Annual Reporting Posts

Last update 07/02/2020 20 This IFRS does not provide exemptions from the presentation and disclosure requirements in other IFRSs. IFRS 1 Presentation and disclosure Comparative information 21 An entity’s first IFRS financial statements shall include at least three statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements … Read more

Last update 08/02/2020 Scope1 1 As part of Improvements to IFRSs issued in May 2008 the Board amended terminology used in this Standard to be consistent with other IFRSs as follows: (a) ‘taxable income’ was amended to ‘taxable profit or tax loss’, (b) ‘recognised as income/expense’ was amended to ‘recognised in profit or loss’, (c) … Read more

Last update 28/01/2020 Topics hide Purpose of financial statements IAS 1 Financial statements Complete set of financial statements General features Fair presentation and compliance with IFRSs Going concern Accrual basis of accounting Materiality and aggregation Offsetting Frequency of reporting Comparative information Minimum comparative information Additional comparative information Change in accounting policy, retrospective restatement or reclassification … Read more

Last update 12/02/2020 5 An investor, regardless of the nature of its involvement with an entity (the investee), shall determine whether it is a parent by assessing whether it controls the investee. 6 An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and … Read more

Last update 12/02/2020 Topics hide Classification of financial assets Contractual cash flows that are solely payments of principal and interest on the principal amount outstanding Consideration for the time value of money Contractual terms that change the timing or amount of contractual cash flows Contractually linked instruments Classification of financial assets Contractual cash flows that … Read more

Last update 12/02/2020 Topics hide 4.1 Classification of financial assets 4.2 Classification of financial liabilities Option to designate a financial liability at fair value through profit or loss 4.3 Embedded derivatives Hybrid contracts with financial asset hosts Other hybrid contracts 4.4 Reclassification 4.1 Classification of financial assets 4.1.1 Unless paragraph 4.1.5 applies, an entity shall … Read more

Last update 12/02/2020 Topics hide Initial recognition Regular way purchase or sale of financial assets Derecognition of financial assets Derecognition of financial liabilities Initial recognition B3.1.1 As a consequence of the principle in paragraph 3.1.1, an entity recognises all of its contractual rights and obligations under derivatives in its statement of financial position as assets … Read more

Last update 20/02/2020 72 To increase consistency and comparability in fair value measurements and related disclosures, this IFRS establishes a fair value hierarchy that categorises into three levels (see paragraphs 76–90) the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active … Read more

Last update 07/02/2020 Disclosures All entities 13 Relationships between a parent and its subsidiaries shall be disclosed irrespective of whether there have been transactions between them. An entity shall disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces consolidated financial … Read more