16 vs. IAS 23 10 Cash flow statements – VAS 24 vs. IAS 07 Give HO 1 to participants. List of IFRS – VAS Comparison (cont’) . | VAS vs IFRS COMPARISON IFRS – VAS: Significant differences IFRS: There are 38 Standards VAS: There are 26 Standards Questions: Don’t turn over pages. Each group give a name of one VAS (with number if possible) on a rotation basis. Each group is credited with 5 marks in advance. If a single group can not recall a correct VAS, it’ll be deducted with one mark. Who can give more than 5 VAS can earn extra 2 marks for the group. Give HO 1 to participants. List of IFRS – VAS Comparison 1 Inventories – VAS 02 vs. IAS 02 2 Tangible fixed assets – VAS 03 vs. IAS 16 3 Intangible fixed assets – VAS 04 vs. IAS 38 4 Revenue and Other Income – VAS 14 vs. IAS 18 5 Framework – VAS 01 vs. IFRS Framework 6 Leases – VAS 06 vs. IAS 17 7 The effects of changes in Foreign Exchange rates – VAS 10 vs. IAS 21 8 Construction contract – VAS 15 vs. IAS 11 9 Borrowing costs – VAS 16 vs. IAS 23 10 Cash flow statements – VAS 24 vs. IAS 07 Give HO 1 to participants. List of IFRS – VAS Comparison (cont’) 11 Investment Property – VAS 05 vs. IAS 40 12 Accounting for Investments in associates – VAS 07 vs. IAS 28 13 Financial Reporting for Interests in joint ventures –VAS 08 vs. IAS 31 14 Presentation of Financial Statements – VAS 21 vs. IAS 01 15 Consolidated Financial Statements & Accounting for Investments in subsidiaries – VAS 25 vs. IAS 27 16 Related parties disclosures – VAS 26 vs. IAS 24 17 Income Tax – VAS 17 vs. IAS 12 18 Disclosures in the Financial Statements of Banks and similar Financial Institutions – VAS 22 vs. IAS 30 19 Events after the Balance Sheet date – VAS 23 vs. IAS 10 Give HO 1 to participants. List of IFRS – VAS Comparison (cont’) 20 Interim Financial Reporting – VAS 27 vs. IAS 34 21 Segment Reporting – VAS 28 vs. IAS 14 22 Changes in Accounting policies, accounting estimates and errors – VAS 29 vs. IAS 8 23 Business combinations – VAS 11 vs. IFRS 3 24 Provisions, Contingent Liabilities and Contingent Assets – VAS 18 vs. IAS 37 25 Insurance contracts – VAS 19 vs.
