Just another WordPress site
Blog posts from Annual Reporting Posts
Topics hide IFRS 17 at a glance Scope The general measurement model Initial recognition Subsequent measurement A simplified approach and modifications to the general measurement model IFRS 17 Presentation requirements IFRS 17 Transition What is the key impact of IFRS 17 on insurance reporting? IFRS 17 at a glance IFRS 17 introduces the new measurement … Read more
A set of insurance contracts resulting from the division of a portfolio of insurance contracts into, at a minimum, contracts written within a period of no longer than one year and that, at initial recognition: are onerous, if any; have no significant possibility of becoming onerous subsequently, if any; or do not fall into either … Read more
Topics hide General model in Insurance contracts measurement The General Model Estimates of future cash flows Insurance contract boundary Cash flows within the contract boundary Explicit cash flows Insurance contract discount rates Discount rates and characteristics of cash flows Current discount rates consistent with observable market prices Bottom-up approach Top-down approach Discount rates beyond the … Read more
Topics hide Definition of Material Applying materiality when preparing financial statements, by: Materiality as a filter Definition of Material Amendments on accounting policy disclosures Definition of Material The Definition of Material (with amendments to IAS 1 and IAS 8) puts the spotlight on: Applying materiality when preparing financial statements, by: Encouriging IFRS reporting specialists to … Read more
Topics hide Landlord Lease modifications / Rental modifications 1 Modifications to operating leases – General considerations 2. Modifications to operating leases related to COVID-19 3 Changes to operating leases that are not lease modifications 4 Changes to operating leases that are not lease modifications 5 Modifications to finance leases 5.1 Separate lease 5.2 Not a … Read more
Topics hide Focus definition or Trends in IFRS reporting Example Report Corp. (IAS 1.49, IAS 1.51(a)) Structure of the notes Materiality matters 1. Example Report Corp. How did we arrive at these numbers? What are the risks included in these financial statements? How is the Group/Company organised? What are the conditional items not yet recognised? … Read more
Sub-leases of real estate New classification guidance means that more sub-leases are finance leases under IFRS 16 than previously, impacting the financial position and financial performance of intermediate landlords. A sub-lease is a transaction in which a lessee (or ‘intermediate lessor’) grants a right to use the underlying asset to a third party, and the … Read more
Topics hide Lease calculation The 5-step lease calculations model Step 1. Identification of a lease contract Step 2 Lease term Lease Options to Extend or Terminate Reassessment of Lease Term Step 3 Initial measurement of the lease liabilty Right-of-Use Asset Subsequent Measurement of Lease Liability Step 4 Historical reporting Step 5 Historical changes to the … Read more
The total period of time that an asset is used to fulfil a contract with a customer (including any non-consecutive periods of time). 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 … Read more
The date on which a lessor makes an underlying asset available for use by a lessee. 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 and/or amended) IFRS Standards … Read more