IFRS Topics

Last update 14/09/2019 In making the collectability assessment, an entity considers the customer’s ability and intention (which includes assessing its credit-worthiness) to pay the amount of consideration when it is due. This assessment is made after taking into account any price concessions that the entity may offer to the customer. (IFRS 15 9(e)) Under the … Read more

Last update 01/12/2019 Artistic-related intangible assets – In a Business Combinations, these are intangible assets and are therefore recognised separately from goodwill, provided that their fair values can be measured reliably. These artistic-related intangible assets meet the definition of an intangible asset because they arise from contractual or other legal rights. Artistic-related assets acquired in … Read more

Last update 15/09/2019 Identifying the customer can be more challenging when there are multiple parties involved in a transaction. The analysis should include understanding the substance of the relationship of all parties involved in the transaction. Arrangements with multiple parties Arrangements with three or more parties, particularly if there are separate contracts with each of … Read more

Last update 14/09/2019 An arrangement is not accounted for using the five contract identification criteria until all of the criteria are met. Management will need to reassess the arrangement at each reporting period to determine if the criteria are met. Arrangements where the identification criteria are not met If the criteria for contract identification are … Read more

Last update 26/11/2019 What happens with arrangements that do not meet the definition of a contract under IFRS 15. How are these accounted for? What IFRSs are used in such a case? If an arrangement does not meet the criteria to be considered a contract under the standard, it must be accounted for as stipulated … Read more

Last update 27/12/2019 Arrangements partially in IFRS 15 is about that difficult situation of a mixed contract, parts are in IFRS 15 parts are outside IFRS 15. IFRS 15 provides accounting requirements for all revenue arising from contracts with customers. Arrangements partially in IFRS 15 They affect all entities that enter into contracts to provide … Read more

Last update 18/11/2019 Argentinas sovereign debt overhaul intentions – Read the papers…… Argentinas sovereign debt overhaul intentions July – August 2019 – Argentina’s assets tumbled in the wake of President Mauricio Macri suffering an unexpected bruising primary election loss this month at the hands of populist-leaning Peronist Alberto Fernandez, with the central bank forced to … Read more

Last update 27/11/2019 Applying the fair value hierarchy provides explanations on how to use and disclose the fair value hierarchy. Fair value measurements (based on inputs to the calculation models used) are categorized in their entirety based on the lowest level input that is significant to the entire fair value measurement. This is summarized in … Read more

Last update 25/11/2019 Analysis of cash flows provides a introduction on how to…. How to use the cash flows in the statement of cash flows to form a opinion on the performance of a business under the slogan: CASH is KING! See operating, financing and investing activities for a technical explanation of the components of … Read more

Last update 12/11/2019 Adjustment of an error in previously issued financial statements is not an accounting change. Such errors include mathematical mistakes, mistakes in the application of accounting principles, or oversight or misuse of facts that existed at the time financial statements were prepared. – IN SHORT – Adjustments of accounting errors. If detected in … Read more