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Lessee

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(adsbygoogle = window.adsbygoogle || []).push({}); An entity that obtains the right to use an underlying asset for a period of time in exchange for consideration.         IFRS terms or definitions come from the Official Journal of the European Union (© European Union, https://eur-lex.europa.eu). Individual jurisdictions around the world may require or permit … Read more

IFRS 16 Objective Scope Recognition exemptions

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(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide Objective IFRS 16 Objective Scope Recognition exemptions Scope Recognition exemptions Related IFRS posts Objective IFRS 16 Objective Scope Recognition exemptions 1 This Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information … Read more

1 Ultimate Guide – IFRS vs US GAAP Intangible assets goodwill

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(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide IFRS vs US GAAP Intangible assets goodwill IFRS Definition US GAAP Definition IFRS Initial recognition and measurement US GAAP Initial recognition and measurement IFRS Research and development US GAAP Research and development IFRS Software developed for sale US GAAP Software developed for sale IFRS Internal-use software US GAAP … Read more

The Best 1 Perfect Read – Performance obligations at a point in time

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Performance obligations at a point in time or in full ‘Performance obligations satisfied at a point in time’) and Performance obligations satisfied over time are the two choices in IFRS 15. Performance obligations at a point in time Determine over time To determine whether revenue allocated to a performance obligation should be recognised over time, … Read more

Business model test

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« Back to Glossary Index (adsbygoogle = window.adsbygoogle || []).push({}); The (overall) business model test is about whether the asset is part of a group or portfolio that is being managed within a business model whose objective is to hold and collect contractual cash flows from the non-equity financial assets (IFRS 9 measurement at Amortized … Read more

Debt instruments

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« Back to Glossary Index (adsbygoogle = window.adsbygoogle || []).push({}); A debt instrument is an asset that an entity, such as an individual, business, or the government, uses to raise capital or to generate investment income. For instance, a company may need to finance the purchase of a new piece of equipment, while government agencies may require financing … Read more

IFRS 11 Joint Arrangements quick overview

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IFRS 11 Joint Arrangements quick overview provides the fastest overview on financial reporting by entities that have an interest in arrangements that are bound by a contractual arrangement providing two or more parties joint control. OBJECTIVE To establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (i.e. … Read more

at Fair value through profit or loss

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(adsbygoogle = window.adsbygoogle || []).push({}); Financial assets at fair value through profit or loss (FVPL) is the remaining classification and measurement application (the others ‘amortised costs’ and ‘fair value through other comprehensive income’ are strictly defined), if the business model is not that of ‘hold to collect’ or ‘hold to collect and sell’ or the SPPI … Read more

The best way for IFRS 15 Measuring progress to completion

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(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide IFRS 15 Measuring progress to completion Introduction Practical expedient in IFRS 15 for recognition of revenue over time Selecting a method to measure progress Time-based measure of progress: Technical support services Time-based measure of progress: Unspecified updates Determining which measure of progress to apply is not a free … Read more