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cuongtd Use back button from the brower Last Updated on 26/03/2021 by 75385885 Residual value guarantees are a components of lease payments (amounts expected to be payable by the lessee under residual-value-guarantees) together with: fixed payments (including in-substance fixed payments), less any lease incentives receivable; variable lease payments that depend on an index or a rate; … Read more
Voluntary separation non-insurance components The prohibition of Voluntary separation non-insurance components will have a significant impact on some accounting practices. The IASB considered whether to permit an entity to separate a non-insurance component when not required to do so by IFRS 17, for example, some investment components with interrelated cash flows, such as policy loans. … Read more
Timing of Initial Recognition of Insurances – Groups of insurance contracts are initially recognised from the earliest of [IFRS 17 25]: when the coverage period starts; when the first payment from the policyholder is due, or actually received if there is no due date; and Timing of Initial Recognition of Insurances based on the facts … Read more
Topics hide Practical implications of IFRS 17 transition choices Practical implications of IFRS 17 transition choices Practical implications of IFRS 17 transition choices The choice between the modified retrospective approach and the fair value approach on transition will impact shareholders’ equity on transition and the release of profit from the insurance contracts in force after … Read more
Accounting Policies to First IFRS FS – An entity must use the same accounting policies in its opening IFRS statement of financial position and throughout all periods presented in its first IFRS financial statements1. Those accounting policies must comply with each IFRSs effective at the end of its first IFRS reporting period, unless there is … Read more
Debt instruments with par prepayment features that give rise to compensation being paid to the party triggering the possibility to be measured at amortised cost or fair value through other comprehensive income (FVOCI) in certain circumstances. Instruments with certain par prepayment features If a financial asset would otherwise meet the SPPI test, but fails to … Read more
Use back button from the brower Last Updated on 28/02/2021 by 75385885 The solely payments of principal and interest (SPPI) test requires that the contractual terms of the financial asset (as a whole) give rise to cash flows that are solely payments of principal and interest on the principal amounts outstanding ie cash flows that … Read more
Risk and Rewards Test and Control Test are, in combination, used to validate the accounting for a transfer of a financial asset under IFRS 9 Financial instruments. Based on criteria in previous steps it has been concluded that an entity has transferred a financial asset using the following decision tree (see IFRS 9 B3.2.1): Risk … Read more
Use back button from the brower Last Updated on 21/03/2021 by 75385885 An accounting mismatch could occur where, in the absence of the fair value option, a financial asset would be classified as available for sale (with most changes in fair value recognised directly in equity) while a related liability is measured at amortised cost … Read more
Topics hide Identifying an asset group for valuation purposes Identifying an asset group for valuation purposes Identifying an asset group Identifying an asset group for valuation purposes is a starting point as one of many scenarios in considering the sale of (part of) a business. An entity acquires assets and assumes liabilities in a business … Read more