Just another WordPress site
Blog posts from Annual Reporting Posts
Use back button from the brower (adsbygoogle = window.adsbygoogle || []).push({}); Fair value is based on assumptions that market participants would use in pricing the asset or liability. ‘Market participants’ are buyers and sellers in the principal (or most advantageous) market who have all of the following characteristics: they are independent of each other; they … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide 9 Essential Leases and no leases examples 1. Lease Rail cars 2. Not a lease Rail cars 3. No lease Contract for shirts 4. No Lease – Contract with a ship owner 5. Lease – Contract with a ship owner 6. No lease Concession space 7. Lease of … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); An entity that obtains the right to use an underlying asset for a period of time in exchange for consideration. 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 … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide Objective IFRS 16 Objective Scope Recognition exemptions Scope Recognition exemptions Related IFRS posts Objective IFRS 16 Objective Scope Recognition exemptions 1 This Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide IFRS vs US GAAP Intangible assets goodwill IFRS Definition US GAAP Definition IFRS Initial recognition and measurement US GAAP Initial recognition and measurement IFRS Research and development US GAAP Research and development IFRS Software developed for sale US GAAP Software developed for sale IFRS Internal-use software US GAAP … Read more
Performance obligations at a point in time or in full ‘Performance obligations satisfied at a point in time’) and Performance obligations satisfied over time are the two choices in IFRS 15. Performance obligations at a point in time Determine over time To determine whether revenue allocated to a performance obligation should be recognised over time, … Read more
« Back to Glossary Index (adsbygoogle = window.adsbygoogle || []).push({}); The (overall) business model test is about whether the asset is part of a group or portfolio that is being managed within a business model whose objective is to hold and collect contractual cash flows from the non-equity financial assets (IFRS 9 measurement at Amortized … Read more
« Back to Glossary Index (adsbygoogle = window.adsbygoogle || []).push({}); A debt instrument is an asset that an entity, such as an individual, business, or the government, uses to raise capital or to generate investment income. For instance, a company may need to finance the purchase of a new piece of equipment, while government agencies may require financing … Read more
IFRS 11 Joint Arrangements quick overview provides the fastest overview on financial reporting by entities that have an interest in arrangements that are bound by a contractual arrangement providing two or more parties joint control. OBJECTIVE To establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (i.e. … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); Financial assets at fair value through profit or loss (FVPL) is the remaining classification and measurement application (the others ‘amortised costs’ and ‘fair value through other comprehensive income’ are strictly defined), if the business model is not that of ‘hold to collect’ or ‘hold to collect and sell’ or the SPPI … Read more