Annual Reporting Posts

Objective 1 The objective of this IFRS is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. Meeting the objective 2 To meet the objective in paragraph 1, this IFRS requires an entity (the parent) that controls one or more other entities (subsidiaries) … Read more

Last update 03/02/2020 Part of the main section Measurement – Determining the transaction price – Variable consideration Examples 20–21 illustrate the requirements in paragraphs 50–54 of IFRS 15 on identifying variable consideration. Example 21—Estimating variable consideration IE105 An entity enters into a contract with a customer to build a customised asset. The promise to transfer … Read more

Last update 03/02/2020 Part of the main section Measurement – Determining the transaction price – Variable consideration Examples 20–21 illustrate the requirements in paragraphs 50–54 of IFRS 15 on identifying variable consideration. Example 20—Penalty gives rise to variable consideration IE102 An entity enters into a contract with a customer to build an asset for CU1 … Read more

Last update 07/02/2020 15 An item of property, plant and equipment that qualifies for recognition as an asset shall be measured at its cost. Topics hide Elements of cost Measurement of cost Elements of cost 16 The cost of an item of property, plant and equipment comprises: its purchase price, including import duties and non-refundable … Read more

Last update 03/02/2020 Examples 36–37 illustrate the requirements in paragraphs 91–94 of IFRS 15 on incremental costs of obtaining a contract, paragraphs 95–98 of IFRS 15 on costs to fulfil a contract and paragraphs 99–104 of IFRS 15 on amortisation and impairment of contract costs. Example 36—Incremental costs of obtaining a contract IE189 An entity, … Read more

Last update 03/02/2020 Part of the main section Recognition – Contract modifications Examples 54–61 illustrate the requirements in paragraphs 22–30 of IFRS 15 for identifying performance obligations and paragraphs B52–B63 of IFRS 15 on licensing. These examples also illustrate other requirements as follows, paragraphs 39–45 of IFRS 15 on measuring progress towards complete satisfaction of … Read more

Last update 28/01/2020 IFRS 15 Right to use intellectual property Part of the main section Recognition – Contract modifications Examples 54–61 illustrate the requirements in paragraphs 22–30 of IFRS 15 for identifying performance obligations and paragraphs B52–B63 of IFRS 15 on licensing. Right to use intellectual property IE303 An entity, a music record label, licenses … Read more

Objective IAS 37 Objective and Scope The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount. Scope 1 This Standard shall be … Read more

Objective 1 The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of … Read more

Last update 26/02/2020 Topics hide 3.1 Initial recognition Regular way purchase or sale of financial assets 3.2 Derecognition of financial assets Transfers that qualify for derecognition Transfers that do not qualify for derecognition All transfers 3.3 Derecognition of financial liabilities 3.1 Initial recognition 3.1.1 An entity shall recognise a financial asset or a financial liability … Read more