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IAS 12 Objective Scope Definitions

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IAS 12 Income taxes IAS 12 Objective Scope Definitions Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of: the future recovery (settlement) of the carrying amount of assets (liabilities) … Read more

IFRS Reporting in Hyperinflationary Economy (IAS 29)

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It seems that these days everything changes and goes south as a consequence of a pandemic. And yes, it seems yet another country is undergoing economic collapse, albeit perhaps not as a direct result of the pandemic. This time, it is Lebanon – it is imploding fast. Not only economic experts warn that the financial … Read more

Advertising and promotional costs

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Topics hide Advertising and promotional costs Promotional catalogues and brochures Samples Media advertising In summary Advertising and promotional costs The purpose of this narrative is to provide guidance when accounting for expenditure on advertising and promotional activities, including: promotional catalogues and brochures; samples; and media advertising. Promotional catalogues and brochures Catalogues that are distributed free … Read more

IAS 38 Recognition of an expense

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Topics hide IAS 38 Intangible Assets IAS 38 Recognition of an expense IAS 38 Intangible Assets IAS 38 Recognition of an expense 68 Expenditure on an intangible item shall be recognised as an expense when it is incurred unless: it forms part of the cost of an intangible asset that meets the recognition criteria (see … Read more

IFRS 15 Practical alternative for similar goods or services

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Topics hide Practical alternative for similar goods or services Case – Applying the practical alternative Alternative approach not limited to renewal options More than one acceptable approach to determine the expected goods or services to be provided Practical alternative for similar goods or services If the goods or services that the customer has a material … Read more

Liability definition

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Topics hide Liability definition Asset definition Suggested revised Conceptual Framework definitions Guidance on terms Liability To transfer an economic resource ‘Present’ obligation Future events outside the control of the entity Liability definition The current liability definition is that a liability of an entity is a present obligation of the entity arising from past events, the … Read more

IFRS 15 Consumer products revenue accounting – Complete best read

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Topics hide IFRS 15 Consumer products Product sales from consumer products companies to retailers Case – Transfer of control Case – Right of return Case – Consignment arrangements Case – Volume discount Case – Bill and hold arrangements Case – Shipping terms Contractual arrangements between consumer products companies and retailers other than product sales Case … Read more

IFRS 15 Revenue accounting examples – Broad and best learned

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Topics hide IFRS 15 Revenue accounting examples IFRS 15 Sales of goods by agents Concession outlet within a department store Excise taxes and duties IFRS 15 Revenue accounting examples IFRS 15 Revenue accounting examples provides some special examples for IFRS 15 Revenue from contracts with customers: Sales of goods by agents, Concession outlet within a … Read more

IFRS 15 Technology sector revenue recognition – Top read

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Topics hide IFRS 15 Technology sector 1. Identify the contract Case – Assessing collectability for a portfolio of contracts Case – Assessing collectibility with a history of price concessions Case – Collection not probable Contract modifications 2. Identify performance obligations Case – Sale of hardware and installation services – separate performance obligations Case – Sale … Read more