IFRS Topics

Last update 09/01/2020 IFRS Standards and IFRIC Interpretations are accessible from this page. They are used in this site as a easy reference from/to blogs. Here is their official source, the IFRS Foundation site of issued standards. IFRS Standards are set by the International Accounting Standards Board and are used primarily by publicly accountable companies—those … Read more

Last update 30/09/2019 The Standards in International Financial Reporting Standards (IFRS) are one collection of financial reporting practices. They keep important because of the growing number of companies around the world (especially listed companies) that are required to comply with them, and the growing number of countries, that continue to model their own more general … Read more

Last update 27/12/2019 This is an example set of Financial statements 2018. It is intended to help entities to prepare and present financial statements in accordance with IFRS by illustrating a possible format for financial statements for a fictitious multinational corporation (the Group) involved in general business activities. This hypothetical reporting entity has been applying … Read more

Last update 22/12/2019 IFRS 9-The SPPI test explained by example – The solely payments of principal and interest (SPPI) test requires that the contractual terms of the financial asset (as a whole) give rise to cash flows that are solely payments of principal and interest on the principal amounts outstanding ie cash flows that are consistent with … Read more

Last update 31/10/2019 IFRS 9 Transfer right to receive cash flows is part of a decision model for the derecognition of financial assets. The derecognition can be a full derecognition, a full continued recognition, a full derecognition with recognition of new assets or liabilities retained or a continued involvement. The model is starting here. Derecognition … Read more

Last update 31/10/2019 IFRS 9 Transfer all risks and rewards is part of a decision model for the derecognition of financial assets. The derecognition can be a full derecognition, a full continued recognition, a full derecognition with recognition of new assets or liabilities retained or a continued involvement. The model is starting here. Derecognition of … Read more

Last update 01/12/2019 IFRS 9 The Solely Payments of Principal and Interest Test is a necessary condition (see IFRS 9 Classification and Measurement of Financial Instruments) for classifying loans and receivables at Amortized Cost or FVOCI.  This means that the contractual payments give rise on specified dates to cash flows that are solely payments of … Read more

Last update 16/11/2019 IFRS 9 The Business Model Test is a necessary condition (see IFRS 9 Classification and Measurement of Financial Instruments) for classifying a loan or receivable at Amortized Cost or FVOCI. The test is about whether the asset is part of a group or portfolio that is being managed within a business model … Read more

Last update 31/10/2019 IFRS 9 Retain control of the asset IFRS 9 Retain control of the assetis part of a decision model for the derecognition of financial assets. The derecognition can be a full derecognition, a full continued recognition, a full derecognition with recognition of new assets or liabilities retained or a continued involvement. The … Read more

Last update 31/10/2019 IFRS 9 Retain all risks and rewards is part of a decision model for the derecognition of financial assets. The derecognition can be a full derecognition, a full continued recognition, a full derecognition with recognition of new assets or liabilities retained or a continued involvement. The model is starting here. Derecognition of … Read more