IFRS Topics

Last update 22/11/2019 Topics hide IAS 1 Quick-start Presentation of Financial Statements Intro Compliance Complete set Materiality Statement of Financial Position Statement of profit or loss and other comprehensive income Statement of changes in equity Statement of cash flows Notes Fundamental principles Going concern Consistency Accrual accounting Offsetting Current assets / Non-current assets New for 2019 … Read more

Last update 08/03/2019 IAS 1   Presentation of Financial Statements IAS 2   Inventories IAS 8   Accounting Policies, Changes in Accounting Estimates and Errors IAS 7   Statement of Cash Flows IAS 10 Events after the Reporting Period IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance … Read more

Last update 02/12/2019 Hyperinflation in Argentina – Argentina is now (October 2019) considered to be a hyperinflationary economy. IAS 29 – Financial Reporting in Hyperinflationary Economies is therefore applicable to entities whose functional currency is the Argentine peso. Assessment of the situation IAS 29 sets out a number of quantitative and qualitative characteristics for the … Read more

Last update 19/12/2019 How to work with APMs – Alternative performance measures (APM) have a twofold use; directors monitor the financial and economic performance through APMs, and reporting entities heavily rely on APMs to communicate results to their financial statement users. APMs should normally be consistent with the performance indicators used by directors. However, regulatory … Read more

Last update 01/11/2019 Here the questions raised is how to account for revenue in a transfer of land. Or to put it more formally how to account for revenue recognition in a real estate contract that includes the transfer of land (as per IFRS 15 Revenue from Contracts with Customers) as per the same 2018 IFRS … Read more

Last update 26/11/2019 How is goodwill different from other intangible assets? An asset, which has no physical existence such as corporate intellectual properties (patents, trademarks, business methodologies and copyrights), trademarks, patents, software, goodwill and brand recognition are known to be an “Intangible asset”. So goodwill is and is not an intangible asset. Goodwill is a … Read more

Last update 16/09/2019 IFRS 8 8 states that the following factors should be considered when an entity is determining the set of components that constitutes its operating segments: The nature of business activities of each component. To the extent that the higher- level segment information is represented by components that contain dissimilar business activities, while … Read more

Last update 17/12/2019 How and for what purpose is the asset used – A customer has the right to direct how and for what purpose the asset is used if, within the scope of its right of use defined in the contract, it can change how and for what purpose the asset is used throughout … Read more

Last update 22/12/2019 History of intangible assets – In November 1983, the International Accounting Standards Committee (IASC) approved the International Accounting Standards IAS 22 ‘Accounting for Business Combinations’ that contained the principles for accounting for goodwill. IAS 22, being concerned with business combinations, does not define goodwill. It also does not address the issues of … Read more

Last update 30/09/2019 The historical cost of an asset is the amount paid for it and the historical cost of a liability is the amount received in respect of it or the amount expected to be paid to satisfy it. Historical cost accounting is interpreted to require that the amount at which an asset is … Read more