Major areas of treatment under IFRS Reporting

• Acquisition accounting and goodwill (requires purchase method)
• Property, plant, and equipment valuation, including depreciation (primarily “straight line”)
• Joint ventures, associates, and other investments (by rule at either equity method or fair value)
• Inventory and stock (similar to U.S. GAAP lower of cost or market, or LOCO M, and LIFO is not allowed)
• Receivables and payables (all at fair value, with amortized costs)
• Borrowing (amortized cost using effective interest rate method)
• Revenue (at fair value, with specific conditions for recognition)
• Employee costs (accruals for vacations and holidays, profit sharing, expected bonuses, and the like)
• Share-based payment (fair value taken as an expense or as an asset upon first granting)
• Income taxes (taken as a liability if unpaid upon balance sheet date, with other deferral rules)
• Leasing (all leases to eventually be classified as “finance leases” with all risk or reward to lessee)
• Valuations (specifications for fair value, amortized costs, and so forth)