IFRS Topics

Last update 20/12/2019 What are promises in a contract, from an accounting/financial reporting point of view and from a legal point of view. 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 … Read more

Last update 24/12/2019 Product delivered without a written contract – Seller’s practice is to obtain written and customer-signed sales agreements. Seller delivers a product to a customer without a signed agreement based on a request by the customer to fill an urgent need. Can an enforceable contract exist if Seller has not obtained a signed … Read more

Last update 22/12/2019 Private sector participation in public infrastructure – There are a wide variety of arrangements in operation globally whereby government or government agencies enter into contractual service arrangements to attract private sector participation in the development, financing, operation and maintenance of infrastructure for public services. IFRIC 12 is concerned with the accounting by … Read more

Last update 06/03/2019 Version 1.0 Last updated on March 5, 2019 1. OVERVIEW Annualreporting.info understands how important the protection of your personal information is to you. This Privacy Policy governs the privacy practices used by www.faqifrs.com on its “Website” (https://www.faqifrs.com); offline data collection, use, and disclosure activities; as well as the choices that you have … Read more

Last update 14/11/2019 Principal versus agent considerations exist when more than one party is involved in providing goods or services to a customer, the standard requires an entity to determine whether it is a principal or an agent in these transactions by evaluating the nature of its promise to the customer. Principal versus agent considerations … Read more

Last update 12/12/2019 Presentation uncertainty in transfer pricing Example 1 — The expected value method is used to reflect the effect of uncertainty for tax treatments considered together These examples accompany, but are not part of, IFRIC 23. These examples portray hypothetical situations illustrating how an entity might apply some of the requirements in IFRIC … Read more

Last update 01/11/2019 The presentation of discontinued operations is part of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Topics hide Presentation of discontinued operations Other topics in discontinued operations Definition of a discontinued operation Component of an entity Abandoned operations Changes in classification Comparative information Related posts: Presentation of discontinued operations The … Read more

Last update 17/12/2019 Presentation Insurance contracts – IFRS 17 specifies minimum amounts of information that need to be presented on the face of the statement of financial position and statement of financial performance. These are supplemented by disclosures to explain the amounts recognized on the face of the primary financial statements (see ‘Disclosure of Insurance … Read more

Last update 28/11/2019 Presentation hedges of groups of items – IFRS 9 provides more flexibility for hedges of groups of items, although it does not cover macro hedging. The ability to hedge net positions of hedges of groups of items under IFRS 9 is a step forward, in that it allows hedge designation in a … Read more

Last update 28/11/2019 Presentation Fair value hedges is a short overview on what to deal with in presenting and disclosing fair value hedges in IFRS financial statements. A fair value hedge is used when an entity is looking to eliminate or reduce the exposure that arises from changes in the fair value of a financial … Read more