Annual Reporting Posts

Blog posts from Annual Reporting Posts

IAS 37 Provisions Other liabilities and Contingent liabilities

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Topics hide IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 37 Provisions Other liabilities and Contingent liabilities Provisions and other liabilities IAS 37 Provisions Other liabilities and Contingent liabilities Relationship between provisions and contingent liabilities IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 37 Provisions Other liabilities and Contingent liabilities Provisions and other … Read more

Taxable temporary differences

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Temporary differences that will result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.         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

Deductible temporary difference

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Temporary differences between the carrying amount of an asset or liability in the statement of financial position and its tax base that will result in amounts that are deductible in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.         … Read more

Tax base

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The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes.         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 the use of (locally authorised … Read more

IAS 12 Objective Scope Definitions

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IAS 12 Income taxes IAS 12 Objective Scope Definitions Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of: the future recovery (settlement) of the carrying amount of assets (liabilities) … Read more

Advertising and promotional costs

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Topics hide Advertising and promotional costs Promotional catalogues and brochures Samples Media advertising In summary Advertising and promotional costs The purpose of this narrative is to provide guidance when accounting for expenditure on advertising and promotional activities, including: promotional catalogues and brochures; samples; and media advertising. Promotional catalogues and brochures Catalogues that are distributed free … Read more

IAS 38 Recognition of an expense

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Topics hide IAS 38 Intangible Assets IAS 38 Recognition of an expense IAS 38 Intangible Assets IAS 38 Recognition of an expense 68 Expenditure on an intangible item shall be recognised as an expense when it is incurred unless: it forms part of the cost of an intangible asset that meets the recognition criteria (see … Read more

IFRS 15 Practical alternative for similar goods or services

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Topics hide Practical alternative for similar goods or services Case – Applying the practical alternative Alternative approach not limited to renewal options More than one acceptable approach to determine the expected goods or services to be provided Practical alternative for similar goods or services If the goods or services that the customer has a material … Read more