Annual Reporting Posts

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

Last update 07/02/2020 Objective 1 The objective of this IFRS is to require entities to provide disclosures in their financial statements that enable users to evaluate: the significance of financial instruments for the entity’s financial position and performance; and the nature and extent of risks arising from financial instruments to which the entity is exposed … Read more

Last update 07/02/2020 Nature and extent of risks arising from financial instruments 31 An entity shall disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the end of the reporting period. 32 The disclosures required by … Read more

Last update 05/03/2020 Topics hide Liabilities and equity (see also paragraphs AG13–AG14J and AG25–AG29A) Puttable instruments Liabilities and equity (see also paragraphs AG13–AG14J and AG25–AG29A) AG13 |   AG14J  |   AG25  |   AG29A 15 The issuer of a financial instrument shall classify the instrument, or its component parts, on initial recognition as a financial liability, a … Read more

Last update 12/02/2020 Topics hide Objective Scope Objective 1.1 The objective of this Standard is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity’s future cash flows … Read more