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Last updated: 7 November 2018 Scope of IFRS 7 IFRS 7 requires entities to provide disclosures in their financial statements that enable users to evaluate the significance of financial instruments for the entity’s financial position and performance, the nature and extent of risks arising from financial instruments to which the entity is exposed during the … Read more

Last updated: 14 April 2020 IFRS 5 sets out specific requirements for presentation and disclosure of discontinued operations. A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and (IFRS 5.32) represents a separate major line of business or geographical area of operations, is … Read more

Last updated: 14 April 2020 Under IFRS 5, a non-current asset, or a disposal group, is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather through continuing use (IFRS 5.6), which will be the case if the following conditions are met (IFRS 5.7): asset/disposal group must … Read more

Last updated: 4 April 2020 Disclosure requirements relating to business combinations are set out in paragraphs IFRS 3.59-63,B64-67. Additionally, paragraph IAS 7.40 also lists disclosure requirements for obtaining and losing control of subsidiaries or other businesses, but these can be met by complying with IFRS 3 requirements. Interestingly, disclosure requirements of IFRS 13 relating to … Read more

Last updated: 4 April 2020 Under IFRS 3, business combinations should be accounted for using the acquisition method consisting of the following steps (IFRS 3.4-5): Identifying the acquirer. Determining the acquisition date. Recognising and measuring the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree. Recognising and measuring goodwill or a … Read more