IFRS Getting Started Kit for Oracle EPM Professionals

ZIP/Postal Code 3000
State Victoria
Country Australia

The starter kit for IFRS is a setup of SAP Business Objects Financial Consolidation, intended to perform, approve and distribute a legal solidification as per IFRS.


The starter unit for IFRS expects to meet the most widely recognized business necessities.


IFRS 1- First-time Adoption of International Accounting Standards:

IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period.

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IFRS 2 Share based Payment: 

IFRS 2 Share based Payment requires an entity to recognize share-based payment transactions (such as granted shares, share options, or share appreciation rights) in its financial statements, including transactions with employees or other parties to be settled in cash, other assets, or equity instruments of the entity.

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IFRS 3 Business Combination:

IFRS 3 Business Combination outlines the accounting when an acquirer obtains control of a business.  Such business combinations are accounted for using the \’acquisition method\’, which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date.

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IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations outlines how to account for non-current assets held for sale (or for distribution to owners). In general terms, assets (or disposal groups) held for sale are not depreciated, are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. Specific disclosures are also required for discontinued operations and disposals of non-current assets.

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IFRS 6 Explorations for and Evaluation of Mineral Resources:

IFRS 6 Exploration for and Evaluation of Mineral Resources has the effect of allowing entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs.

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Financial Consolidation Deferred Consideration:

Deferred consideration is a portion of the purchase price that is payable by the buyer in the future, after closing. Purchase price is negotiated on the basis of a fair market value of the target firm. The actual amount of consideration in all forms is determined and the terms of payment are decided.


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IFRS 8 Operating Segments:

An “operating segment” is a component of a public entity that engages in business activities for which discrete. financial information is both available and regularly reviewed by the chief operating decision maker (CODM) for the. purpose of making operating decisions about the allocation of resources. You will learn more with example:



IFRS 9 Financial Instruments:

IFRS 9 Financial Instruments is the IASB\’s replacement of IAS 39 Financial Instruments: Recognition and Measurement. The Standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting.

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IFRS 10 Consolidated Financial Statements:

IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls.

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IFRS 11 Joint Arrangements:

IFRS 11 Joint Arrangements outlines the accounting by entities that jointly control an arrangement. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the agreed sharing of control of an arrangement by way of a binding arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. IFRS 11 Joint Arrangements outlines the accounting by entities that jointly control an arrangement.

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IFRS 13 Fair Value Measurement:

IFRS 13 defines fair value, sets out a framework for measuring fair value, and requires disclosures about fair value measurements. Arrangements outlines the accounting by entities that jointly control an arrangement.

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IFRS 15 Revenue from Contract with Customers:

IFRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer.

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IFRS 16 Leases:

We will give an overview on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019. Upon becoming effective, it replaced the earlier leasing standard, IAS 17.

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