소개글
[중급회계] 코스모화학(주) K-IFRS 조기도입 사례(영문)에 대한 자료입니다.
목차
(a) Describe the company.
(b) Describe the accounting policies and key events.
(c) Assess the impact of IFRS on the financial statements.
(A) Contents and formats of the financial statements:
(B) Other information
본문내용
-Inventory
Inventory is measured as the lower of cost and net realizable value. Measuring products or work in progress use weighted average cost, raw materials use FIFO, and goods in transits use specific cost identification method.
Weighted average, FIFO and specific cost identification method are all allowed in IFRS for utilization. Furthermore, definitions of critical words, such as net realizable value, correspond with the definitions provided by IFRS.
-Provisions and contingencies.
Provisions are recognized at the present value of cash flows that are expected to occur to accomplish current obligations. Increase in provisions will be reflected on the profit of the year as finance cost. The company check the balance of provisions every reporting date and adjust them to the best estimation they can make.
(c) Assess the impact of IFRS on the financial statements.
The impact of IFRS on the financial statement can be summarized as follows: (only the accounts that has been changed by the adoption of the IFRS is stated)
The statement of financial position
as of 1 JAN 2008 (transition date) (in number of thousands of won)
accounts K-GAAP Effect of the adoption of the IFRS K-IFRS
Investment on subsidiaries 6,553,113 397,357 6,950,470
Intangibles - 1,384,221 1,384,221
Financial assets - 77,699 77,699
Other receivables 305,341 283,456 588,797
Other noncurrent assets 2,233,544 (-)1,687,275 546,269
Total assets 159,396,910 455,458 159,852,368