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Deferred tax is not a new concept – however, it is the concept quite misunderstood by many. Well, first of all – deferred tax is NOT a tax to be paid. Instead, it is an accrual for tax, working similarly as any other accrual or even a provision. The next confusing thing about the deferred … Read more
What are management-defined performance measures, the new requirement in IFRS 18? The guidance in IFRS 18 related to MPMs is quite extensive, however, in my humble opinion, most “outside-financial statements” measures will not meet the definition of MPM in IFRS 18. As a result, no specific disclosure will be needed. Why? Because, first, you need … Read more
Here the questions raised is how to account for revenue in a transfer of land. Or to put it more formally how to account for revenue recognition in a real estate contract that includes the transfer of land (as per IFRS 15 Revenue from Contracts with Customers) as per the same 2018 IFRS Interpretations Committee Agenda … Read more
Variable number of equity instruments or variable exercise price or IFRS 2 Shares to the value of a fixed amount Shares to the value of of if a variable number of equity instruments to the value of a fixed amount is granted, commonly known as ‘shares to the value of’, then such an arrangement is … Read more
IAS 8 Best summary policies estimates and errors comprises a high level summary of the three items in this standard: Accounting policies, Accounting Estimates Errors 1. Accounting policies Definition: Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. ↓ ↓ Selection and application … Read more
IAS 36 Other impairment issues – When looking at the step-by-step IAS 36 impairment approach it comes down to the following broadly organised steps: IAS 36 How Impairment test What?? – Determining the scope and structure of the impairment review, explained here, If and when? – Determining if and when a quantitative impairment test is necessary, … Read more
Topics hide IFRS 5 Non-current assets Held for Sale and Discontinued Operations at a glance – here it is the ultimate summary: IFRS 5 Non-current assets Held for Sale and Discontinued Operations IFRS 5 Non-current assets Held for Sale and Discontinued Operations at a glance – here it is the ultimate summary: Source: https://www.bdo.global/en-gb/services/audit-assurance/ifrs/ifrs-at-a-glance … Read more
Topics hide the Expected Credit Losses model Decision tree ECL Model (1) Simplified approach ECL for trade receivables, contract assets and lease receivables (2) Purchased or originated credit-impaired assets (3) + (5) Option – practical expedient low credit risk financial assets (4) Assessing a significant increase in credit risk (6) Recognise lifetime ECL Portfolio or … Read more
Topics hide Scope IFRS 7 Financial instruments Disclosures High level summary Easy understand IFRS 7 Disclosures financial instruments IFRS 7 Financial instruments Disclosures High level summary IFRS 7 Financial instruments Disclosures High level summary IFRS 7 Financial instruments Disclosures High level summary IFRS 7 Financial instruments Disclosures High level summary IFRS 7 Financial instruments Disclosures … Read more
Topics hide Arrangements where the identification criteria are not met Arrangements where the identification criteria are not met Arrangements where the identification criteria are not met An arrangement is not accounted for using the five contract identification criteria until all of the criteria are met. Management will need to reassess the arrangement at each reporting … Read more