Expenses IFRS: What are they?
- Expenses: decreases in economic benefits during an accounting period in the form of outflows, or depletions of assets or incurrences of liabilities that result in decreases in equity. However, these don't include the distributions made to the equity participants.
Results recognised in other comprehensive income are limited to the following specific circumstances:
- Remeasurements of defined benefit assets or liabilities (as defined in the standard IAS 19)
- Increases or decreases in the fair value of financial assets classified as available for sale (with the exception of impairment losses)(as defined in the standard IAS 39)
- Increases or decreases resulting from the application of a revaluation of property, plant and equipment or intangible assets
- Exchange differences resulting from the translation of foreign operations (subsidiary, associate, joint arrangement or branch of a reporting entity, the activities of which are conducted in a country or currency other than those of the reporting entity) according to the standard IAS 21
- the portion of the gain or loss on the hedging instrument in a cash flow hedge (or a hedge of a net investment in a foreign operation, as this is accounted similarly) that is determined to be an effective hedge
For more details on IFRS please read the following article-> IFRS Detail
For more details on IFRS ACCA please read the following article-> ACCA IFRS DETAILS
For fee related things pleases read the following article-> IFRS Fees