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Work in progress

Date recorded:

Work in progress (Agenda Paper 7)

There are three matters that have not yet been presented to the Committee:

  • Accounting for warrants that are initially classified as liabilities: Whether a warrant that is initially classified as a financial liability could subsequently be re-classified as an equity instrument when applying IAS 32.
  • Costs necessary to sell inventories: When estimating the net realisable value of inventories applying IAS 2, how an entity determines which costs to include as part of the estimated costs necessary to make the sale.
  • Preparation of financial statements when an entity is no longer a going concern: Whether an entity that is no longer a going concern:
    • (a) can prepare financial statements of prior reporting periods on a going concern basis if the entity has not previously prepared and presented those financial statements; and
    • (b) is required to restate comparative information to reflect the non-going concern basis of accounting when it has prepared and presented financial statements for the comparative period on a going concern basis.

 

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