Financial Reporting, Standards and Accounting Judgements

Introduction and context

Financial statements are not mechanical summaries of transactions. They are structured representations of an entity’s economic resources, obligations, performance and cash-generating capacity. Their usefulness depends on both authoritative standards and professional judgement. International Financial Reporting Standards (IFRS), issued primarily by the International Accounting Standards Board (IASB), and United States Generally Accepted Accounting Principles (US GAAP), developed principally through the Financial Accounting Standards Board (FASB), provide the principal reference points for major reporting systems.

Standards reduce inconsistency, improve comparability and constrain opportunistic reporting. Nevertheless, most significant accounting outcomes require estimates and choices. Management may need to determine whether revenue has been earned, whether an asset is impaired, how long equipment will be useful, whether a contract contains a lease, how probable an obligation is, or whether an acquisition creates control. These judgements affect reported profit, assets, liabilities, ratios and perceptions of earnings quality.

This chapter examines recognition, measurement and disclosure for major accounting areas, emphasizing the reasoning process behind reported numbers. It also considers policy choices, estimation uncertainty, governance and the interpretation of financial information by managers, investors, lenders and regulators.

Learning objectives

By the end of this chapter, the reader should be able to:

1. Explain the conceptual role of IFRS and US GAAP and distinguish accounting policies, estimates and errors.
2. Apply recognition and measurement principles to revenue, inventories, property and equipment, intangible assets, leases, provisions, financial instruments, taxation and consolidation.
3. Evaluate how assumptions, estimates and policy choices affect earnings quality and comparability.
4. Interpret relevant disclosure requirements and identify governance and ethical risks.
5. Analyse a complex reporting problem and recommend an appropriately supported accounting treatment.

1. The reporting framework and the nature of judgement

The IASB Conceptual Framework identifies useful financial information as information that is relevant and faithfully represents the economic phenomena it purports to represent. Comparability, verifiability, timeliness and understandability enhance its usefulness. Materiality is entity-specific: information is material if omitting, misstating or obscuring it could reasonably influence users’ decisions.

The basic elements are assets, liabilities, equity, income and expenses. An asset is a present economic resource controlled by the entity as a result of past events; a liability is a present obligation to transfer an economic resource as a result of past events. Recognition normally requires that an item meets the relevant definition and that recognition produces useful information. Measurement bases include historical cost, fair value, value in use and fulfilment value.

An accounting policy is a principle, basis, convention, rule or practice used in preparing statements. An accounting estimate is a monetary amount subject to measurement uncertainty, such as useful life, expected credit losses or warranty costs. A prior-period error results from incorrect use of available reliable information or failure to use it. Under IAS 8, changes in policy are generally applied retrospectively unless a standard provides otherwise; changes in estimates are applied prospectively; material prior-period errors are corrected retrospectively by restating comparatives and opening equity.

A useful analytical distinction is:

The accounting equation remains a useful control relationship:

It applies to the statement of financial position, although it does not by itself determine recognition, valuation or presentation. Every recorded transaction must preserve the equality, but an entry can still be poorly measured or misleading.

2. Revenue recognition

IFRS 15 and ASC 606 use a broadly converged five-step model:

1. Identify the contract with a customer.
2. Identify the performance obligations.
3. Determine the transaction price.
4. Allocate the transaction price to the performance obligations.
5. Recognize revenue when, or as, control of promised goods or services transfers.

A contract must generally be approved, have identifiable rights and payment terms, have commercial substance and have probable collectibility. A performance obligation is a promise to transfer a distinct good or service, or a series of substantially similar goods or services transferred in the same pattern.

The transaction price may include fixed consideration, variable consideration, significant financing components, non-cash consideration and amounts payable to customers. Variable consideration is included only to the extent that it is highly probable under IFRS 15, or probable under the corresponding US GAAP constraint, that a significant reversal will not occur. Discounts, rebates, returns, bonuses and penalties therefore require disciplined estimation.

If obligations are satisfied over time, revenue is recognized using a measure of progress, such as output delivered or costs incurred, when that measure faithfully depicts performance. Otherwise revenue is recognized at the point control transfers. Contract assets arise when performance precedes an unconditional right to consideration; receivables are unconditional rights; contract liabilities arise when the customer pays or is billed before performance.

