Annual Reporting Posts

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

Objective 1 The objective of this Standard is to prescribe: when an entity should adjust its financial statements for events after the reporting period; and the disclosures that an entity should give about the date when the financial statements were authorised for issue and about events after the reporting period. The Standard also requires that … Read more

IAS 1 Objective IAS 1 Objective Scope Definitions 1 This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their … Read more

A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Last update 03/02/2020 46 When (or as) a performance obligation is satisfied, an entity shall recognise as revenue the amount of the transaction price (which excludes estimates of variable consideration that are constrained in accordance with paragraphs 56–58) that is allocated to that performance obligation. Determining the transaction price 47 An entity shall consider the … Read more