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Last update 26/11/2019 Non-current assets held-for-sale explains the accounting for a disposal group rather than single assets. What about the liabilities in the sale activity? To understand it properly, take a brief look back at IAS 1, Presentation of Financial Statements. Here is the look back….. Non-current assets held-for-sale In most cases, IAS 1 requires … Read more

Last update 24/12/2019 Non-current Assets Held for Sale and Discontinued Operations – There are two distinct parts to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Both are related and can occur together, but each can also occur independently of the other. “Non-current assets held for sale” deals with the situation where an … Read more

Last update 08/11/2019 The core principle is that a non-current assets is deemed to be held for sale if its carrying value is expected to be recovered through selling it rather than using it. Making this judgment has two important accounting implications: Non-current assets held for sale It is carried within current assets in the … Read more

Last update 27/11/2019 Non-contractually specified risk components – Under IFRS 9, risk components can be designated for non-financial hedged items, provided the component is separately identifiable and the changes in fair value or cash flows of the item attributable to the risk component are reliably measurable. This requirement could be met where the risk component is … Read more

Last update 16/09/2019 IFRS 15 Revenue from Contracts with Customers (contents page is here) introduced a single and comprehensive framework which sets out how much revenue is to be recognised, and when. The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an … Read more

Last update 26/11/2019 No alternative use enforceable payment right for work to date is the last phase in the satisfaction of performance obligations in IFRS 15 Revenue recognition. This is part of a primary and fundamental subject in the recognition of revenue. There are two ways of recognising revenue, revenue recognition over time and revenue … Read more

Last update 02/12/2019 New on IFRS 3 The Optional concentration test – Whilst applying the definition of a business might involve significant judgement, there was little or no guidance to identify situations where an acquired set of activities and assets is not a business. To address those concerns, the IASB introduced an optional fair value … Read more

Last update 22/11/2019 When your business is just surviving, Natural disasters Restructuring does not help, but the accounting and financial reporting is somewhat explained here. As a result of a natural disaster, an entity may decide to sell or abandon certain assets or execute a restructuring plan. A restructuring is a programme that is planned … Read more

Last update 22/11/2019 Natural disasters Miscellaneous considerations deals with several special IFRS accounting issues after a natural disaster. Future operating losses Natural disasters Miscellaneous considerations Entities may incur other losses directly or indirectly related to a natural disaster. An entity may anticipate having future operating losses for a period of time after a natural disaster. … Read more

Last update 26/11/2019 Natural disasters Insurance recoveries and reimbursements discusses the IFRS accounting between several standards and the reporting for a natural disaster and the insurances involved. An entity may experience a loss related to a natural disaster either through the impairment of an asset or the incurrence of a liability. For example, as a … Read more