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Blog posts from Annual Reporting Posts
Income arising in the course of an entity’s ordinary activities. 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 some publicly listed … Read more
Topics hide Disclosure Related party transactions Presentation Materiality Key management personnel compensation Related party definition Post-employment benefit plans Transactions with related parties Comparatives Other potential disclosures Example Disclosure Related party transactions 20 Related party transactions 20(a) Parent entities 20(b) Subsidiaries 20(c) Key management personnel compensation 20(d) Transactions with other related parties 20(e) Outstanding balances arising … Read more
A related party is a person or entity that is related to the entity that is preparing its financial statements (in this Standard (IAS 24) referred to as the ‘reporting entity’). A person or a close member of that person’s family is related to a reporting entity if that person: has control or joint control … Read more
Topics hide Better Communication in Financial Reporting Better Communication in Financial Reporting Better Communication in Financial Reporting Better Communication in Financial Reporting is an IFRS.org initiative to focus financial reporting on users. There is a general view that financial reports have become too complex and difficult to read and that financial reporting tends to focus … Read more
Topics hide What happened in the reporting period Example disclosure – What happened in the reporting period Overview of acquisition Overview discontinued operation What happened in the reporting period There is no requirement to disclose a summary of significant events and transactions that have affected the company’s financial position and performance during the period under … Read more
An economic resource is a right by the reporting entity that has the potential to produce economic benefits. An economic resource in general has the form of an asset. This information is provided in the financial position. Potential to produce economic benefits – Within an economic resource, a feature that already exists and will produce economic benefits … Read more
Last Updated on 28/01/2020 by 75385885 Topics hide IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 5 Presentation and disclosure Presenting discontinued operations IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 5 Presentation and disclosure 30 An entity shall present and disclose information that enables users of the financial … Read more
Last Updated on 07/02/2020 by 75385885 Topics hide IFRS 3 Business Combinations IFRS 3AG Disclosure of business combinations IFRS 3 Business Combinations IFRS 3AG Disclosure of business combinations Disclosures (application of paragraphs 59 and 61) B64 To meet the objective in paragraph 59, the acquirer shall disclose the following information for each business combination that … Read more
Topics hide Sale with a right of return in IFRS 15 Worked example – Sale with a right of return Partial refunds Restocking fees and costs Conditional right of return Historical experience Sale with a right of return in IFRS 15 Under IFRS 15 Revenue from contract with customers, when an entity makes a sale … Read more
Topics hide The SPPI Test Overall assessment Money market funds Factors to consider in the SPPI Test Whether payment terms are “not genuine” or “de minimis” Rights in bankruptcy or when non-payment happens Arrangements denominated in a foreign currency Prepayment and term extending options Extending options Other contingent payment features Non-recourse arrangements The time value … Read more