14.03.

2024

Introduction
• The purpose of this Standard is to prescribe the
recognition and measurement criteria for intangible
assets that are not covered by other Standards.
• Nature and recognition of intangible assets
• Determining their costs
LECTURE 4 • Assessing the amortization
IAS 38 – Intangible Assets • Impairment losses

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Key Definitions Key Definitions

⚫ Asset: A resource controlled by an entity as a result of past events
⚫Amortisation: The systematic allocation of the depreciable
and from which future economic benefits are expected to flow to amount of an intangible asset over its useful life.
the entity. ⚫ Useful life
⚫ Intangible asset: An identifiable non-monetary asset without
physical substance. ⚫ Residual value of an asset
⚫ Research: is original and planned investigation undertaken with ⚫ Depreciable amount
the prospect of gaining new scientific or technical knowledge and ⚫ Depreciation
understanding.
⚫ Fair value
⚫ Development: is the application of research findings or other
knowledge to a plan or design for the production of new or ⚫ Cost
substantially improved materials, devices, products, processes, ⚫ Carrying amount
systems or services before the start of commercial production
or use.

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Intangible Assets - Definition Intangible Assets - Definition

1. Identifiability: An intangible asset is identifiable if it
either:
 is separable, ie is capable of being separated or divided from
the entity and sold, transferred, licensed, rented or exchanged,
either individually or together with a related contract,
identifiable asset or liability, regardless of whether the entity
intends to do so; or
 arises from contractual or other legal rights, regardless of
whether those rights are transferable or separable from the entity
or from other rights and obligations.
2. Control: An entity controls an asset if the entity has the
power to obtain the future economic benefits flowing
from the underlying resource and to restrict the access of
others to those benefits.
3. Future economic benefits: The future economic benefits
flowing from an intangible asset may include revenue
from the sale of products or services, cost savings, or other
benefits resulting from the use of the asset by the entity.

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Recognition and Measurement Critical Note

 It is probable that
expected future
economic benefits that
are attributable to the
asset will flow to the
entity.
 The cost of asset can be
measured reliably.
⚫ Cost that cannot be included are:
The cost of separately
acquired intangible assets  Administration costs
comprises:  Costs of conducting a new business
⚫ Purchase price, including any
import duties and non-  Initial operating losses incurred from operation
refundable purchase taxes, less
trade discounts,  Cost of introducing a new product or services
⚫ Directly attributable costs (advertising and promotional activities)
(costs of employee benefits
arising directly from bringing
the asset to its working
condition, costs of testing
whether the asset is
functioning properly and
professional fees arising directly
from bringing the asset to its
working condition.

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Case Study 1
Brilliant Inc. acquires copyrights to the original recordings of a famous
singer. The agreement with the singer allows the company to record and
rerecord the singer for a period of five years. During the initial six-
month period of the agreement, the singer is very sick and
consequently cannot record. The studio time blocked by the company
had to be paid even during the period the singer could not sing. These
costs were incurred by the company:
1) Legal cost of acquiring the copyrights: $10 million
2) Operational loss (studio time lost, etc.) during start-up period: $2
million
3) Massive advertising campaign to launch the artist: $1 million
Which of the above items is a cost that is eligible for capitalization as an
intangible asset?
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Research Phase
o Expenditure on research (or the research phase of an internal
project) is to be recognized as an expense when incurred.
o In the research phase of an internal project, an entity cannot
demonstrate that an intangible asset exists that will generate probable
future economic benefits. Therefore, this expenditure is recognised as
an expense when it is incurred.
o Examples of research activities are:
(a) activities aimed at obtaining new knowledge;
(b) the search for, evaluation and final selection of, applications of
research findings or other knowledge;
(c) the search for alternatives for materials, devices, products,
processes, systems or services; and
(d) the formulation, design, evaluation and final selection of possible
alternatives for new or improved materials, devices, products,
processes, systems or services.
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Internally generated intangible assets
o Goodwill: The Standard does not allow the
recognition of internally generated goodwill as
an asset, as it is not identifiable.
o Other internally generated intangible assets:
The Standard sets out rules for such
expenditures as research and development.
o The recognition of internally generated
brands, customer lists, publishing titles is not
allowed.
Development Phase
o Development expenditure may be recognized as an intangible
asset when, and only when, ALL of the following can be
demonstrated:
The technical feasibility to complete the assets and the ability
and intention to use or sell it
The means by which the probable future economic benefits
will be generated (how it will generate probable future
economic benefits)
The ability to measure reliably the expenditure attributable to
the intangible asset during its development
The availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset
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Development Activities Recognition of an Expense

