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Last update 16/09/2019 This is a high level summary of the disclosure requirements added to IFRS 7 Financial Instruments: Disclosures that accompanies the impairment model in IFRS 9 Financial Instruments. Topics hide Credit risk management practices Inputs, assumptions and estimation techniques Reconciliations Modifications (renegotiations) Collateral or other credit enhancements Write-offs IFRS 7 Disclosures for IFRS … Read more

Last update 26/11/2019 IFRS 3 What are the different classifications of software?, well off course it depends. Computer software can be classified as either a tangible asset, i.e. property, plant and equipment or an intangible asset, depending on the level of integration with the related hardware. Topics hide Software integrated in hardware ‘Standalone’ software Long-term … Read more

Last update 02/12/2019 IFRS 3 Redefinition of a business – In summary:IFRS 3 Redefinition of a business The IASB issued narrow-scope amendments to IFRS 3 to help entities determine whether an acquired set of activities and assets is a business or not. The amendments clarify the minimum requirements to be a business, remove the assessment … Read more

Last update 17/12/2019 Reacquired rights – Short version Reacquired rights Reacquired rights feature in IFRS 3 as a specific exception to the standard’s measurement principle in such business combinations. The standard stipulates that a reacquired right is an intangible that must be recognised separately from goodwill. Reacquired rights The general measurement principle of IFRS 3 … Read more

Last update 02/12/2019 IFRS 3 Identify a business – An entity shall determine whether a transaction or other event is a business combination by applying the definition in IFRS 3, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the reporting entity shall account … Read more

Last update 16/12/2019 IFRS 3 Complete disclosures Business Combinations covers IFRS 3’s disclosure requirements. An illustrative disclosure is provided at the end of this Section, including insights on certain disclosure areas. IFRS 3 Complete disclosures Business Combinations Topics hide General objectives of the disclosure requirements Business combinations that require disclosures Minimum disclosure requirements THE DETAILS … Read more

Last update 17/12/2019 IFRS 3 Business Combinations outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the ‘acquisition method’, which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. A revised version … Read more

Last update 11/12/2019 IFRS 3 Business combinations Content – In April 2001 the International Accounting Standards Board (Board) adopted IAS 22 Business Combinations, which had originally been issued by the International Accounting Standards Committee in October 1998. IAS 22 was itself a revised version of IAS 22 Business Combinations that was issued in November 1983. … Read more

Last update 02/12/2019 IFRS 3 Application of the definition of a business – Highlights In October 2018, the International Accounting Standards Board (IASB or Board) issued amendments to the definition of a business in IFRS 3 Business Combinations. The amendments are intended to assist entities to determine whether a transaction should be accounted for as … Read more

Last update 02/12/2019 IFRS 3 Acquired process is substantive? – IFRS 3 requires a business to include, as a minimum, an input and a substantive process that together significantly contribute to the ability to create output. Because all asset acquisitions include inputs, the existence of a substantive process is what distinguishes an asset or group … Read more