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Ultimate guide to IFRS 3 Business combinations Good start

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Ultimate guide to IFRS 3 Business combinations outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the ‘acquisition method’, which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. Topics hide Definitions: … Read more

Licensing provides rights to a customer

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Licensing establishes a customer’s rights to the intellectual property of an entity. Licenses of intellectual property may include, but are not limited to, licenses of any of the following: Software (other than software subject to a hosting arrangement) and technology Motion pictures, music, and other forms of media and entertainment Franchises Licensing Patents, trademarks, and … Read more

IAS 20 Accounting for emissions trading schemes – Important to best read

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IAS 20 Accounting for emissions trading schemes, emission allowances, certified emission reductions and emission rights will become more important for entities’ financial reporting purposes. Topics hide Account for Emissions trading schemes and Account for certified emission reductions Accounting for emissions trading schemes Certified emission reductions Accounting for Emission allowances Accounting considerations for emission allowances Account … Read more

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