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Last update 13/01/2020 IFRS 17 Full retrospective approach – When insurers apply IFRS 17 for the first time, the transition provisions of IFRS 17 require full retrospective application. However, a modified retrospective approach or a fair value method are allowed under circumstances where the full retrospective approach is impracticable. Applying the full retrospective approach for … Read more

Last update 12/01/2020 IFRS 7 Credit risk disclosures – Credit risk is part of the risk disclosures requirements under IFRS 7 Financial Instruments: Disclosures. Management should disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the … Read more

Last update 11/01/2020 IFRS 7 Nature and extent Financial instruments risks provides the disclosure requirements regarding the nature and extent of risks arising from financial instruments to which the entity is exposed during the period. The IFRS 7 backbone is summarised as follows: Classes of Financial Instruments and Level of Disclosures1 Significance of financial instruments2 … Read more

Last update 09/01/2020 IAS 20 Accounting for emissions trading schemes, emission allowances, certified emission reductions and emission rights will become more important for entities’ financial reporting purposes. Topics hide Emissions trading schemes and certified emission reductions Accounting for emissions trading schemes Certified emission reductions Emission allowances Accounting considerations for emission allowances IAS 20 Accounting for … Read more

Last update 09/01/2020 Topics hide Overview  IFRS 13 understand inputs to valuation techniques Fair value hierarchy Level 1 inputs Level 2 and 3 inputs assessment approach Step 1: determine all inputs to valuation techniques Step 2: determine which inputs are significant Step 3: determine if significant inputs are observable or unobservable Pricing services, broker quotes, … Read more

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