Consideration allocated to each obligation can be expressed as:

where SSP_i is the standalone selling price of obligation i, and the denominator is the sum of standalone selling prices for all obligations. The allocation assumes relative standalone selling prices are observable or reliably estimated.

Principal-versus-agent assessment is based on whether the entity controls the specified good or service before transfer. A principal generally reports gross revenue; an agent reports only its net fee. Bill-and-hold, consignment, licensing, warranties, repurchase arrangements and contract modifications require particular care.

IFRS and US GAAP are substantially aligned, but differences remain in areas such as certain licensing guidance, practical expedients and collectibility assessments. Revenue should never be accelerated merely because billing or cash collection occurs.

3. Inventories

IAS 2 and ASC 330 generally require inventories to be measured at the lower of cost and net realizable value (NRV) under IFRS, while US GAAP commonly uses lower of cost and net realizable value for inventories measured using FIFO or average cost, and lower of cost or market for LIFO inventories. IFRS prohibits LIFO; US GAAP permits it for tax and financial reporting purposes when consistently applied.

Inventory cost includes purchase costs, conversion costs and other costs incurred to bring inventories to their present location and condition. Abnormal waste, storage costs not necessary for production, administrative overhead unrelated to production and selling costs are normally expensed. Fixed production overhead is allocated using normal capacity, preventing unusually low production from inflating unit costs.

NRV is estimated selling price in the ordinary course of business less estimated costs of completion and costs necessary to make the sale. Cost formulas include specific identification, FIFO and weighted average. The selected formula should reflect the nature of the inventory and be applied consistently to similar inventories.

Illustrative example. A retailer has 1,000 units costing $18 each. Expected selling price is $20 per unit, completion and selling costs are $3 per unit. NRV is $17 per unit, so inventory is written down by $1,000:

NRV = 1,000 × ($20 − $3) = $17,000

The write-down reduces inventory and profit. If the circumstances subsequently improve, IFRS permits reversal of a previous write-down up to the original cost; US GAAP generally prohibits reversal for inventories written down under its relevant rules. Disclosures should explain accounting policies, carrying amounts by classification and expense or write-down amounts.

4. Property, plant and equipment and intangible assets

IAS 16 and ASC 360 address property, plant and equipment (PPE). Initial cost includes purchase price, directly attributable costs and, where applicable, the present value of dismantling, restoration or site-removal obligations. Subsequent expenditure is capitalized only when it meets recognition criteria and generates probable future benefits; routine repairs are expensed.

Depreciable amount is allocated systematically over useful life:

Under straight-line depreciation:

The formula assumes a uniform pattern of consumption. If consumption is better represented by another systematic method, that method may be appropriate. Useful life, residual value and method are reviewed at least annually under IFRS and changes are treated as changes in estimate. Depreciation begins when an asset is available for use, not necessarily when it begins producing revenue.

IFRS permits a cost model or, for an entire class of assets, a revaluation model when fair value can be measured reliably. US GAAP generally uses historical cost and does not permit upward revaluation of PPE. Component accounting under IFRS requires significant parts with different useful lives to be depreciated separately.

Intangible assets are identifiable non-monetary assets without physical substance. Identifiability arises when an asset is separable or arises from contractual or legal rights. Research expenditure is generally expensed. Under IAS 38, development expenditure is capitalized only after technical and commercial feasibility, intention and ability to complete and use or sell, probable benefits and adequate resources have been demonstrated. US GAAP generally expenses internal research and development, with limited exceptions such as certain software costs.

Finite-life intangibles are amortized over their useful lives. Indefinite-life intangibles and goodwill are not amortized but are tested for impairment. Goodwill is recognized only through a business combination and is allocated to cash-generating units under IFRS or reporting units under US GAAP.

5. Impairment and fair value

IAS 36 requires impairment testing when indicators exist for many assets and annually for goodwill, indefinite-life intangibles and intangible assets not yet available for use. An asset is impaired when carrying amount exceeds recoverable amount. Recoverable amount is the higher of fair value less costs of disposal and value in use. Value in use is the present value of future cash flows expected from continuing use and disposal.

A simplified present-value relationship is:

where CF_t is the expected cash flow in period t, r is the appropriate discount rate, and t runs over the forecast periods. The calculation assumes cash-flow forecasts and the discount rate are internally consistent, generally using nominal cash flows with a nominal rate or real cash flows with a real rate.