Examples: Examples:
 the design, construction and testing of pre-
 Expenditure on start-up activities or on
production or pre-use prototypes and models;
opening a new facility or business
 the design of tools, moulds and dies involving new
technology;  Expenditure on training activities
 the design, construction and operation of a pilot  Expenditure on advertising and promotional
plant that is not of a scale economically feasible for activities
commercial production; and
 Expenditure on relocating or reorganizing
 the design, construction and testing of a chosen
alternative for new or improved materials, devices, part or all of an entity
products, processes, systems or services.

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Active Market
Measurement After Recognition
⚫ It is uncommon for an active market to exist for an intangible
asset, although this may happen. For example, in some
⚫ The Standard states that, after initial recognition, jurisdictions, an active market may exist for freely transferable
intangible asset may be measured using either a cost taxi licences, fishing licences or production quotas.
model or a revaluation model. ⚫ However, an active market cannot exist for brands, music and
⚫ However, if the revaluation model is used, then all assets film publishing rights, patents or trademarks, because each
in the same class are to be treated alike unless there is no such asset is unique.
active market for those assets. ⚫ Also, although intangible assets are bought and sold,
contracts are negotiated between individual buyers and
sellers, and transactions are relatively infrequent.
⚫ For these reasons, the price paid for one asset may not provide
sufficient evidence of the fair value of another. Moreover,
prices are often not available to the public.

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Useful Life Useful Life

 The useful life of an intangible asset must be assessed on
⚫ An intangible asset shall be regarded by the entity as having
recognition as either indefinite or finite.
an indefinite useful life when, based on an analysis of all of
 All relevant factors must be considered in this the relevant factors, there is no foreseeable limit to the
assessment and may include: period over which the asset is expected to generate net cash
 Expected usage by the entity and whether it could be used inflows for the entity.
by new management teams, ⚫ The accounting for an intangible asset is based on its useful
 product life cycles, life. An intangible asset with a finite useful life is amortised,
 rates of technical or commercial change, and an intangible asset with an indefinite useful life is not.
 industry stability, ⚫ The useful life of an intangible asset that arises from
 likely actions by competitors, contractual or other legal rights shall not exceed the period
 legal restrictions, etc.
of the contractual or other legal rights, but may be shorter
depending on the period over which the entity expects to
use the asset.

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Residual Value Other Issues

The residual value of an intangible asset with a finite
useful life shall be assumed to be zero unless: Amortization ⚫ Intan
(a) there is a commitment by a third party to purchase ⚫ The gible
depreciable assets
the asset at the end of its useful life; or with indefinite
useful lives are not
(b) there is an active market (as defined in IFRS 13) for amount of with
intangible asset an to be amortized.
the asset and:
a finite useful life is ⚫ Impairmen
(i) residual value can be determined by reference to that to be allocated over
market; and t – IAS
its useful life. The
(ii) it is probable that such a market will exist at the end of
depreciable amount
the asset’s useful life.
is the cost of the asset
less its residual value.

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Disclosures Question 1
⚫ The amortization methods used
⚫ Assets classified as held for sale under IFRS 5 According to IAS 38 Intangible assets, amortization of
⚫ Net exchange differences on retranslation an intangible asset with a finite useful life should
⚫Other changes during the period commence when
⚫ The amount of research and development expenditure a. It is first recognized as an asset
expensed during the period b. It is probable that it will generate future economic
⚫ Amortization recognized during the period benefits
⚫ For assets with indefinite useful lives, the carrying c. It is available for use
amount of the asset and the reasons supporting such an d. The costs can be identified with reasonable clarity
assessment.

