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cuongtd Use back button from the brower Last Updated on 27/02/2021 by 75385885 An entity values assets, liabilities and its own equity instruments assuming a transaction in the principal market for the asset or liability – i.e. the market with the greatest volume and level of activity. In the absence of a principal market, it is … Read more
Topics hide Understanding related party disclosures Disclosure requirements Exemption from disclosure (IAS 24 25) Disclosure requirements when an exemption applies Example – Understanding related party disclosures Example disclosures Understanding related party disclosures Understanding related party disclosures Example Understanding related party disclosures shows two disclosures of related-party transactions. Here is a real life disclosure from Petrobas … Read more
Use back button from the brower Last Updated on 28/02/2021 by 75385885 In IFRS 9 a simplified impairment model is allowed for the following financial assets: Trade receivable and contract assets without a significant financing component, and Other long term trade receivables, contract assets and lease receivables. For trade receivables and contract assets that do … Read more
Topics hide IFRS 10 Assessing de facto control Example case All these criteria can be negative and still there is an entity de facto in control or not!! Let’s see how such an assessment is made… Does investor G have control of entity D? Investor G does not seem to control entity D in this … Read more
Control in debt restructuring in Structured entity provides a case of obtaining control in a transaction. Following is a case on the assessment whether certain stakeholders in a transaction/structure have obtained control over a certain entity in the transaction in line with the requirements of IFRS 10 Consolidated financial statements. Only one stakeholder can be … Read more
Satisfaction of construction performance obligations considers key implications IFRS 15 Revenue from Contracts with Customers for real estate entities. It provides an overview of the revenue recognition model in IFRS 15 with a focus on entities that: Own, operate and sell real estate Provide property management services Construct and sell residential property IFRS 15 introduced … Read more
Impairment testing cash generating unit with leases (or impairment of leased assets) is about a right-of-use asset (leased asset) and such an asset will frequently be included in a cash generating unit to be tested for impairment. At initial recognition, the right-of-use-asset equals the recognised lease liability, plus any lease payments made at or before … Read more
Topics hide IFRS 15 Vehicle sales by OEMs Another example – same subject And yes one more on the run – Repurchase agreement OEM IFRS 15 Vehicle sales by OEMs IFRS 15 Vehicle sales by OEMs IFRS 15 Vehicle sales by OEMs (Original Equipment Manufacturers) shows examples of real life situations, in this case close … Read more
Contract modifications and variable consideration are sometimes not easy to distinguish from one another. So here is a discussion bringing them together. 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 … Read more
Topics hide IFRS 9 Reclassification of financial instruments Accounting for IFRS 9 Reclassification of financial instruments Example – IFRS 9 Changes in business model Notice: Changes in the way in which assets are managed Example – Lapse of a contractual term Timing of reclassification of financial assets Notice: No definition of ‘reporting period’ Notice: Long … Read more