Annual Reporting Posts

Last update 03/02/2020 Definition of a business (application of paragraph 3) [changed May 2019] B7 A business consists of inputs and processes applied to those inputs that have the ability to contribute to the creation of outputs. The three elements of a business are defined as follows (see paragraphs B8–B12D for guidance on the elements … Read more

Last update 03/02/2020 B20 In some contracts, an entity transfers control of a product to a customer and also grants the customer the right to return the product for various reasons (such as dissatisfaction with the product) and receive any combination of the following: a full or partial refund of any consideration paid; a credit … Read more

Objective 1 The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. The Standard also specifies how to measure the carrying amount of intangible … Read more

Objective 1 The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are … Read more

Objective 1 The objective of this Standard is to prescribe the accounting treatment for inventories. A primary issue in accounting for inventories is the amount of cost to be recognised as an asset and carried forward until the related revenues are recognised. This Standard provides guidance on the determination of cost and its subsequent recognition … Read more

Last update 10/02/2020 25 An entity shall recognise a group of insurance contracts it issues from the earliest of the following: the beginning of the coverage period of the group of contracts; the date when the first payment from a policyholder in the group becomes due; and for a group of onerous contracts, when the … Read more

Last update 28/01/2020 IFRS 10 Illustrative Examples IFRS 10 IE1 Investment entity Limited partnership These examples accompany, but are not part of, the IFRS. Example 1 IE1 An entity, Limited Partnership, is formed in 20X1 as a limited partnership with a 10-year life. The offering memorandum states that Limited Partnership’s purpose is to invest in … Read more

Last update 03/02/2020 B77 When an entity delivers a product to another party (such as a dealer or a distributor) for sale to end customers, the entity shall evaluate whether that other party has obtained control of the product at that point in time. A product that has been delivered to another party may be … Read more

Last update 08/02/2020 Opening IFRS statement of financial position IFRS 1 Recognition and measurement 6 An entity shall prepare and present an opening IFRS statement of financial position at the date of transition to IFRSs. This is the starting point for its accounting in accordance with IFRSs. Accounting policies 7 An entity shall use the … Read more