US GAAP uses a different model for some long-lived assets, involving recoverability tests and fair-value measurement, while goodwill impairment differs in unit of account and testing mechanics. Impairment models are highly sensitive to growth, margins, discount rates and terminal values. Disclosures should make material assumptions visible rather than presenting a false impression of precision.

IFRS 13 and ASC 820 establish a fair-value framework based on an exit price in an orderly transaction between market participants at the measurement date. Inputs are classified in a hierarchy: Level 1 quoted prices in active markets, Level 2 observable inputs other than Level 1 prices, and Level 3 unobservable inputs. Level 3 measurements demand robust valuation governance and sensitivity disclosure.

6. Leases

IFRS 16 generally requires lessees to recognize a right-of-use asset and lease liability for leases longer than twelve months, subject to exemptions for low-value assets and certain short-term leases. At commencement, the liability is the present value of unpaid lease payments:

The right-of-use asset generally equals the initial liability plus payments made at or before commencement, initial direct costs and estimated restoration costs, less incentives received. It is subsequently depreciated, while the liability increases for interest and decreases for payments.

US GAAP also uses a right-of-use model but retains a distinction between finance leases and operating leases for lessees, affecting expense presentation. IFRS generally presents separate depreciation and interest, whereas an operating lease under US GAAP commonly presents a single lease expense on a straight-line basis.

A contract contains a lease when it conveys the right to control the use of an identified asset for a period in exchange for consideration. Control requires the right to obtain substantially all economic benefits and direct how the asset is used. Lease term, renewal options, variable payments, discount rates and residual guarantees are major judgement areas.

7. Provisions, contingencies and employee-related obligations

IAS 37 requires a provision when there is a present legal or constructive obligation from a past event, an outflow of resources is probable and the amount can be estimated reliably. “Probable” has a more specific application under US GAAP, and recognition thresholds can differ. A provision is measured at the best estimate of expenditure required to settle the obligation; where the time value of money is material, it is discounted.

A contingent liability is generally disclosed rather than recognized when the obligation is possible or a present obligation is not recognized because outflow is not probable or cannot be measured reliably. A contingent asset is disclosed when an inflow is probable and recognized only when virtually certain under IFRS.

Restructuring provisions cannot be used as general reserves for future operating losses. Onerous contract provisions, environmental obligations, litigation, warranties and decommissioning obligations require evidence-based estimates. IAS 19 and ASC 715 address pensions and other employee benefits; defined-benefit obligations require actuarial assumptions concerning salary growth, mortality, turnover and discount rates.

8. Financial instruments

IFRS 9 classifies financial assets according to the business model and contractual cash-flow characteristics. Amortized cost applies when assets are held to collect contractual cash flows that are solely payments of principal and interest. Fair value through other comprehensive income may apply to qualifying debt instruments held to collect and sell. Other assets, including many equity investments, are measured at fair value through profit or loss, although an irrevocable OCI election may be available for some equity investments.

Amortized cost uses the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments to the gross carrying amount at initial recognition, subject to relevant modification and impairment rules.

IFRS 9 uses an expected credit loss (ECL) model. A simplified presentation is:

where PD_t is probability of default in period t, LGD_t is loss given default, EAD_t is exposure at default and DF_t is the discount factor. This is a conceptual risk decomposition rather than a universal mandatory calculation. Estimates should be probability-weighted, reflect reasonable and supportable information, include forward-looking information and be discounted when material. IFRS 9 commonly uses 12-month ECL for assets without significant increase in credit risk and lifetime ECL after such an increase; trade receivables may use a simplified lifetime approach.

US GAAP CECL generally recognizes lifetime expected credit losses from initial recognition for assets within its scope, producing a different timing pattern. Derivatives are generally measured at fair value. Hedge accounting is available when documentation, eligibility and effectiveness requirements are satisfied. Disclosures should communicate credit, liquidity, market and concentration risks, valuation techniques and sensitivity.

9. Income taxes

IAS 12 and ASC 740 distinguish current tax from deferred tax. Deferred tax arises from temporary differences between an asset or liability’s financial reporting carrying amount and its tax base. A taxable temporary difference generally creates a deferred tax liability; a deductible temporary difference generally creates a deferred tax asset, subject to recognition restrictions and valuation allowances.

