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With recycling/without recycling

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Use back button from the brower Last Updated on 26/03/2021 by 75385885 With recycling/without recycling – With recycling is the process where gains or losses for equity instruments are reclassified from equity to profit or loss as an accounting adjustment. In other words gains or losses for equity instruments are first recognised in the other … Read more

Disclosure financial assets and liabilities

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Disclosure financial assets and liabilities Introductory guidance Disclosing financial assets and liabilities (financial instruments) in one note Users of financial reports have indicated that they would like to be able to quickly access all of the information about the entity’s financial assets and liabilities in one location in the financial report. The notes are therefore … Read more

Components of Financial Statements

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Components of Financial Statements – The following comprise a complete set of financial statements: a statement of financial position, a statement of profit or loss and other comprehensive income, presented either: in a single statement that included all components of profit or loss and other comprehensive income, or in the form of two separate statements: … Read more

IFRS 15 Revenue Disclosures Examples

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Topics hide IFRS 15 Revenue Disclosures Examples Disaggregation of revenue Accounting policies and significant judgements Other potential disclosures Example Disclosure IFRS 15 Revenue from contracts with customers 3 Revenue from contracts with customers 3(a) Disaggregation of revenue from contracts with customers 3(b) Assets and liabilities related to contracts with customers 3(c) Accounting policies and significant … Read more

IAS 36 Disclosure

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Last Updated on 08/02/2020 by 75385885 Topics hide IAS 36 Impairment of assets IAS 36 Disclosure IAS 36 Impairment of assets IAS 36 Disclosure 126 An entity shall disclose the following for each class of assets: the amount of impairment losses recognised in profit or loss during the period and the line item(s) of the … Read more

IFRS 15 Contract costs

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Last Updated on 03/02/2020 by 75385885 Topics hide IFRS 15 Revenue from contracts with customers IFRS 15 Contract costs Incremental costs of obtaining a contract Costs to fulfil a contract Amortisation and impairment IFRS 15 Revenue from contracts with customers IFRS 15 Contract costs Incremental costs of obtaining a contract 91 An entity shall recognise … Read more

IFRS 15 Identifying the contract

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Last Updated on 06/03/2020 by 75385885 Topics hide IFRS 15 Revenue from Contracts with Customers IFRS 15 Identifying the contract Identifying the contract Combination of contracts Contract modifications Identifying performance obligations Promises in contracts with customers Distinct goods or services Satisfaction of performance obligations Performance obligations satisfied over time Performance obligations satisfied at a point … Read more

Acquisition

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Use back button from the brower Last Updated on 28/02/2021 by 75385885 Acquisition is the process of an entity (acquirer) buying another entity (investee, target), the acquirer must record the event under the acquisition method (IFRS 3). This approach mandates a series of steps to record the acquisitions, which are: Measure any tangible assets and … Read more

Contract assets

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Those rights that IFRS 15 Revenue from Contracts with Customers specifies are accounted for in accordance with this Standard for the purposes of recognising and measuring impairment gains or losses.         IFRS terms or definitions come from the Official Journal of the European Union (© European Union, https://eur-lex.europa.eu). Individual jurisdictions around the … Read more

IFRS 8 Entity-wide disclosures

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Last Updated on 12/02/2020 by 75385885 Topics hide IFRS 8 Reportable segments IFRS 8 Entity-wide disclosures Information about products and services Information about geographical areas Information about major customers IFRS 8 Reportable segments IFRS 8 Entity-wide disclosures 31 Paragraphs 32–34 apply to all entities subject to this IFRS including those entities that have a single … Read more