Annual Reporting Posts

Blog posts from Annual Reporting Posts

Critical estimates and judgements

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Use back button from the brower Last Updated on 04/05/2021 by 75385885 Critical estimates and judgements – The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the group’s accounting policies. [IAS 1.122, IAS 1.125] The note … Read more

IAS 12 Tax recognition of current and deferred tax

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Last Updated on 29/02/2020 by 75385885 Topics hide IAS 12 Income taxes IAS 12 Tax recognition of current and deferred tax Items recognised in profit or loss Items recognised outside profit or loss Deferred tax arising from a business combination Current and deferred tax arising from share-based payment transactions IAS 12 Income taxes IAS 12 … Read more

IAS 12 Recognition deferred tax

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Last Updated on 05/02/2020 by 75385885 Topics hide IAS 12 Income taxes IAS 12 Recognition deferred tax IAS 12 Income taxes IAS 12 Recognition deferred tax Recognition of deferred tax liabilities and deferred tax assets Taxable temporary differences 15 A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent … Read more

IAS 12 Tax disclosure

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Last Updated on 05/02/2020 by 75385885 Topics hide IAS 12 Income taxes IAS 12 Tax disclosure IAS 12 Income taxes IAS 12 Tax disclosure 79 The major components of tax expense (income) shall be disclosed separately. 80 Components of tax expense (income) may include: current tax expense (income); any adjustments recognised in the period for … Read more

Disclosure profit or loss items

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Topics hide Disclosure profit or loss items Disclosure important profit or loss items guidance Disclosure important profit or loss items example 4 Important profit or loss items 4(a) Sale of freehold land 4(b) Impairment of other assets 4(c) Disposal of plant and equipment 4(d) Litigation settlement 4(e) Recognition of tax losses Disclosure profit or loss … Read more

Inventory costing 2 better understand

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Inventory costing – is about costs allocated to value inventory in stock at the end of a reporting period and calculate the costs of sales/gross profit earned in a period. Most operations comprise retail or wholesale operations, using relatively simple inventory costing systems such as FIFO, LIFO or Average Costs, other operations such as manufacturing … Read more

Credit risk

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The risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.         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 … Read more

IFRS 13 Measurement fair value

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Last Updated on 20/02/2020 by 75385885 Topics hide IFRS 13 Fair value measurement IFRS 13 Measurement fair value Measurement Definition of fair value The asset or liability The transaction Market participants The price Application to non-financial assets Application to liabilities and an entity’s own equity instruments General principles Liabilities and equity instruments held by other … Read more

IAS 32 AG Presentation

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Last Updated on 05/03/2020 by 75385885 Topics hide IAS 32 Financial Instruments: Presentation IAS 32 AG Presentation Liabilities and equity (paragraphs 15–27) No contractual obligation to deliver cash or another financial asset (paragraphs 17–20) Settlement in the entity’s own equity instruments Treatment in consolidated financial statements Compound financial instruments (paragraphs 28–32) Treasury shares (paragraphs 33–34) … Read more