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Does the contract contain a lease 5

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Last update 15/05/2019 Did the customer design the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use? Consideration: The customer designed the asset (or specific aspects of the asset) in a way that predetermines how and for what purpose the asset will be used … Read more

Obligating event

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Last update 21/08/2019 An obligating event is an event that creates a legal or constructive obligation that results in an entity having no realistic alternative to settling that obligation. A legal obligation is an obligation that derives from: a contract (through its explicit or implicit terms); legislation; or other operation of law. A constructive obligation … Read more

Does the contract contain a lease 4

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Last update 15/05/2019 Does the customer have the right to operate the asset throughout the period of use, without the supplier having the right to change those operating instructions? Consideration: The customer has the right to operate the asset (or to direct others to operate the asset in a manner that it determines) throughout the … Read more

Notes to the financial statements

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Last update 19/08/2019 Notes to the financial statements that contain information in addition to that presented in the statement of financial position, statement of financial performance, statement of changes in net assets/equity and cash flow statement. Notes provide narrative descriptions or disaggregations of items disclosed in those statements and information about items that do not … Read more

Does the contract contain a lease 3

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Last update 15/05/2019 Does the customer, the supplier or neither party have the right to direct how and for what purpose the asset is used throughout the period of use? Consider the explanations in How and for what purpose the asset is used, before answering the question yes or no. You will be going to … Read more

Non-recourse assets

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Last update 09/12/2019 Non-recourse assets – In some cases, a financial asset may have contractual cash flows that are described as principal and interest, but that do not represent the payment of principal and interest. The essential difference between a recourse and non-recourse asset has to do with which assets a lender can claim against … Read more

Does the contract contain a lease 2

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Last update 30/09/2019 Does the customer have the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use? Consider the explanations in the right to obtain economic benefits from use, before answering the question yes or no. You will be going to the next question or … Read more

Non-current asset

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Last update 19/08/2019 IFRS Definition: An asset that does not meet the definition of a current asset. AKA – Fixed assets Or……. Assets An asset is something which has an economic value and held by an organization for benefit in present and future. Assets are broadly classified into two categories based on the time period … Read more

Does a contract include a lease?

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Last update 24/11/2019 Does a contract include a lease? is a game like type of thing, walk through a few pages and you have decided whether a contract includes a lease or not. As from 1 January 2019, the lessee is required to recognise almost all lease contracts on the balance sheet. The distinction between … Read more

Non-controlling interests

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Last update 19/08/2019 Definition IFRS 10 Non-controlling interest or NCI represents equity in a subsidiary not attributable, directly or indirectly, to a parent. AKA: Minority interest More information/explanation: A parent presents non-controlling interests in its consolidated statement of financial position within equity, separately from the equity of the owners of the parent. A reporting entity … Read more