IFRS Topics

Last update 22/11/2019 When your business is just surviving, Natural disasters Restructuring does not help, but the accounting and financial reporting is somewhat explained here. As a result of a natural disaster, an entity may decide to sell or abandon certain assets or execute a restructuring plan. A restructuring is a programme that is planned … Read more

Last update 22/11/2019 Natural disasters Miscellaneous considerations deals with several special IFRS accounting issues after a natural disaster. Future operating losses Natural disasters Miscellaneous considerations Entities may incur other losses directly or indirectly related to a natural disaster. An entity may anticipate having future operating losses for a period of time after a natural disaster. … Read more

Last update 26/11/2019 Natural disasters Insurance recoveries and reimbursements discusses the IFRS accounting between several standards and the reporting for a natural disaster and the insurances involved. An entity may experience a loss related to a natural disaster either through the impairment of an asset or the incurrence of a liability. For example, as a … Read more

Last update 22/11/2019 Natural disasters Hedge accounting, how to deal with this combinations, contract go on but the business dies….. Here is how to report such issues under IFRS. The natural disaster and potential subsequent events can disrupt many business transactions that may be postponed or cancelled. For example, entities may have been forecasting purchases … Read more

Last update 26/11/2019 Natural disasters Financial statement disclosure is about that, how to explain the disaster in the financial statements in a manner that leads to useful information for many users. The financial statement disclosure for entities directly and/or indirectly affected by natural disasters will vary depending on the magnitude of their losses and the … Read more

Last update 26/11/2019 Natural disasters Financial impact overview comprises a discussion of items to quantify in table in combination with qualifications to provide a clear as possible picture (without photoshopping the disaster off course). As communities begin the process of recovering from the tragedy of a natural disaster, entities operating in those locations, or providing … Read more

Last update 18/11/2019 Natural disasters Disclosure by Telefonica – telecommunication infrastructure is very sensitive to natural disasters, so it is good reading about that in the 2018 Consolidated financial statements Telefonica S.A. We have Global Business Continuity Regulations which, among other matters, contemplate the controls necessary to ensure the security and continuity of our processes, … Read more

Last update 22/11/2019 Natural disasters Decommissioning obligations arise when an entity is required to dismantle or remove an asset at the end of its useful life and to restore the site on which it has been located, for example, when an oil rig or nuclear power station reaches the end of its economic life. Natural … Read more

Last update 26/11/2019 Natural disasters Classification of income and expense deals with how important these (insurance) income and (impairment) expense items are in the financial statement after such disaster. IAS 1 Presentation of Financial Statements requires that when items of income or expense (a term covering both profit or loss and other comprehensive income) are material, their … Read more

Last update 19/11/2019 Natural disasters Asset impairments contains an explanation of the accounting considerations a reporting entity faces when operations are affected by a natural disaster. A combination of impairments of assets and insurance coverage for property damage and business interruption. Topics hide Impairment of assets Insurance coverage for property damage and business interruption Property … Read more