Annual Reporting Posts

Blog posts from Annual Reporting Posts

Foreign currency

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Foreign currency is a currency other than the functional currency of the entity.         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 for all or … Read more

Classification of financial instruments

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Use back button from the brower Last Updated on 25/02/2021 by 75385885     [classes subject to expected credit loss model] IFRS Synonyms: Measurement of financial instruments, Valuation of financial instruments, Classes of financial instruments, The IFRS 9 Framework Related Articles: Loans and receivables IFRS 7 Market risk disclosures IAS 32 Clearly distinguishing liability and equity … Read more

Disclosure non-financial assets and liabilities

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Topics hide Disclosure non-financial assets and liabilities Disclosure non-financial assets and liabilities Guidance Disclosing non-financial assets and non-financial liabilities in one note Accounting policies, estimates and judgements Classes of property, plant and equipment Leasing disclosures Impairment Deferred tax assets and liabilities Assets held for sale Employee benefit obligations Fair value measurements Other potential disclosures Disclosure … Read more

Disclosure Corporate Income Tax

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Topics hide Disclosure Corporate Income Tax Disclosure corporate income tax – Guidance Relationship between tax expense and accounting profit Initial recognition exemption – subsequent amortisation Taxation of share-based payments Income tax recognised outside profit or loss Unrecognised temporary differences Other potential disclosures Changes in tax rate Disclosure corporate income tax example 6 Income tax expense … Read more

Allocate the transaction price to POs – E&C 1 Best Complete Read

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Allocate the transaction price to POs – This part relates to a complete explanation of IFRS 15 Revenue from contracts with customers in respect of Engineering & Construction contracts, see Revenue from Engineering & Construction contracts. Allocate the transaction price to POs Once the performance obligations are identified and the transaction price has been determined, IFRS … Read more

Unavoidable costs

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Use back button from the brower Last Updated on 11/03/2021 by 75385885 The term “unavoidable costs” has a specific meaning for accounting purposes. The IASB explains it as “the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfill it.” However in May 2020 IASB issued amendments … Read more

Performance obligations software contracts

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Performance obligations software contracts and cloud services contracts – Once an entity has identified the contract with a customer, it evaluates the contractual terms and its customary business practices to identify all the promised goods or services within the contract and determine which of those promised goods or services (or bundles of promised goods or … Read more

Residual value guarantees

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Use back button from the brower Last Updated on 26/03/2021 by 75385885 Residual value guarantees are a components of lease payments (amounts expected to be payable by the lessee under residual-value-guarantees) together with: fixed payments (including in-substance fixed payments), less any lease incentives receivable; variable lease payments that depend on an index or a rate; … Read more

Voluntary separation non-insurance components

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Voluntary separation non-insurance components The prohibition of Voluntary separation non-insurance components will have a significant impact on some accounting practices. The IASB considered whether to permit an entity to separate a non-insurance component when not required to do so by IFRS 17, for example, some investment components with interrelated cash flows, such as policy loans. … Read more