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Last update 08/01/2020 IFRS 13 Disclosure fair value sensitivity – For fair value measurements categorised within Level 3 of the fair value hierarchy, IFRS 13 93(h)(i) requires an entity to provide a measurement sensitivity analysis. The objective of that analysis is to provide users of financial statements with information about the measurement uncertainty inherent in … Read more

Last update 08/01/2020 Topics hide Recurring and Non-recurring fair value measurement Specific point – Level 3 inputs Example – Determination of unrealized gains and losses Related posts: Recurring and Non-recurring fair value measurement Recurring fair value measurements relate to those where measurement is required at the end of each reporting period-end in comparison to non-recurring … Read more

Last update 31/10/2019 12-month expected credit loss is the portion of the lifetime expected credit losses that represent the expected credit losses that result from default events on a financial instrument that are possible within the 12 months after the reporting date. To get background on the impairment model introduced in IFRS 9 see ‘Impairment of … Read more

Last update 16/12/2019 Here it is Your Premium Source of Clear IFRS Explanations International Financial Reporting Standards, usually called IFRS,[1] are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and … Read more

Last update 23/12/2019 Whether the investor currently directs the activities – Having identified an investee’s relevant activities, the next step is to determine how those activities are directed. IFRS 10 breaks this down into the following two steps (although in practice these steps are normally combined with the identification of relevant activities): understanding the decisions … Read more

Last update 24/12/2019 Where did Other Comprehensive Income come from – Prior to 1997, other comprehensive income (OCI) and its components weren’t required to be reported anywhere in the financial statements, and many items bypassed the income statement and went directly to owners’ equity. In June 1997, Statement of Financial Accounting Standards (SFAS) No. 130, … Read more

Last update 11/11/2019 When is an asset identified is an important question in accounting for IFRS 16 Leases. Even if an asset is specified, a customer does not have the right to use an identified asset if, at inception of the contract, a supplier has the substantive right to substitute the asset throughout the period … Read more

Last update 22/12/2019 When and how to recognise Expected Credit Losses – Under IFRS 9 expected credit losses are recognised from the point at which financial instruments are originated or purchased. There is no longer a threshold (such as a trigger loss event of default) before expected credit losses would start to be recognised. With … Read more

Last update 22/12/2019 What kind of pension plans are there – There are two basic types of pension plans: defined-contribution plans and defined-benefit plans. The plans differ in how benefits to retired employees (formal: pension recipients) are determined/calculated, and who bears the ultimate risk associated with the number of future benefits to be paid to … Read more

Last update 30/11/2019 What is Useful Financial Information or more formally: Qualitative Characteristics of Useful Financial Information What is Useful Financial Information? What types of information are useful to users for making decisions about the reporting entity using the general purpose financial report compiled by the reporting entity. And equally important what are the cost … Read more