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Last update 09/12/2019 Reclassification of financial assets – This section looks at the circumstances in which financial assets are reclassified, and their measurement on reclassification. Financial liabilities cannot be reclassified. [IFRS 9 4.4.2] Reclassification of financial assets – requirements Under IFRS 9, reclassification of financial assets is required if, and only if, the objective of … Read more

Last update 22/08/2019 Reclassification adjustments are amounts reclassified to profit or loss in the current period that were recognised in other comprehensive income in the current or previous periods.[IAS 1 92] The following reporting lines are items included in Other comprehensive income, the reclassification adjustments are marked.   IFRS link Financial reporting line IAS 1 … Read more

Last update 22/08/2019 IFRS 9 contains a rebuttable presumption that credit risk has increased significantly when contractual payments are more than 30 days past due. This means that when payments are 30 days past due, the financial asset is considered to have moved from Stage 1 to Stage 2, and lifetime expected credit losses are … Read more

Last update 21/08/2019 The realisation principle is the concept that revenue can only be recognised once the underlying goods or services associated with the revenue have been delivered or rendered, respectively. Thus, revenue can only be recognised after it has been earned. The best way to understand the realisation principle is through the following examples: Advance payment … Read more

Last update 07/01/2020 In full: Qualitative characteristic of useful financial information A characteristic that makes financial information useful to the primary users of general purpose financial reports. Qualitative characteristic In the Conceptual; Framework further guidance is provided – If financial information is to be useful, it must be relevant and faithfully represent what it purports to represent. … Read more