Link: IAS special report
Known as International Financial Reporting Standard 2, it requires a company to reflect in its profit or loss and financial position, the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees.
Introducing the exposure draft, Sir David Tweedie, IASB chairman, said: ‘This standard addresses an area of accounting that has been a concern to users of financial statements for some time.
‘Recently, those concerns increased substantially, when major corporate failures demonstrated the importance of transparent, unbiased and complete financial statements.’
Sir David added that the objective of IFRS 2 is to require that, no matter what form of remuneration is used, the entity recognises the associated expenses.
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