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Question 2 Question 3
The West Company has acquired a licence from a rival company to introduce a
new manufacturing process. The costs incurred were as follows:

A brand name that was acquired separately should $

Cost of license 5,500,000
initially be recognized, according to IAS 38 Intangible Expenditure on training staff to operate the process 50,000
assets, at Employee benefits relating to the testing of the proper functioning
of the new process 150,000
a. Recoverable amount
b. Either cost or fair value at the choice of the acquirer According to IAS 38 Intangible assets, what is the total amount that should be
c. Fair value recognized as an intangible asset in respect of the new process?

d. Cost a. $5,650,000
b. $5,500,000
c. $5,700,000
d. $5,550,000

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Definitions of Key Terms
Cash-generating unit: The smallest identifiable group
of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or
groups of assets.
Costs of disposal: Incremental costs directly
attributable to the disposal of an asset or cash-
generating unit, excluding finance costs and income
tax expense.
Value-in-use: The discounted present value of the
future cash flows expected to be derived from an asset
or cash-generating unit.
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Objective of IAS 36
 The purpose of the standard is to ensure that assets
are carried at no more than their recoverable
amount.
 If an asset’s carrying value exceeds the amount that
could be received through use or selling the asset,
the asset is described as impaired and the Standard
requires the entity to recognise an impairment loss.
Definitions of Key Terms
Recoverable Amount: The higher of an asset’s or cash-
generating unit’s fair value less costs of disposal and its
value in use.
Carrying Amount: The amount at which an asset is
recognized after deducting any accumulated
depreciation (amortisation) and accumulated
impairment losses thereon.
Impairment Loss: The amount by which the carrying
amount of an asset or a cash-generating unit exceeds
its recoverable amount.
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Identifying an Impairment Loss
An entity has to assess at the end of each reporting
period whether there is any indication that an asset is
impaired.
Assets which should be tested for impairment
annually even if there is no indication of impairment:
 An intangible asset that has an indefinite useful life
 An intangible asset that is not yet available for use
 Goodwill that has been acquired in a business
combination
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Measuring Recoverable Amount
⚫ The recoverable amount of an asset is the
higher of an asset’s or cash-generating unit’s fair
value less costs of disposal and its value in use.
⚫ It is not always necessary to determine both an
asset’s fair value less costs of disposal and its value
in use. If either of these amounts exceeds the asset’s
carrying amount, the asset is not impaired and it is
not necessary to estimate the other amount.
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Identifying an Impairment Loss
Events that might indicate that an asset is impaired:
 External sources (e.g. decline in market value, negative
changes in technology, economy, legal environment)
 Internal sources (e.g. physical damage to an asset, worse
economic performance than expected)
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Measuring Recoverable Amount
⚫ It may be possible to measure fair value less costs of
disposal, even if there is not a quoted price in an
active market for an identical asset.
⚫ However, sometimes it will not be possible to
measure fair value less costs of disposal because
there is no basis for making a reliable estimate of the
price at which an orderly transaction to sell the asset
would take place between market participants at the
measurement date under current market conditions.
⚫ In this case, the entity may use the asset’s value in
use as its recoverable amount.
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Costs of Disposal
⚫ Costs of disposal, other than those that have been
recognised as liabilities, are deducted in measuring
fair value less costs of disposal.
⚫ Examples of such costs are legal costs, stamp duty
and similar transaction taxes, costs of removing the
asset, and direct incremental costs to bring an asset
into condition for its sale.
⚫ However, termination benefits (as defined in IAS 19)
and costs associated with reducing or reorganising a
business following the disposal of an asset are not
direct incremental costs to dispose of the asset.
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Future Cash Flows
⚫ The entity shall base cash flow projections on reasonable and
supportable assumptions that represent management’s best
estimate of the range of economic conditions that will exist
over the remaining useful life of the asset. Greater weight shall
be given to external evidence.
⚫ The cash flows should not include any cash flows that may arise
from future restructuring or from improving or enhancing the
asset's performance.
⚫ Any predictions incorporated into budgets and forecasts shall
cover only a 5 year period at maximum - unless management is
confident.
⚫ Any future cash flows should not include inflows or outflows
from financing activities or income tax receipts and payments.
However, they should include the estimated disposal proceeds
from the asset.
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Value in Use
These elements should be used when calculating the «value in use»:
⚫ Estimates of the future cash flows that the entity expects to derive from
the asset
⚫ Any possible variations that may occur in the amount or timing of the
future cash flows
⚫ The time value of money represented by the current market risk-free
rate of interest
⚫ The price for bearing the uncertainty inherent in the asset
⚫ Any other factors that should be borne in mind when determining the
future cash flows from the asset (such as illiquidity)
Typically an entity should estimate the future cash inflows and outflows
to be derived from continuing use of the asset and from its ultimate
disposal, and then discount the future cash flows applying the
appropriate discount rate.
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Fair Value vs. Value in Use
⚫ Fair value differs from value in use.
⚫ Fair value reflects the assumptions market participants would use
when pricing the asset.
⚫ In contrast, value in use reflects the effects of factors that may be
specific to the entity and not applicable to entities in general.
⚫ For example, fair value does not reflect any of the following factors
to the extent that they would not be generally available to market
participants:
⚫ additional value derived from the grouping of assets (such as the
creation of a portfolio of investment properties in different locations);
⚫ synergies between the asset being measured and other assets;
⚫ legal rights or legal restrictions that are specific only to the current
owner of the asset; and
⚫ tax benefits or tax burdens that are specific to the current owner of the
asset.
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Impairment Test Recognition and Measurement of an