The fundamental relationship is:

This formula assumes the relevant tax rate is enacted or substantively enacted and applicable when the difference reverses. Tax rates and tax-base rules must be applied according to the jurisdiction and expected manner of recovery. Deferred tax is not normally recognized for certain initial-recognition exceptions, investments in subsidiaries and associates, or goodwill in circumstances specified by the standards.

Deferred tax assets are recognized only to the extent that sufficient taxable profit is probable under IFRS, or more-likely-than-not under US GAAP, subject to the respective models. Uncertain tax positions require assessment of recognition and measurement rules. Disclosures reconcile the effective tax rate to the statutory rate and explain significant temporary differences, unrecognized assets and tax uncertainties.

10. Consolidation and business combinations

IFRS 10 defines control through power over the investee, exposure or rights to variable returns, and the ability to use power to affect those returns. Control may exist without majority voting rights, particularly where voting rights are dispersed or substantive contractual rights exist. Consolidated statements present the parent and controlled entities as a single economic entity.

Consolidation procedures include combining like items, eliminating the parent’s investment against subsidiary equity, eliminating intragroup balances and transactions, and eliminating unrealized intragroup profits. Non-controlling interests are presented separately within equity. Subsidiaries are consolidated from the date control is obtained until control is lost.

IFRS 3 and ASC 805 apply acquisition methods to business combinations. The acquirer recognizes identifiable assets acquired and liabilities assumed, generally at fair value, and recognizes goodwill or a bargain purchase gain. Goodwill is a residual:

The formula assumes all components are measured at the acquisition date and that the transaction qualifies as a business combination. Acquisition-related costs are generally expensed, except specified costs of issuing debt or equity. Asset acquisitions do not create goodwill and may follow different cost-allocation rules.

11. Earnings quality, policy choices and disclosure

Earnings quality concerns the sustainability, transparency and decision usefulness of reported performance. High-quality earnings are supported by recurring operations, cash generation and defensible assumptions. Warning signs include rapid growth in receivables relative to revenue, unusual end-period sales, frequent changes in estimates, large non-recurring adjustments, weak operating cash flow, aggressive capitalization, unexplained reversals and extensive reliance on Level 3 valuations.

Policy choices are not automatically manipulation. A choice is legitimate when permitted by standards, consistently applied and faithfully disclosed. It becomes problematic when selected primarily to achieve a target, conceal risk or shift performance between periods. Common choices include depreciation method, inventory cost formula, development capitalization where permitted, fair-value elections, impairment assumptions and lease-term assessments.

Governance should include documented technical papers, independent review of material judgements, audit committee challenge, sensitivity analysis, control over models and clear communication of estimation uncertainty. Management should distinguish accounting estimates from non-GAAP performance measures and avoid presenting adjusted measures more prominently than required IFRS or GAAP results.

Technology can improve controls through automated contract extraction, continuous monitoring and data lineage. AI may assist with identifying lease clauses, unusual journal entries or revenue anomalies, but it does not replace professional judgement. Models can reproduce biased data, misclassify contractual terms or produce unsupported conclusions. Human review, audit trails, access controls and explainability are essential.

Illustrative case: Meridian Mobility Group

Background. Meridian Mobility, an illustrative international manufacturer, signs a five-year contract to supply specialized vehicles, software updates and maintenance. The contract includes a volume rebate, customer financing, a battery-replacement obligation and an option to purchase a subsidiary that distributes the vehicles. At year-end, management wants to recognize most of the contract revenue and capitalize development spending to meet a debt covenant.

Problem. The finance team must determine the timing and amount of revenue, the treatment of the rebate, whether the customer option is a lease, whether battery obligations create a provision, whether development costs qualify for capitalization and whether the distributor is controlled.

Analysis. The vehicles, software updates and maintenance are assessed as separate performance obligations only if they are distinct and the customer can benefit from each independently. The volume rebate is variable consideration and is constrained until a significant reversal is unlikely. If payment terms provide financing beyond normal commercial practice, the transaction price is adjusted for a significant financing component. The battery-replacement promise may be a separate service or a warranty, depending on whether it provides assurance of conformity or an additional service.

