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Use back button from the brower Last Updated on 23/02/2021 by 75385885 At initial recognition and measurement a financial asset (subsequently) measured at amortized costs is measured at fair value plus directly attributable transaction costs. A financial asset is classified as subsequently measured at amortised cost if (IFRS 9 4.1.1): the contractual terms of the … Read more
Last Updated on 03/02/2020 by 75385885 Topics hide IFRS 15 Revenue from Contracts with Customers IFRS 15 Right of return Example 22—Right of return IFRS 15 Revenue from Contracts with Customers IFRS 15 Right of return Part of the main section Measurement – Determining the transaction price – Constraining estimates of variable consideration IFRS 15 … Read more
Topics hide Variable consideration in transaction price Customer credit risk Variable consideration Example – Variable consideration – over-time revenue recognition Example – variable consideration – point in time recognition Estimating the variable consideration Example – Variable consideration – expected value method Example – Variable consideration – most likely amount Variable consideration in transaction price Variable … Read more
IFRS 15 Revenue from contracts with customers – the easy way to obtain an solid overview IFRS 15 Revenue from Contracts with Customers (here is the full standard) establishes a single and comprehensive framework which sets out how much revenue is to be recognised, and when. The core principle is that a vendor should recognise … Read more
Use back button from the brower Last Updated on 22/02/2021 by 75385885 Stand-ready obligations are obligations arising from contracts with customers by a supplier promising to stand-ready to provide a service or goods. There has been significant discussion about when these promises constitute a performance obligation, as well as the appropriate pattern of recognition for … Read more
Topics hide Licensing of intellectual property – in summary What is intellectual property? IFRS 15 Reporting of intellectual property Licences of intellectual property – Introduction Is the licence distinct from non-licence goods or services? Additional application examples Determine the nature of a distinct licence / Right to access IP Timing and pattern of revenue recognition … Read more
Generation assets for Power and Utilities – are often large and complex installations. They are expensive to construct, tend to be exposed to harsh operating conditions and require periodic replacement or repair. This environment leads to specific accounting issues. Topics hide 1 Fixed assets and components 2 Borrowing costs 3 Decommissioning obligations 4 Impairment 5 … Read more
Last Updated on 07/02/2020 by 75385885 IAS 23 Borrowing costs Core principle 1 Borrowing costs that are directly attributable to the … Read more
Last Updated on 07/02/2020 by 75385885 IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 1 Objective Scope Objective 1 The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information … Read more
Topics hide Some challenges in measurement bases Some challenges in measurement bases Some challenges in measurement bases for best 1 in quality IFRS reporting – When applied to financial reporting the term measurement can give a misleading impression of certainty and objectivity. In daily life, measurements are typically made of the physical characteristics of physical … Read more