FAC3764 Test 2 summary 2025

This handwritten summary is your ultimate guide to FAC3764 Test 2, covering all the core principles, theory, recognition, and measurement rules for the standards and topics most commonly tested. Standards & Topics Included: IAS 40 – Investment Property (cost model, fair value model, transfers, revaluation) IAS 38 – Intangible Assets (research vs development, amortisation, impairment) IFRS 5 – Non-Current Assets Held for Sale (classification, measurement, stop depreciation) IFRS 13 – Fair Value Measurement (valuation techniques, hierarchy, market types) IAS 36 – Impairment of Assets (CGUs, goodwill, reversal rules) Conceptual Framework – Definitions and application of assets, liabilities, equity, income, expenses IFRS 15 – Revenue from Contracts with Customers (5-step model, right of return, financing, loyalty programs, consignment, principal vs agent, bill-and-hold) IAS 12 – Deferred Tax and Current Tax (permanent vs temporary differences, tax base vs carrying amount, movement in deferred tax, Section 23A implications) What Makes This Summary Stand Out: Clear definitions and principles explained in student-friendly language