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IFRS 3 Royalty arrangements as contingent considerations – Best Fine Read

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Topics hide IFRS 3 Royalty arrangements as contingent considerations Compensation Extractive industry royalty arrangements Example – contingent consideration royalties Royalty arrangement as contingent arrangement Example – Accounting for royalties in the pharmaceutics industry Scenario: Acquisition of a business that includes future royalties payable to a seller IFRS 3 Royalty arrangements as contingent considerations Companies in … Read more

Errors

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Use back button from the brower Last Updated on 05/05/2021 by 75385885 There are several ways errors may be included in a set of financial statements. There may be classification errors, measurement errors, presentation errors, disclosure errors and/or other errors. There are two important distinct types of errors in financial statements: material errors, see material … Read more

1 Best Application of Hedge of forecast FX purchases

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Topics hide Hedge of forecast FX purchases The Case – Type of hedge: Cash flow hedge FX risk management – Headlines only Hedging accounting policy disclosures – Headlines only Hedging instruments Hedging relationship Hedge documentation Hedge effectiveness Hedging accounting entries Hedge documentation – Headlines only Risk management objective Hedging relationship Identification of hedging instrument Hedge … Read more

Temporary differences

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Temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position and its tax base. Temporary differences may be either: taxable temporary differences, which are temporary differences that will result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of … Read more

IFRIC 23 Uncertainty over Income Tax Treatments

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Last Updated on 12/02/2020 by 75385885 Topics hide IFRIC 23 Uncertainty over Income Tax Treatments IFRIC 23 Uncertainty over Income Tax Treatments IFRIC 23 Uncertainty over Income Tax Treatments References IFRIC 23 Uncertainty over Income Tax Treatments IAS 1 Presentation of Financial Statements IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 … Read more

Critical estimates and judgements

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Use back button from the brower Last Updated on 04/05/2021 by 75385885 Critical estimates and judgements – The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the group’s accounting policies. [IAS 1.122, IAS 1.125] The note … Read more

IAS 12 Tax recognition of current and deferred tax

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Last Updated on 29/02/2020 by 75385885 Topics hide IAS 12 Income taxes IAS 12 Tax recognition of current and deferred tax Items recognised in profit or loss Items recognised outside profit or loss Deferred tax arising from a business combination Current and deferred tax arising from share-based payment transactions IAS 12 Income taxes IAS 12 … Read more

IAS 12 Recognition deferred tax

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Last Updated on 05/02/2020 by 75385885 Topics hide IAS 12 Income taxes IAS 12 Recognition deferred tax IAS 12 Income taxes IAS 12 Recognition deferred tax Recognition of deferred tax liabilities and deferred tax assets Taxable temporary differences 15 A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent … Read more

IAS 12 Tax disclosure

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Last Updated on 05/02/2020 by 75385885 Topics hide IAS 12 Income taxes IAS 12 Tax disclosure IAS 12 Income taxes IAS 12 Tax disclosure 79 The major components of tax expense (income) shall be disclosed separately. 80 Components of tax expense (income) may include: current tax expense (income); any adjustments recognised in the period for … Read more