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cuongtd Last update 28/10/2019 Accounting for Customer Loyalty Programs in IFRS 15 is about customer options for additional goods or services and includes cases that should facilitate an easier understanding of this subject. Accounting for Customer Loyalty Programs Topics hide Customer options for additional goods or services Examples / Cases Case 1: an option for additional … Read more
Last update 08/12/2019 Acquisition-related costs are costs the acquirer incurs to effect a business combination. Those costs include finder’s fees; advisory, legal, accounting, valuation and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and costs of registering and issuing debt and equity securities. The acquirer shall … Read more
Last update 27/10/2019 Accounting by investment entities is about the accounting requirements in IFRS 10 for investment entities that are limited to an exception from consolidation of investments in certain subsidiaries. The exception also impacts the separate financial statements of an investment entity (if these are prepared). The table summarises the key requirements: Accounting by … Read more
Last update 31/07/2019 IFRS 3 Definition: The date on which the acquirer obtains control of the acquiree. The second step in applying the acquisition method, subsequent to identifying the acquirer, is to determine the acquisition date. Simply put, the acquisition date is the date on which the acquirer obtains control of the acquiree. In general, … Read more
Last update 29/09/2019 There are a lot of websites and more traditional outlets providing information on International Financial Reporting Standards (IFRS). The actual standards issued by the International Accounting Standards Board (IASB), publications from audit firms, worldwide and country-by-country, providing implementation and change services, books from (educational) book publishers providing the theory and history of … Read more
Last update 06/01/2020 Accurate information – The principle that financial reporting measurements should be accurate seems to be indisputable, though because such measurements are often subjective or matters of convention, accountants are sometimes reluctant to use words like accuracy in case they give a misleading impression of certainty or objective reality. Some commentators regard accuracy … Read more
Last update 15/12/2019 A court case – Example on recognising and measuring provisions Just to provide the right frame for the case here is a short introduction of the key features of IAS 37 needed to judge the court case. Topics hide Key definitions [IAS 37 10] Recognition of a provision The case A court … Read more
Last update 06/01/2020 Accrued benefit – the amount of a participant’s benefit obligation (i.e. his/her right to a retirement pension at a certain moment in time) (whether or not vested) in a pension plan as of a specific date that is determined in accordance with the terms of the retirement plan and based on compensation … Read more
Last update 05/01/2020 There are two basic type of accounting methodologies – one is cash accounting and the other is accrual accounting. Accrual accounting depicts the effects of transactions and other events and circumstances on a reporting entity’s economic resources and claims in the periods in which those effects occur, even if the resulting cash receipts … Read more
Last update 30/07/2019 IAS 8 Definition: The specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements. Accounting policies are procedures an entity uses to prepare its (consolidated) financial statements. Unlike accounting principles, which are rules, accounting policies are the standards for following those rules and define the … Read more