Impairment Loss
⚫ An impairment loss should be recognized whenever
recoverable amount is below carrying amount.
⚫ An impairment loss shall be recognised
immediately in profit or loss, unless the asset is
carried at revalued amount in accordance with
another Standard (for example, in accordance with
the revaluation model in IAS 16 - where the value
changes are recognized directly in equity).
⚫ Depreciation for future periods should be adjusted.

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Exercise 1
XYZ Co. is preparing its financial statements and came
up with the following values for its machinery:
Historical cost: $150,000
Accumulated depreciation: $60,000
Fair value: $84,000
Costs of disposal: $1,000
Present value of expected cash flows from the use of
machinery (value in use): $87,000
Based on these values, state what value for the machinery
must be shown on the balance sheet according to IAS
16 and IAS 36?
Exercise 2
XYZ Co. is preparing its financial statements and came up
with the following values for its machinery:
Historical cost: $150,000
Accumulated depreciation: $70,000
Fair value: $84,000
Costs of disposal: $1,000
Present value of expected cash flows from the use of
machinery (value in use): $87,000
Based on these values, state what value for the machinery
must be shown on the balance sheet according to IAS
16 and IAS 36?

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Exercise 3 Reversal of An Impairment Loss

An entity is preparing its financial statements for the
year ending November 30, 2016. Certain items of plant
and equipment were scrapped on January 1, 2017. At
November 30, 2016, these assets were being used in
production by the entity and had a carrying value of $5
million. The value-in-use of the asset at November 30,
2016, was deemed to be $6 million, and its fair value
less costs of disposal was thought to be $50,000.
What is the recoverable amount of the plant and
equipment at November 30, 2016?
⚫ At each reporting date, an entity should determine
whether an impairment loss recognized in the previous
period may have decreased.
⚫ An impairment loss may be reversed only if there has
been a change in the estimates used to determine the
asset’s recoverable amount since the last impairment loss
was recognized.
⚫ If this is the case, then the carrying amount of the asset
shall be increased to its recoverable amount (reversal of
an impairment loss).
⚫ Increase in carrying value can only be up to what the
carrying amount would have been if the impairment had
not occurred.

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Disclosures Question
For each class of asset an entity shall disclose: The Silvereye Company owns a non-current asset, which is damaged and is to
be reviewed for impairment, to which the following information relates:
1. Impairment losses recognized in profit or loss
$
2. Impairment losses reversed in profit or loss Current carrying amount 200
Fair value 220
3.The line item in profit or loss in which the impairment losses Expected disposal costs 10
are included Value in use 205

Additionally, any impairment losses recognized in other According to IAS36 Impairment of assets, what should be the carrying amount
comprehensive income should be disclosed, including reversals of the asset after the impairment review?
of impairment losses. a. $200
b. $220
Each segment should disclose these items for each reportable
c. $210
segment: impairment losses recognized and reversed in the d. $205
period both in profit or loss and in other comprehensive income.

