IFRS Topics

Last update 03/12/2019 Disclosures immaterial associates and joint ventures – An entity provides the disclosures separately for individually immaterial associates and individually immaterial joint ventures – they are not combined. [IFRS 12 21 (c) and IFRS 12 B16] Based on IFRS 12 21, IFRS 12 B16, the disclosures are made like in this example from … Read more

Last update 08/12/2019 Disclosures Hedges Financial position – Performance on the financial position and performance IFRS 7 sets out a specific requirement to disclose the effect hedge accounting has on the entity’s financial position and the performance. All disclosures are required in a tabular format and by type of risk. Disclosures Hedges Financial position Instead … Read more

Last update 28/11/2019 Disclosures Future cash flows – The amount, timing and uncertainty of future cash flows surrounding hedging arrangements and financial instruments at least since the financial meltdown in 2008 caused a significant increase of disclosures of which this is (partly) one. Further to the risk management / hedging strategy high level disclosure, entities … Read more

Last update 04/12/2019 Disclosure when information is seriously prejudicial – Unfortunately disputes may arise between an entity and a third party, employee, manager, director and these disputes may result in legal action being entered into between the parties. The issue giving rise to the provision (or contingent liability) might not have reached the legal stage, … Read more

Last update 05/12/2019 Disclosure requirements IFRS 4 and IFRS 17 – Explanation of recognized amounts from IFRS 4 to IFRS 17 1 Introduction Disclosure requirements IFRS 4 and IFRS 17 [IFRS 17 (98), IFRS 17 (93)-(96)] IFRS 4 requires an entity to disclose information that identifies and explains the amounts in its financial statements arising … Read more

Last update 14/12/2019 Explanation of recognised amounts Disclosure recognised insurance amounts An entity is required to disclose the following: Reconciliations that show how the net carrying amount of contracts within the scope of IFRS 17 changed during each period (see 1 below) Disclosures for contracts other than those to which the entity applies the premium … Read more

Last update 11/12/2019 Disclosure of significant judgments for insurances – Consistent with IAS 1, IFRS 17 requires disclosure of significant judgment and changes in judgment that an entity makes in applying the standard [IFRS 17 93 and IAS 1 122]. Specifically, an entity must disclose the inputs, assumptions and estimation techniques it has used, including … Read more

Last update 23/12/2019 Disclosure of restrictions to cash and its equivalents – Restricted cash and cash equivalent balances are those which meet the definition of cash and cash equivalents but are not available for use by the group. In practice, these balances may arise when a subsidiary in a group operates in a jurisdiction where … Read more

Last update 16/09/2019 The disclosures regarding operating segments focus on the information that management believes is important when running the business. The disclosure requirements are summarised below. Information required Disclosures General information Factors used to identify the reportable segments. Types of product/service from which each reportable segment derives its revenue. Information about the reportable segment; … Read more

Last update 23/12/2019 Disclosure innovations in financial reporting – This is a note on the innovative history of Philips’ financial reporting, see the ‘Introduction to a history of innovation in financial reporting‘. In the Netherlands formal legislation concerning financial reporting was introduced rather late in the early 1970s. The lack of formal legislation was a … Read more