IFRS Topics

Last update 29/11/2019 What is a Business Model? The business model test is about whether the asset is part of a group or portfolio that is being managed within a business model whose objective is to collect contractual cash flows from the non-equity financial asset (Amortised Cost), or to both collect contractual cash flows from … Read more

Last update 16/09/2019 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. The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an … Read more

Last update 12/12/2019 What do levies look like? – These examples accompany, but are not part of IFRIC 21. The objective of these examples is to illustrate how an entity should account for a liability to pay a levy in its annual financial statements and in its interim financial report. Example 1 — A levy … Read more

Last update 22/12/2019 What can the Statement of Cash Flows tell you – The statement of cash flows, as its name implies, summarises a company’s cash flows for a period of time. The statement of cash flows explains how a company’s cash was generated during the period and how that cash was used. Even if … Read more

Last update 16/09/2019 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. The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an … Read more

Last update 24/12/2019 What are the disclosure requirements for impairments – Impairments relate to the (potential) impairment of: general (non-)current assets with many exceptions with similar rules in separate standards (mentioned separately hereafter) (IAS 36) – among others, PPE, Investment property at cost, Intangible assets, Goodwill, Investments in subsidiaries, associates and joint ventures at cost, … Read more

Last update 02/12/2019 What are related parties – Related parties are relationships in which one party has the ability to control or significantly influence the economic and operating decisions of another. Transactions with related parties are a common feature of business. Typically related party relationships include the following: Enterprises controlled or controlling one another, such … Read more

Last update 30/09/2019 Most entities will be able to identify their operating segments easily by reference to the definition. However, when this is not the case, for example if the chief operating decision maker (CODM) uses more than one set of segment information, other factors may enable the operating segments to be identified. Factors to … Read more

Last update 30/11/2019 What are IFRS Financial Statements – The objective of financial statements is to provide financial information about the reporting entity’s assets, liabilities, equity, income and expenses that is useful to users of financial statements in assessing the prospects for future net cash inflows to the reporting entity and in assessing management’s stewardship … Read more

Last update 16/09/2019 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. The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an … Read more