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Non-monetary transactions IFRS 15 – Complete and Exemplary Read

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(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide Non-monetary transactions IFRS 15 Non-monetary exchanges with customers Property, plant and equipment Cash flow Disclosures Other non-monetary exchanges Assets received from government Assets received from owners Accounting for Barter Credits 1. Recording the Exchange Transaction 2 Evaluating the Recorded Amount of Barter Credits How a Barter Transaction Works … Read more

IAS 40 Objective Scope Definitions

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Objective 1 The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. Scope 2 This Standard shall be applied in the recognition, measurement and disclosure of investment property. 3 [Deleted] 4 This Standard does not apply to: biological assets related to agricultural activity (see IAS 41 Agriculture … Read more

Market participants

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Use back button from the brower (adsbygoogle = window.adsbygoogle || []).push({}); Fair value is based on assumptions that market participants would use in pricing the asset or liability. ‘Market participants’ are buyers and sellers in the principal (or most advantageous) market who have all of the following characteristics: they are independent of each other; they … Read more

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