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Last update 03/11/2019 Summary impairment of financial assets is the centre text to quickly understand all IFRS aspects to recording loss allowances, when, how much, how often? Topics hide Impairment requirements Impairment model Initial recognition The first question – Increased credit risk since initial recognition? The second question – Which impairment approach is chosen? The … Read more

Last update 01/12/2019 Substance of contractual rights and contractual obligations – Accounting for something in accordance with its legal form, instead of its economic substance, does not result in a faithful representation. accounting for something in accordance with its legal form (even with appropriate disclosures) cannot result in a faithful representation if the economic substance … Read more

Last update 16/11/2019 The subsequent assessment of effectiveness has become less burdensome, but an entity must use a method that captures the relevant characteristics of the hedging relationship, including the sources of hedge ineffectiveness that are expected to affect the hedging relationship during its term. Depending on those factors, entities can perform either a qualitative … Read more

Last update 30/11/2019 Stewardship and agency theory – This part is a more detailed explanation of the revised Conceptual Framework for Financial Reporting 2018 (Conceptual Framework) issued by the International Accounting Standards Board (IASB) regarding Control as part of chapter 4 – The Elements of Financial Statements, section 4.25 on one party (a principal) engaging … Read more

Last update 18/09/2019 Although the focus for IFRS 9 Financial Instruments is on financial institutions such as banks and insurance companies, ‘normal’ operating entities are also affected by IFRS 9. Maybe their investment and loan portfolios are less complex but in operating a business and as part of the internal credit risk management practice policy … Read more

Last update 14/09/2019 Although the focus for IFRS 9 Financial Instruments is on financial institutions such as banks and insurance companies, ‘normal’ operating entities are also affected by IFRS 9. Maybe their investment and loan portfolios are less complex but in operating a business and as part of the internal credit risk management practice policy … Read more

Last update 26/11/2019 Step 5 Recognise the revenue when the entity satisfies each performance obligation the the end of the process in revenue recognition as introduced by IFRS 15 Revenue from contracts with customers. Step 5 Recognise the revenue IFRS 15 The revenue recognition standard provides a single comprehensive standard that applies to nearly all … Read more

Last update 14/09/2019 Although the focus for IFRS 9 Financial Instruments is on financial institutions such as banks and insurance companies, ‘normal’ operating entities are also affected by IFRS 9. Maybe their investment and loan portfolios are less complex but in operating a business and as part of the internal credit risk management practice policy … Read more

Last update 14/09/2019 Although the focus for IFRS 9 Financial Instruments is on financial institutions such as banks and insurance companies, ‘normal’ operating entities are also affected by IFRS 9. Maybe their investment and loan portfolios are less complex but in operating a business and as part of the internal credit risk management practice policy … Read more

Last update 26/11/2019 Step 4 Allocate the transaction price to each specific performance obligation is the fourth step in the process required by IFRS 14 Revenue from contracts with customers in order to properly recognise revenue. IFRS 15 The revenue recognition standard provides a single comprehensive standard that applies to nearly all industries and has … Read more