Q:
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What is the fundamental difference between CAS and IFRS?
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A:
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The fundamental difference is principle. The IFRS is principle-based. The CAS is Rule-based.
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Q:
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What is the difference between CAS and IFRS to deal with the corporation consolidation?
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A:
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The CAS distinguish corporation consolidation under the same control or not, In case of consolidation under the same control, the company should entry by equity combination method. Or, using the purchase method. For the IFRS, only purchase method could be used.
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Q:
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What is the difference between CAS and IFRS to deal with the non-current asset?
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A:
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Initial measurement: The revaluation unadmitted in CAS, but IFRS not.
Provision for impairment: The provision for impairment is allowed to reversal in IFRS, but not in CAS.
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Q:
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What are the differences between CAS and IFRS in accounting treatment of investment real estate?
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A:
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The investment real estate of IFRS is only measured by fair value model, while CAS stipulates that investment real estate should be recorded at actual acquisition cost. In the follow-up measurement, there is solid evidence that the fair value of investment real estate can be obtained reliably, and it can also be measured by fair value model, and once adopted, it shall not be transferred back to the cost mode.
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Q:
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What is the difference between CAS and IFRS in the identification of related parties?
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A:
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CAS's identification of related parties does not include the fact that they are controlled by the state at the same time, because there are many enterprises dominated by state capital in China. However, IFRS identifies the enterprises controlled by the state capital as related parties.
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