The purchase option does not automatically create a lease. The team must identify an asset and assess whether Meridian controls its use. Development expenditure is capitalized under IFRS only from the date all IAS 38 criteria are met; earlier research costs remain expensed. The distributor is consolidated only if Meridian has power, exposure to variable returns and the ability to use power to affect those returns. A covenant target is not evidence supporting recognition.

Approach and outcome. Meridian establishes a contract review committee, documents standalone selling prices, estimates the rebate using probability-weighted scenarios, calculates financing effects, separates assurance warranties from service warranties and obtains legal and valuation evidence for the distributor assessment. Capitalization begins only when technical feasibility and the other development criteria are documented. Revenue is recognized according to transfer of control rather than invoicing or management targets.

Learning points. Complex contracts often contain several accounting questions simultaneously. The correct sequence is to identify substance, apply the relevant standard, quantify uncertainty, document alternatives and disclose material judgements. Pressure from covenants increases, rather than reduces, the need for independent challenge.

Challenges and contemporary developments

Global convergence has improved comparability but has not eliminated differences between IFRS and US GAAP. Standards are increasingly principles-based in some areas, requiring judgement that can reduce comparability if documentation is weak. Climate-related risks also affect impairment forecasts, useful lives, provisions, going-concern assessments and financial-instrument risk estimates even where no standard is titled “climate accounting.”

The growing importance of intangible resources, platform business models, cryptocurrencies, tokenized assets and artificial intelligence creates measurement and disclosure challenges. Traditional statements may not fully capture internally generated organizational capability, data assets or human capital. Nevertheless, recognition should not be expanded without meeting established definitions and reliable measurement requirements. Management commentary, sustainability reporting and connectivity between financial and non-financial information are therefore increasingly important complements to financial statements.

Best practice is to maintain a standards register, map significant contracts and estimates to controls, perform sensitivity analysis, monitor post-balance-sheet evidence, reconcile statutory and management reporting, and ensure that disclosures explain not only the accounting policy but also the assumptions that could materially change the result.

Chapter Summary

Financial reporting combines authoritative requirements with informed judgement. IFRS and US GAAP establish recognition, measurement, presentation and disclosure principles, but significant areas such as revenue, impairment, provisions, financial instruments, taxes and consolidation depend on estimates about future events.

Revenue is recognized when control transfers, not simply when cash is received or an invoice is issued. Inventories are subject to cost and recoverability rules. PPE and finite-life intangibles are depreciated or amortized systematically, while impairment testing relies on recoverable amounts and assumptions. Lease accounting recognizes the economic financing and use of identified assets. Provisions require present obligations and sufficiently probable, measurable outflows. Financial instruments require classification, fair value or amortized-cost measurement and expected-loss assessment. Deferred taxes arise from temporary differences, and consolidation reflects control rather than ownership percentage alone.

Accounting policies, estimates and errors have different consequences. Earnings quality is strengthened by consistent policies, realistic assumptions, cash-flow support, transparent sensitivity analysis and strong governance. Technology can improve detection and documentation but cannot replace professional accountability.

Key Terms

Accounting estimate: A monetary amount subject to measurement uncertainty.

Accounting policy: A principle, basis, rule or practice used in preparing financial statements.

Amortized cost: A measurement basis using the effective interest method, adjusted for repayments and impairment.

Cash-generating unit: The smallest group of assets generating largely independent cash inflows under IFRS.

Control: Power over an investee, exposure to variable returns and ability to affect those returns.

Contract asset: A right to consideration conditional on something other than passage of time.

Contract liability: An obligation to transfer goods or services for consideration already received or due.

Deferred tax: Tax expected to arise from temporary differences between accounting and tax amounts.

Expected credit loss: A probability-weighted estimate of credit losses reflecting forward-looking information.

Fair value: The price received to sell an asset or paid to transfer a liability in an orderly market-participant transaction.

Goodwill: The residual excess of acquisition consideration and related interests over identifiable net assets acquired.

Impairment: A condition in which an asset’s carrying amount exceeds its recoverable or recoverable-equivalent amount.

Materiality: The significance of information to users’ decisions.

Net realizable value: Estimated selling price less completion and selling costs.

Performance obligation: A distinct promise to transfer a good or service to a customer.

Provision: A recognized liability of uncertain timing or amount.

Right-of-use asset: A lessee’s recognized economic right to use an identified asset.