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Definitions of Key Terms
Borrowing cost: include interest and other costs
incurred by an entity in relation to borrowing of funds.
Qualifying asset: an asset that necessarily takes a
substantial period of time to get ready for its intended
use or sale.
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Objective of IAS 23
• The objective of this standard is to prescribe the
accounting treatment for borrowing costs.
• The standard applies only to borrowing costs
relating to external borrowings and not to equity.
• The Standard does not deal with the actual or
imputed cost of equity, including preferred capital
not classified as a liability.
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Borrowing Costs
Borrowing cost may include:
⚫ interest expense calculated by the effective interest
method under IFRS 9,
⚫ interest in respect of lease liabilities recognised
in accordance with IFRS 16 Leases, and
⚫ exchange differences arising from foreign
currency borrowings to the extent that they are
regarded as an adjustment to interest costs.
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Qualifying Assets
⚫ A qualifying asset is an asset that takes a substantial period of
time to get ready for its intended use or sale. That could be
property, plant, and equipment and investment property
during the construction period, intangible assets during the
development period, or "made-to-order" inventories.
⚫ Assets that are ready for their intended use or sale when
acquired are not qualifying assets as envisioned by this
Standard.
⚫ Examples of qualifying assets include:
• A toll bridge that takes a couple of years to construct before it is
ready for use and is opened to the public
• A power plant that takes a substantial period of time to get
ready for its intended use
• A hydroelectric dam that services the needs of a village and
takes a considerable period of time to construct
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Exercise 1
1) Magnificent Inc. engaged a consulting firm to advise it on many
projects that it had been planning to undertake in order to diversify
its operations and enhance its public image and ratings. With this
mandate, the consulting firm set out to prepare a feasibility study for
the construction of a shopping mall that would house anchor tenants
such as world-class international designers and well-known global
retail chains. The consulting firm advised Magnificent Inc. that this
kind of a project would do wonders to its corporate image. This
shopping mall had certain distinguishing features that were unique in
many respects, and it could easily win the coveted title of the most
popular commercial complex in the country. Based on this advice,
Magnificent Inc. began construction of the shopping mall on a huge
plot of land in the heart of the city. Substantial amounts were spent
on its construction.
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Qualifying Assets
⚫ Inventories that are routinely manufactured or are produced on
a repetitive basis over a short period of time are obviously not
qualifying assets.
⚫ However, inventories that require a substantial period of time
to bring to a saleable condition can be regarded as qualifying
asset for the purposes of this Standard.
⚫ Two types of assets that would otherwise be qualifying assets
are excluded from the scope of IAS 23:
⚫ qualifying assets measured at fair value, such as biological assets
accounted for under IAS 41 Agriculture
⚫ inventories that are manufactured, or otherwise produced, in
large quantities on a repetitive basis and that take a substantial
period to get ready for sale (for example, maturing whisky)
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Exercise 1
Architects from around the globe competed for the project, and the
construction was entrusted to the best construction firm in the
country. The construction took over two years from the date the
project was launched. The total cost of construction was financed by
a term loan from an international bank.
2) The consulting firm also advised Magnificent Inc. to launch a car
dealership that deals only in world-renowned, expensive brand
names, such as Rolls-Royce and Alfa Romeo. According to the
research study undertaken by the consulting firm, this would be yet
another business to diversify and invest in, in order to enhance the
corporate image of Magnificent Inc. with people who matter, as such
an exclusive car dealership would cater only to the needs of the top
management of multinational corporations (MNCs) operating in the
country. Magnificent Inc. invested in this business by borrowing
funds from major local banks.
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Exercise 1
Besides the corporate guarantees Magnificent Inc. gave to the banks,
they also insisted on depositing with the banks, title deeds of the cars
as security for the loans until the entire loan amounts are paid.
Required:
1. Would the shopping mall be considered a qualifying asset under
the Standard? Would the interest expense on the term loan
borrowed for the construction of the shopping mall qualify as
eligible borrowing costs?
2. Would the expensive cars purchased by the car dealership be
considered qualifying assets under the Standard, whereby
Magnificent Inc. would be required to capitalize the borrowing
costs, which are substantial compared to the costs of the cars?
Would borrowing costs include the guarantee commission paid to
banks for arranging corporate guarantees in addition to interest
expense on bank loans?
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Borrowings Eligible for Capitalization
⚫ When borrowings are taken specifically to acquire,
construct, or produce an asset, the borrowing costs that
relate to that particular qualifying asset are readily
identifiable.
⚫ In such circumstances, it is easy to quantify the borrowing
costs that would need to be capitalized by using the
process of elimination, that is, capitalizing the borrowing
cost that would have been avoided had the expenditure on
the qualifying asset not been made.
⚫ If borrowings are organized centrally, in such cases, a
weighted-average capitalization rate may be applied.
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Recognition
⚫ Capitalization of borrowing costs that are directly attributable
to the acquisition, construction, or production of a qualifying
asset as part of the cost of the asset is possible only if both
these conditions are met:
⚫ It is probable that they will result in future economic benefits
to the entity.
⚫ The costs can be measured reliably.
If borrowing costs do not meet these criteria, then they are
recognized as an expense.
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Borrowings Eligible for Capitalization
⚫ When funds borrowed specifically to finance a qualifying
asset are not utilized immediately, and instead the idle
funds are invested temporarily until required, the
borrowing costs that are capitalized should be reduced by
any investment income resulting from the investment of
idle funds.
⚫ Borrowing costs capitalized in a period cannot exceed the
amount of borrowing costs incurred by the entity during
that period.
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Exercise 2
A socially responsible multinational corporation (MNC) decided
to construct a tunnel that will link two sides of the village that
were separated by a natural disaster years ago. Realizing its role as
a good corporate citizen, the MNC has been in this village for a
couple of years exploring oil and gas in the nearby offshore area.
The tunnel would take two years to build and the total capital
outlay needed for the construction would be not less than $20
million. To allow itself a margin of safety, the MNC borrowed $22
million from three sources and used the extra $2 million for its
working capital purposes.
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Commencement of Capitalization
Capitalization of borrowing costs shall commence when:
 expenditures for the asset are being incurred.
 borrowing costs are being incurred.
 activities necessary to prepare the asset for its intended use
or sale are in process
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Exercise 2
⚫ Financing was arranged in this way:
⚫ Bank term loans: $5 million at 7% per annum
⚫ Institutional borrowings: $7 million at 8% per annum
⚫ Corporate bonds: $10 million at 9% per annum
In the first phase of the construction of the tunnel, there were
idle funds of $10 million, which the MNC invested for a period of
six months. Income from this investment was $500,000.
When MNC capitalizes borrowing costs under IAS 23, how would
it treat the borrowing costs? How would it capitalize the
borrowing costs, and what would it do with the investment
income?
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Suspension of Capitalization
• An entity shall suspend capitalisation of borrowing costs during
extended periods in which it suspends active development of a
qualifying asset.
• An entity may incur borrowing costs during an extended period in
which it suspends the activities necessary to prepare an asset for its
intended use or sale.
• However, an entity does not normally suspend capitalizing borrowing
costs during a period when it carries out substantial technical and
administrative work.
• An entity also does not suspend capitalising borrowing costs when a
temporary delay is a necessary part of the process of getting an asset
ready for its intended use or sale.
• For example, capitalisation continues during the extended period that
high water levels delay construction of a bridge, if such high water levels
are common during the construction period in the geographical region
involved.
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Cessation of Capitalization Disclosure

