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Conceptual Framework for Financial Reporting

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Last update 30/11/2019 Conceptual Framework for Financial Reporting – Just as an introduction some language thoughts to better understand what we are talking about. Conceptual: consisting of concepts Conceptual Framework for Financial Reporting Concept: an abstract or generic idea generalized from particular instances Conceptual Framework for Financial Reporting Framework: a basic conceptual structure (as of … Read more

Equity method

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Last update 17/10/2019 Equity method is used to account for investments in associates and joint-ventures. Simply put, the equity method is a simplified form of consolidation (IAS 28 27), with one major difference: items are not added line-by-line, but a single asset (investment in associate or joint-venture) is recognised in the statement of financial position … Read more

Conceptual framework 2018 Measurements

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Last update 31/10/2019 Conceptual framework 2018 measurements is part of the explanations on the revised Conceptual Framework for Financial Reporting (the Conceptual Framework 2018) issued in 2018 by IASB. It describes various measurement bases, the information they provide and factors to consider when selecting a measurement basis. The 2010 Conceptual Framework did not include much … Read more

Equity instrument

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Last update 10/08/2019 An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. FVOCI election for equity instruments At initial recognition of an equity investment, that is not held for trading or a contingent consideration (recognised by the acquirer in a business combination), … Read more

Conceptual Framework

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Last update 17/12/2019 The Conceptual Framework for Financial Reporting 2018 (the ‘Conceptual Framework’) describes the objective of, and the concepts for, general purpose financial reporting. The Conceptual Framework’s purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas … Read more

Equity attributable to the owners of the parent

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Last update 10/08/2019 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 attributes the profit or loss and each component of other comprehensive income to the owners of the parent and to the non-controlling interests. The proportion … Read more

Comprehensive understanding IFRS 15 Disclosures

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Last update 08/11/2019 Comprehensive understanding IFRS 15 Disclosures provides clear disclosure requirements, which are quite detailed and increase the volume of required disclosures that entities have to include in their interim and annual financial statements. Many of the requirements in IFRS 15 involve information that entities did not previously disclose, all in all the usefulness … Read more

Equity

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Last update 10/08/2019 Equity: The residual interest in the assets of the entity after deducting all its liabilities. Equity claim: A claim on the residual interest in the assets of the entity after deducting all its liabilities. Equity interests: For the purposes of IFRS 3, is used broadly to mean ownership interests of investor-owned entities … Read more

Components of a nominal amount

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Last update 27/11/2019 Definition Components of a nominal amount Components of a nominal amount are specified part(s) of the amount of an item. This could be a proportion of an entire item (such as, EUR 60 million of a fixed rate loan of EUR 100 million) or a layer component (for example, the bottom EUR … Read more

Entity-specific value

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Last update 10/08/2019 Entity-specific value or value in use is the present value of the cash flows an entity expects to arise from the continuing use of an asset and from its disposal at the end of its useful life or expects to incur when settling a liability. This is not a concept in use … Read more