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(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide Presentation of financial statements IAS 1 Basis of preparation of financial statements Overview Going concern assessment Disclosures about the going concern assessment Entity is not a going concern Liquidation of a subsidiary is imminent IAS 1 Form and components of financial statements Overview Consolidated financial statements Reporting period … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide Non-monetary transactions IFRS 15 Non-monetary exchanges with customers Property, plant and equipment Cash flow Disclosures Other non-monetary exchanges Assets received from government Assets received from owners Accounting for Barter Credits 1. Recording the Exchange Transaction 2 Evaluating the Recorded Amount of Barter Credits How a Barter Transaction Works … Read more
Objective 1 The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. Scope 2 This Standard shall be applied in the recognition, measurement and disclosure of investment property. 3 [Deleted] 4 This Standard does not apply to: biological assets related to agricultural activity (see IAS 41 Agriculture … Read more
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