cuongtd

Financial liability at fair value through PL

by

Last update 16/08/2019 A financial liability ar fair value through profit or loss meets one of the following conditions: it meets the definition of held for trading. upon initial recognition it is designated by the entity as at fair value through profit or loss in accordance with IFRS 9 4.2.2 or IFRS 9 4.3.5. it … Read more

Contract modification and derecognition

by

Last update 17/12/2019 Contract modification and derecognition – A contract that qualifies as an insurance contract remains so until all rights and obligations are extinguished (i.e., discharged, cancelled or expired) unless the contract is derecognised because of a contract modification [IFRS 17 B25]. IFRS 4 contained no guidance on when or whether a modification of … Read more

Financial liabilities

by

Last update 16/08/2019 For IFRS financial reporting purposes financial liabilities exclude trade and other payables and provisions. Financial liability: any liability that is: a contractual obligation: to deliver cash or another financial asset to another entity; or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; … Read more

Contract enforceability and termination clauses

by

Last update 25/11/2019 Contract enforceability and termination clauses is about those troubles, get your money as entitled or end a contract before you lose too much money. An entity has to determine the duration of the contract (i.e., the stated contractual term or a shorter period) before applying certain aspects of the revenue model (e.g., … Read more

Financial instrument

by

Last update 16/08/2019 IFRS 9 Definition: A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial asset is any asset that is: Cash; An equity instrument of another entity; A contractual right: to receive cash or another financial … Read more

Contract costs from Contracts with Customers

by

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

Financial guarantees

by

Last update 16/11/2019 Financial guarantees IFRS 9 Definition: In general, a financial guarantee is a promise to take responsibility for another company’s financial obligation if that company cannot meet its obligation. The entity assuming this responsibility is called the guarantor. Such a guarantee can be limited or unlimited, making the guarantor liable for only a … Read more

Contract costs

by

Last update 08/11/2019 IFRS 15 for contract costs1 specifies the accounting treatment for costs an entity incurs to obtain and fulfil a contract to provide goods or services to customers as discussed below. An entity only applies these requirements to costs incurred that relate to a contract with a customer that is within the scope … Read more

Financial guarantee contract

by

Last update 16/11/2019 Financial guarantee contract – IFRS 17 Definition: A contract that requires the issuer to make specified payments, to reimburse the holder for a loss it incurs because a specified debtor fails to make a payment when due in accordance with the original or modified terms of a debt instrument. Further explanation These … Read more

Contract assets and contract liabilities

by

Last update 18/11/2019 Contract assets and contract liabilities relates to a complete explanation of IFRS 15 Revenue from contracts with customers in respect of Engineering & Construction contracts, see Revenue from Engineering & Construction contracts. IAS 11 required entities to record contract assets for unbilled accounts receivable when revenue is recognised but not billed. Contract … Read more