IFRSC Knowledge Base

Last updated: 7 November 2018 Scope of IFRS 8 IFRS 8 applies to separate, individual financial and consolidated financial statements of entities whose securities are, or will be, traded in a public market (IFRS 8.2). When separate and consolidated financial statements are contained within one financial report, segment information is required only in the consolidated … Read more

Last updated: 7 November 2018 Scope of IFRS 7 IFRS 7 requires entities to provide disclosures in their financial statements that enable users to evaluate the significance of financial instruments for the entity’s financial position and performance, the nature and extent of risks arising from financial instruments to which the entity is exposed during the … Read more

Last updated: 14 April 2020 IFRS 5 sets out specific requirements for presentation and disclosure of discontinued operations. A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and (IFRS 5.32) represents a separate major line of business or geographical area of operations, is … Read more

Last updated: 14 April 2020 Under IFRS 5, a non-current asset, or a disposal group, is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather through continuing use (IFRS 5.6), which will be the case if the following conditions are met (IFRS 5.7): asset/disposal group must … Read more

Last updated: 4 April 2020 Disclosure requirements relating to business combinations are set out in paragraphs IFRS 3.59-63,B64-67. Additionally, paragraph IAS 7.40 also lists disclosure requirements for obtaining and losing control of subsidiaries or other businesses, but these can be met by complying with IFRS 3 requirements. Interestingly, disclosure requirements of IFRS 13 relating to … Read more

Last updated: 4 April 2020 Under IFRS 3, business combinations should be accounted for using the acquisition method consisting of the following steps (IFRS 3.4-5): Identifying the acquirer. Determining the acquisition date. Recognising and measuring the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree. Recognising and measuring goodwill or a … Read more

Last updated: 15 May 2020 Share-based payment agreements are transactions in which a third party is entitled to receive equity instruments of the entity (or another group entity) or cash amounts based on the value of such equity instruments in exchange for goods or services. See Appendix A to IFRS 2 for full definitions. There … Read more

Last updated: 7 January 2020 Investment property Definition of investment property Investment property is property (land or a building—or part of a building—or both) held to earn rentals or for capital appreciation or both, rather than for use in the production or supply of goods or services or for administrative purposes; or sale in the … Read more