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Topics hide IFRS 9 Reclassification of financial instruments Accounting for IFRS 9 Reclassification of financial instruments Example – IFRS 9 Changes in business model Notice: Changes in the way in which assets are managed Example – Lapse of a contractual term Timing of reclassification of financial assets Notice: No definition of ‘reporting period’ Notice: Long … Read more
Ultimate guide to IFRS 3 Business combinations outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the ‘acquisition method’, which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. Topics hide Definitions: … Read more
Licensing establishes a customer’s rights to the intellectual property of an entity. Licenses of intellectual property may include, but are not limited to, licenses of any of the following: Software (other than software subject to a hosting arrangement) and technology Motion pictures, music, and other forms of media and entertainment Franchises Licensing Patents, trademarks, and … Read more
IAS 20 Accounting for emissions trading schemes, emission allowances, certified emission reductions and emission rights will become more important for entities’ financial reporting purposes. Topics hide Account for Emissions trading schemes and Account for certified emission reductions Accounting for emissions trading schemes Certified emission reductions Accounting for Emission allowances Accounting considerations for emission allowances Account … Read more
Topics hide IFRS 3 Royalty arrangements as contingent considerations Compensation Extractive industry royalty arrangements Example – contingent consideration royalties Royalty arrangement as contingent arrangement Example – Accounting for royalties in the pharmaceutics industry Scenario: Acquisition of a business that includes future royalties payable to a seller IFRS 3 Royalty arrangements as contingent considerations Companies in … Read more
Use back button from the brower Last Updated on 05/05/2021 by 75385885 There are several ways errors may be included in a set of financial statements. There may be classification errors, measurement errors, presentation errors, disclosure errors and/or other errors. There are two important distinct types of errors in financial statements: material errors, see material … Read more
Topics hide Hedge of forecast FX purchases The Case – Type of hedge: Cash flow hedge FX risk management – Headlines only Hedging accounting policy disclosures – Headlines only Hedging instruments Hedging relationship Hedge documentation Hedge effectiveness Hedging accounting entries Hedge documentation – Headlines only Risk management objective Hedging relationship Identification of hedging instrument Hedge … Read more
Use back button from the brower Last Updated on 14/03/2021 by 75385885 In general, this means goods or services are handed over to the customer and the revenue may be recognised. IFRS 15 includes indicators of when the transfer of control occurs in case of performance obligations satisfied at a point in time (IFRS 15.38). … Read more
Temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position and its tax base. Temporary differences may be either: taxable temporary differences, which are temporary differences that will result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of … Read more
Last Updated on 12/02/2020 by 75385885 Topics hide IFRIC 23 Uncertainty over Income Tax Treatments IFRIC 23 Uncertainty over Income Tax Treatments IFRIC 23 Uncertainty over Income Tax Treatments References IFRIC 23 Uncertainty over Income Tax Treatments IAS 1 Presentation of Financial Statements IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 … Read more