Annual Reporting Posts

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

Objective 1 The objective of this Standard is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties. Scope … Read more

Objective 1 [Deleted] 2 The objective of this Standard is to establish principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities. It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of related … Read more