The IASBโs Conceptual Framework defines an asset uniquely. It focuses on control rather than ownership. This means your client may own that machine as the legal papers show, but they may not control it so it is NOT to be recorded as their asset. #Accounting#accountingstudent
Many Accountants are not even aware that IAS 8 (International Accounting Standard 8) has been renamed and expanded. This is happening because IAS 1 presentation of financial statements is being replaced by IFRS 18 presentation and disclosure in financial statements
Full step-by-step explanation on my YouTube channel here: How to Calculate Asset Impairment | International Accounting Standard 36 (IAS 36)
https://t.co/3mrjZ8CILn
How to calculate recoverable amount
Most accountants still misunderstand IAS 36 impairment of assets.
Hereโs the correct way to calculate recoverable amount.#IFRS#Accounting#Finance#IAS36
@MTN180 I paid for @mtnFibre-x services on November 22, 2025. Your agent said that even though the cables stopped at my immediate neighbour's house, I could be connected effortlessly. Despite all my complaints, I have neither been refunded nor connected. Since November 22 oh!
@MTNNG I paid for @mtnFibre-x services on November 22, 2025. The agent said that even though the cables stopped at my immediate neighbour's house, I could be connected effortlessly. Despite all my complaints, I have neither been refunded nor connected. Since November 22 oh!
Is this a one-off abi na everywhere you go e dey hapun? Everyday that passes reminds me of the opportunity cost of my funds transferred. I also think of the time value of money. Even when I am either connected or refunded, will there be an interest on my funds?
@MTNNG I paid for @mtnFiber services on November 22, 2025. The agent said that even though the cables stopped at my immediate neighbour's house, I could be connected effortlessly. Despite all my complaints, I have neither been refunded nor connected
One became a hero on social media for defending his oga's land and for standing up to a political bully. The other paid the ultimate price while defending his country.
How Professional Accountants Define a Liability
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You need to unlearn your old understanding of what an asset means and learn the more practical and modern meaning of an asset as contained in the conceptual framework of the International Accounting Standards Board (IASB) #IAS#financialreporting#Accounting@ParikPatelCFA