Annual Reporting Posts

Objective 1 The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are … Read more

Objective 1 The objective of this Standard is to prescribe the accounting treatment for inventories. A primary issue in accounting for inventories is the amount of cost to be recognised as an asset and carried forward until the related revenues are recognised. This Standard provides guidance on the determination of cost and its subsequent recognition … Read more

Last update 10/02/2020 25 An entity shall recognise a group of insurance contracts it issues from the earliest of the following: the beginning of the coverage period of the group of contracts; the date when the first payment from a policyholder in the group becomes due; and for a group of onerous contracts, when the … Read more

Last update 28/01/2020 IFRS 10 Illustrative Examples IFRS 10 IE1 Investment entity Limited partnership These examples accompany, but are not part of, the IFRS. Example 1 IE1 An entity, Limited Partnership, is formed in 20X1 as a limited partnership with a 10-year life. The offering memorandum states that Limited Partnership’s purpose is to invest in … Read more

Last update 03/02/2020 B77 When an entity delivers a product to another party (such as a dealer or a distributor) for sale to end customers, the entity shall evaluate whether that other party has obtained control of the product at that point in time. A product that has been delivered to another party may be … Read more

Last update 08/02/2020 Opening IFRS statement of financial position IFRS 1 Recognition and measurement 6 An entity shall prepare and present an opening IFRS statement of financial position at the date of transition to IFRSs. This is the starting point for its accounting in accordance with IFRSs. Accounting policies 7 An entity shall use the … Read more

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