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(adsbygoogle = window.adsbygoogle || []).push({}); Last update 23/02/2020 IFRS vs US GAAP Business combinations – IFRS and US GAAP are largely converged in this area. The business combinations standards under US GAAP and IFRS are close in principles and language. However, some differences remain between US GAAP and IFRS pertaining to (1) the definition of … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 04/03/2020 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z # A Accounting policies Accounting profit Acquiree Acquirer Acquisition date Active market Actuarial gains and losses Actuarial present value of promised … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 18/03/2020 IFRS 9 Proper accounting for Related Company Loans – IFRS 9 Financial Instruments makes no distinction between unrelated third party and related party transactions. Entities that prepare stand-alone financial statements are required to apply the full provisions of the standard to all transactions within its scope. This … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 Topics hide IFRS 9 Presentation of contract assets and liabilities – General Presentation of a contract as a single contract asset or contract liability Offsetting contract assets and liabilities against other assets and liabilities Presentation of contract assets and contract liabilities as current or non-current Case of … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS 9 Own use scope exemption A reduction in the amount of funding available from equity markets, together with difficulty in obtaining loan finance, have meant that a number of developers and producers in the extractives industry have looked to other ways of obtaining finance. An increasingly … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS 9 Modified financial assets – If the contractual cash flows on a financial asset are renegotiated or modified, the holder needs to assess whether the financial asset should be derecognised. While IAS 39 contains guidance on when financial liabilities that have been renegotiated or modified should … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 27/04/2020 Topics hide IFRS 9 Financial instruments quick and best snapshot – no hedge accounting 3 things to consider 1. Risk management considerations 2. Classification and measurement 3. Expected credit loss model SCOPE DEFINITIONS Derecognition of financial assets Reclassification of financial assets EFFECTIVE DATE Example of IFRS 9 … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 26/02/2020 IFRS 9 Complete Snapshot Financial Instruments – The objective of IFRS 9 is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS 8 Identifying operating segments – There are four key steps. Entities will need to: Identify the Chief Operating Decision Maker (CODM) (group/team/individual). Identify their business activities (which may not necessarily earn revenue or incur expenses). Determine whether discrete financial information is available for the business activities. … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 18/03/2020 IFRS 7 Other price risks Step-by-step – Other price risks is part of the risk disclosures requirements under IFRS 7 Financial Instruments: Disclosures. Other price risks is part of market risk (the other main market risk categories being currency risk and interest rate risk) and is defined … Read more