Annual Reporting Posts

Last update 28/01/2020 IFRS 5 Classification as held for sale Classification of non-current assets (or disposal groups) as held for sale or as held for distribution to owners 6 An entity shall classify a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction … Read more

Last update 06/03/2020 Identifying the contract 9 An entity shall account for a contract with a customer that is within the scope of this Standard only when all of the following criteria are met: the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and … Read more

Last update 03/02/2020 110 The objective of the disclosure requirements is for an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. To achieve that objective, an entity shall disclose qualitative and quantitative information about all … Read more

Last update 20/02/2020 91 An entity shall disclose information that helps users of its financial statements assess both of the following: for assets and liabilities that are measured at fair value on a recurring or non-recurring basis in the statement of financial position after initial recognition, the valuation techniques and inputs used to develop those … Read more

Last update 06/02/2020 Determining what is part of the business combination transaction (application of paragraphs 51 and 52) B50 The acquirer should consider the following factors, which are neither mutually exclusive nor individually conclusive, to determine whether a transaction is part of the exchange for the acquiree or whether the transaction is separate from the … Read more

Last update 03/02/2020 105 When either party to a contract has performed, an entity shall present the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. An entity shall present any unconditional rights to consideration separately as … Read more

Last update 08/02/2020 Identifying an asset that may be impaired 7 Paragraphs 8–17 specify when recoverable amount shall be determined. These requirements use the term ‘an asset’ but apply equally to an individual asset or a cash-generating unit. The remainder of this Standard is structured as follows: paragraphs 18–57 set out the requirements for measuring … Read more

Last update 01/03/2020 4 An entity shall account for each business combination by applying the acquisition method. IFRS 3 The acquisition method 5 Applying the acquisition method requires: IFRS 3 The acquisition method identifying the acquirer; IFRS 3 The acquisition method determining the acquisition date; IFRS 3 The acquisition method recognising and measuring the identifiable … Read more

Last update 02/03/2020 IFRS 10 Assessing control B2 To determine whether it controls an investee an investor shall assess whether it has all the following: power over the investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount … Read more

Last update 22/02/2020 Topics hide Provisions IAS 37 Recognition of provisions Present obligation Past event Probable outflow of resources embodying economic benefits Reliable estimate of the obligation Contingent liabilities Contingent assets Provisions IAS 37 Recognition of provisions 14 A provision shall be recognised when: an entity has a present obligation (legal or constructive) as a … Read more