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Blog posts from Annual Reporting Posts
Last update 12/02/2020 5 An operating segment is a component of an entity: that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity’s chief operating decision maker to … Read more
Last update 12/02/2020 Topics hide Determining whether credit risk has increased significantly since initial recognition More than 30 days past due rebuttable presumption Determining whether credit risk has increased significantly since initial recognition B5.5.15 When determining whether the recognition of lifetime expected credit losses is required, an entity shall consider reasonable and supportable information that … Read more
Last update 12/02/2020 Topics hide Objective Scope Definitions Objective 1 The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The Standard is intended to enhance the relevance and … Read more
Last update 28/01/2020 Topics hide IAS 37 Application of the recognition and measurement rules Future operating losses Onerous contracts Restructuring IAS 37 Application of the recognition and measurement rules Future operating losses 63 Provisions shall not be recognised for future operating losses. 64 Future operating losses do not meet the definition of a liability in … Read more
Last update 24/02/2020 Sales and Usage based royalties – IFRS 15 Revenue from Contracts with Customers (contents page is here) introduced a single and comprehensive framework which sets out how much revenue is to be recognised, and when. Sales and Usage based royalties The core principle is that a vendor should recognise revenue to depict … Read more
Last update 23/01/2020 Identifying the contract contract extensions – When an entity and its customer enter into a contract to renew (or extend the period of) an existing licence, the entity will evaluate whether the renewal or extension should be treated as a new licence or, alternatively, as a modification of the existing contract. A … Read more
Core principle 1An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates. Scope 2 This IFRS (IFRS 8) shall apply to: the separate or individual financial statements of an entity: … Read more
Objective 1 This IFRS: defines fair value; sets out in a single IFRS a framework for measuring fair value; and requires disclosures about fair value measurements. 2 Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and … Read more
1 [Deleted] Scope 2 This Standard shall be applied by all entities to all financial instruments within the scope of IFRS 9 Financial Instruments if, and to the extent that: IFRS 9 permits the hedge accounting requirements of this Standard to be applied; and the financial instrument is part of a hedging relationship that qualifies … Read more
Last update 12/02/2020 Introduction 6.1 Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for … Read more