ASCA Jordan

Book Publish Date 15-Jun-2020

This edition is the sole official printed version of the consolidated text issued by the International Accounting Standards Board (IASB) on January 1, 2019 and translated by Saudi Organization for Certified Public Accountants (SOCPA).
Furthermore, Dr. Abu-Ghazaleh underlined the most important amendments in the 2019 version which include:

• Amendment to the International Accounting Standard (IAS) 19; outlines post-employment benefits such as retirement benefits and how to be determined by the entity in case of amendment, curtailment or settlement in the pension plan.
• Modify the Definition of Business to assist entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition.
• Amendments to IAS 1, and IAS 8 on the Definition of Material, which resulted in consequential amendments to a number of other Standards.
• Amendments to the Conceptual Framework for Financial Reporting which contains updated definitions of an asset and a liability and updated criteria for including assets and liabilities in financial statements. In addition, new concepts and guidance have been added on the following topics:

(1) Measurement, including factors to be considered when selecting a measurement basis;
(2) Presentation and disclosure, including when to classify income and expenses in other comprehensive income;
(3) The reporting entity; and
(4) when assets and liabilities are removed from financial statements.
(5) The Conceptual Framework clarifies the roles of stewardship, prudence and measurement uncertainty in financial reporting.