• An entity shall cease capitalizing borrowing costs when
substantially all the activities necessary to prepare the An entity shall disclose:
qualifying asset for its intended use or sale are complete.
• If all that is left are minor modifications, such as decoration or
• The amount of borrowing costs capitalized during
routine administrative work, then the asset is considered to be the period; and
substantially complete. • The capitalization rate used to determine the
• In some instances, such as a business park or extensive amount of borrowing costs eligible for capitalization.
development, parts may become ready for use in stages. In such
cases, capitalization ceases on those parts that are ready for use.
• A business park comprising several buildings, each of which
can be used individually, is an example of a qualifying asset for
which each part is capable of being usable while construction
continues on other parts.

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Question Question
The Kane Company has constructed its own office According to IAS 23 Borrowing costs, what is the period
building. The following are the key dates for the project: over which borrowing costs relating to the project
should be capitalised?
1 April 20X8 Construction permit issued
1 July 20X8 Physical on-site construction commences
31 March 20X9 Physical construction completed a. 1 April 20X8 - 31 March 20X9
1 July 20X9 Office building brought into use b. 1 April 20X8 - 30 June 20X9
c. 1 July 20X8 - 31 March 20X9
d. 1 July 20X8 - 30 June 20X9

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References

 https://www.iasplus.com/en/standards/ias/ias38
 https://www.iasplus.com/en/standards/ias/ias36
 https://www.iasplus.com/en/standards/ias/ias23
 https://www.ifrs.org/issued-standards/
 Abbas Ali Mirza & Graham J. Holt, “Practical
Implementation Guide and Workbook for IFRS”,
Third edition, 2011

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