IFRS Topics

Last update 12/12/2019 Multiple advances for one delivery of goods is an example presented in IFRIC 22 Foreign Currency Transactions and Advance Consideration. Other examples are: Multiple advances and multiple service deliveries, Multiple advances and multiple deliveries of goods and Advance payment to purchase Property, plant and equipment. These examples accompany, but are not part … Read more

Last update 12/12/2019 Multiple advances and multiple service deliveries is an example presented in IFRIC 22 Foreign Currency Transactions and Advance Consideration. Other example are Multiple advances and multiple deliveries of goods, Multiple advances and multiple deliveries of goods and Multiple advances for one delivery of goods. These examples accompany, but are not part of, … Read more

Last update 12/12/2019 Multiple advances and multiple deliveries of goods is an example presented in IFRIC 22 Foreign Currency Transactions and Advance Consideration. Other example are Multiple advances and multiple service deliveries, Multiple advances for one delivery of goods and Advance payment to purchase Property, plant and equipment. These examples accompany, but are not part … Read more

Last update 13/09/2019 Sometimes, consideration of the factors described in Measurement choices for recording transaction may lead to the conclusion that more than one measurement basis is needed for an asset or liability and for related income and expenses in order to provide relevant information that faithfully represents both the entity’s financial position and its … Read more

Last update 30/11/2019 More details to present Useful Financial Information – What are more qualitative characteristics that enhance the usefulness of information that already qualifies as relevant and providing a faithful representation? The enhancing qualitative characteristics may also help determine which of two ways should be used to depict a phenomenon if both are considered … Read more

Last update 25/11/2019 Applying the modified retrospective approach, an entity should achieve the closest possible outcome to the retrospective application using reasonable and supportable information without undue cost or effort. An entity should maximise the use of information required for the retrospective application, and it is permitted to use each modification only if there is … Read more

Last update 24/12/2019 Topics hide Modifications Modifications and Write-offs Financial assets Write-offs Modifications and Write-offs Financial assets Modifications and Write-offs Financial assets Related posts: Modifications Modifications and Write-offs Financial assets If the contractual cash flows of a financial asset are modified or renegotiated in such a way that does not result in derecognition of that financial … Read more

Last update 27/11/2019 Mechanics of rebalancing – Whether an entity has to rebalance a hedging relationship is first and foremost a matter of fact, which is, whether the hedge ratio has changed for risk management purposes. An entity has to rebalance a hedging relationship if that relationship still has an unchanged risk management objective but … Read more

Last update 30/09/2019 To be accurate in IFRS: Measuring progress toward complete satisfaction of a performance obligation 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 … Read more

Last update 28/11/2019 IFRS 9 adds only two paragraphs in the application guidance on measuring ineffectiveness, dealing with the time value of money and hypothetical derivatives. Although intended as a clarification, these two paragraphs might have wider implications for some practices currently applied by entities. Topics hide The effect of the time value of money … Read more