Annual Reporting Posts

Blog posts from Annual Reporting Posts

What is the most important disclosure definition under IAS 1?

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Topics hide What is the disclosure definition under IFRS? Let us point to some IFRS disclosure particularities Minimum comparative information Structure and content Realisation of assets and liabilities Materiality and separate disclosure Nature of expense and function expense profit or loss statement Analysis of expenses by function and by nature Nature of expense Function of … Read more

Country-by-Country tax reporting IAS 12 Risk or Profit

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Topics hide Country-by-Country tax reporting Consistency and information exchange agreements Public disclosure and transparency CbC Reporting Technology and implementation CbC Reporting Focus on balance Country-by-Country tax reporting Country-by-Country tax reporting has become a fact of life for multinational enterprises (MNEs) with worldwide revenue above EUR 750 million. While most MNEs have developed processes to gather … Read more

Uncertain tax treatments in IAS 12 and IFRIC 23

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Topics hide Uncertain tax treatments Uncertain tax treatments – In short Background Definitions in IAS 12 of current tax and deferred tax liabilities or assets Presentation of uncertain tax liabilities (or assets) Tax presentation in the statement of profit or loss What to consider Uncertain tax treatments Uncertain tax treatments – In short Neither IAS … Read more

Disclosures Principles of consolidation and equity accounting for IAS 1

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Topics hide Disclosures Principles of consolidation and equity accounting Example accounting policies guidance Whether to disclose an accounting policy Change in accounting policy – new and revised accounting standards 25(b) Principles of consolidation and equity accounting (i) Subsidiaries (ii) Associates (iii) Joint arrangements (iv) Equity method (v) Changes in ownership interests Disclosures Principles of consolidation … Read more

Expected credit losses on financial assets

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Expected credit losses on financial assets relates to the impairment requirements that are applied to: Financial assets measured at amortised cost (originated, purchased, reclassified or modified debt instruments incl. trade receivables), Financial assets measured at fair value through other comprehensive income, Loan commitments except those measured at fair value through profit or loss, Financial guarantees … Read more

Allocating goodwill to cash-generating units

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Topics hide Allocating goodwill to cash-generating units What is an operating segment based on IFRS 8? How to do it – Allocating goodwill acquired in a business combination Case – Limit on the level at which goodwill can be allocated Allocating goodwill to cash-generating units = Reallocation of goodwill Disposal of an operation within a … Read more

Going concern and pandemics

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Topics hide Going concern and pandemics Judgement Disclosure Current vulnerability due to concentration and liquidity risks COVID-19: Issues for Shipping Entities Borrowings and covenants Vessels, goodwill and other intangibles Vessel lay-up and suspension of vessel construction Expected credit losses Modification of contracts accounted for as leases Demurrage revenue Force majeure clauses Going concern and pandemics … Read more

Natural disasters IFRS accounting

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Natural disasters IFRS accounting In the wake of the recent and devastating flood events in Queensland and Victoria, the destruction caused by Cyclone Yasi in Far North Queensland and the fires that have raged in Western Australia, attention for business has now turned from crisis management and clean up to addressing the longer term financial … Read more

Sales outside ordinary activities – best way of combining IFRS 15 IAS 16 IAS 38 and IAS 40

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Topics hide Sales outside ordinary activities Case – Sale of a single-property real estate (IFRS 3, IFRS 10, IAS 40 ) Food for thought – Judgement required to identify ordinary activities (IFRS 15.BC53) Food for thought – Accounting for a non-current non-financial asset held for sale may result in a gain or loss on transfer … Read more