IFRS Topics

Last update 20/11/2019 The ability to delay the recognition of credit losses on loans until there is evidence of a trigger event has been identified as one of the weaknesses in the incurred loss model outlined in IAS 39 for Fixed income Accounting for expected credit losses. To tighten up the credit loss rules, a forward-looking … Read more

Last update 03/12/2019 First time adoption IFRS Introduction – It is not only about IFRS 1 when an entity prepares its first IFRS financial statements, but also about some other IFRS because IFRS 1 references to these IFRS standards. Therefore, entities will need to consider the following standards in their first time adoption review process: … Read more

Last update 01/10/2019 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 to depict the transfer of promised goods or services to customers in an … Read more

Last update 20/12/2019 Just some highlights how financial statements for entities holding investment properties are different from more general purpose financial statements. Just like financial institutions and in the past companies with building and construction activities have/had their own industry specific IFRS that cover/covered the reporting of useful information outside the general/mainstream IFRS reporting rules. … Read more

Last update 23/12/2019 Financial reporting models – This is a note on the innovative history of Philips’ financial reporting, see the ‘Introduction to a history of innovation in financial reporting‘. Literature suggests that voluntary disclosure of financial reporting is associated with participatory, democratic ownership structures. Conversely, secretive attitudes are fostered by the centralization of equity … Read more

Last update 21/12/2019 Financial reporting in change – Many different bodies of practices are used around the world for external financial reporting and these include different approaches to measurement. Different jurisdictions have developed their own financial reporting requirements, influenced by differences in the uses made of financial reporting information and in business and regulatory environments. … Read more

Last update 26/12/2019 Financial Position – In short an overview: Financial Position The financial position of an entity is the relationship of its assets, liabilities and equity as of a specific date as presented in the statement of financial position. These are defined as follows: an asset is a resource controlled by the entity as … Read more

Last update 01/12/2019 Financial liabilities not at amortised costs – IFRS 9 retains almost all of the existing requirements from IAS 39 on the classification of financial liabilities – including those relating to embedded derivatives – because the Board believes that the benefits of changing practice would not outweigh the costs of the disruption caused … Read more

Last update 20/11/2019 Financial instruments clearly explained provides the explanations on all aspects of IAS 32, IAS 39, IFRS 7 and IFRS 9 in this website. The need for so many Standards and their regular withdrawal and/or revisions may show the difficulty in regulating the financial reporting of financial assets, financial liabilities and equity instruments! … Read more

Last update 05/12/2019 Financial instruments Basic risks are risks that apply to any type of financial instrument. However, depending on the relevant financial instrument, one or several of the risks described here below may apply cumulatively, therefore entailing an overall increase in the level of risk incurred by the investor. Topics hide 1. Economic risk … Read more