Standalone selling price: The price at which an entity would sell a promised good or service separately.

Temporary difference: A difference between an item’s accounting carrying amount and tax base.

Value in use: Present value of future cash flows expected from an asset or cash-generating unit.

Review Questions

Short Answer Questions

1. Distinguish an accounting policy, an accounting estimate and a prior-period error.
2. State the five steps in the IFRS 15 revenue model.
3. What is the difference between a contract asset and a contract liability?
4. Identify the three elements of control under IFRS 10.
5. Why are Level 3 fair-value measurements subject to particular scrutiny?

Long Answer Questions

1. Explain how recognition, measurement and disclosure interact in financial reporting, using revenue and impairment as examples.
2. Compare IFRS and US GAAP treatment of inventories, development expenditure and lease expense presentation.
3. Explain the expected credit loss model and discuss the role of forward-looking information.
4. Discuss how useful lives, residual values and impairment assumptions can affect earnings quality.
5. Explain the acquisition method and the recognition of goodwill in a business combination.

Analytical / Application Questions

1. A company sells equipment, installation and three years of support for a single fixed price. Analyse how the entity should identify performance obligations and allocate consideration.
2. An entity reports rapidly rising profit, falling operating cash flow, increasing receivables and repeated reductions in impairment estimates. Evaluate the earnings-quality concerns and propose governance responses.
3. A parent owns 40% of an investee, but the remaining shares are widely dispersed and the parent appoints most directors. Analyse whether consolidation may be required and identify evidence that should be documented.

Multiple Choice Questions with Answers

Question 1

Which event normally determines the timing of revenue recognition under IFRS 15?

A. Issuance of an invoice

B. Receipt of cash

C. Transfer of control of the promised good or service

D. Signing of an internal sales forecast

Correct Answer: C. Transfer of control of the promised good or service

Question 2

A product costs $18 per unit, has an expected selling price of $20 and requires $3 of selling costs per unit. What is its net realizable value per unit?

A. $15

B. $17

C. $18

D. $23

Correct Answer: B. $17

Question 3

Which item is generally included in the initial cost of property, plant and equipment?

A. Abnormal production waste

B. Routine advertising costs

C. Directly attributable installation costs

D. General selling expenses

Correct Answer: C. Directly attributable installation costs

Question 4

Under the straight-line method, annual depreciation is calculated as:

A. Cost × useful life

B. Cost ÷ residual value

C. (Cost − residual value) ÷ useful life

D. Residual value ÷ cost

Correct Answer: C. (Cost − residual value) ÷ useful life

Question 5

Which combination represents the three elements of control under IFRS 10?

A. Ownership, profitability and liquidity

B. Power, variable returns and ability to affect returns

C. Voting rights, dividends and market share

D. Legal title, cash flow and audit approval

Correct Answer: B. Power, variable returns and ability to affect returns

Question 6

A provision under IAS 37 is generally recognized when there is:

A. Only a possible future obligation

B. A present obligation, probable outflow and reliable estimate

C. A management intention without a past event

D. Any amount mentioned in a budget

Correct Answer: B. A present obligation, probable outflow and reliable estimate

Question 7

Which input is classified as Level 1 in the fair-value hierarchy?

A. An internally developed cash-flow forecast

B. A valuation based on an unobservable discount rate

C. A quoted price in an active market for an identical asset

D. A management estimate of replacement cost

Correct Answer: C. A quoted price in an active market for an identical asset

Question 8

What does an expected credit loss estimate generally incorporate?

A. Only historical losses with no adjustment

B. Probability-weighted, forward-looking credit information

C. Only losses already confirmed by court judgment

D. The asset’s original invoice amount only

Correct Answer: B. Probability-weighted, forward-looking credit information

Question 9

A temporary difference of $100,000 is subject to an enacted tax rate of 25%. What deferred tax amount results, before considering recognition restrictions?

A. $4,000

B. $25,000

C. $75,000

D. $125,000

Correct Answer: B. $25,000

Question 10

Which statement about goodwill is correct?

A. It is normally created by internally generated brand expenditure

B. It is the residual amount in a qualifying business combination after identifiable net assets are measured

C. It is always amortized under IFRS

D. It is recognized whenever a company earns above-average profit

Correct Answer: B. It is the residual amount in a qualifying business combination after identifiable net assets are measured