WP.CUONG.CC

Last update 06/12/2019 Transition to IFRS 17 Insurance contracts – IFRS 17 should be applied for annual reporting periods beginning on or after 1 January 2021. FRS 17 supersedes IFRS 4 [IFRS 17 C34]. Early adoption is permitted if the entity applies IFRS 9 and IFRS 15 not later than on the date of initial … Read more

Last update 08/11/2019 Topics hide How to recognise revenue relating to IP under IFRS 15 or how to transfer of control licensed intellectual property? Right to access / Right to use right to access the entity’s intellectual property A right to use the entity’s intellectual property Right to access Licence subject to change General requirement … Read more

Last update 03/12/2019 Transfer of control for distinct software licences – IFRS 15 provides additional application guidance to help entities determine when control transfers for distinct licences of intellectual property, based on the nature of the promise to the customer. This application guidance is applicable for both perpetual and term software licences.   IFRS 15 … Read more

Last update 03/12/2019 Transfer of control for distinct licences – IFRS 15 indicates that an entity must determine, at contract inception, whether it will transfer control of a promised good or service over time. If an entity does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time. … Read more

Last update 20/11/2019 The transfer of an economic resource embodies economic benefits that will be required to settle the obligation, resulting in an outflow (in general of cash) from the reporting entity to a third party. A definition of resource: An economic or productive factor required to accomplish an activity, or as means to undertake … Read more

Last update 05/12/2019 Transaction price allocation – Once the performance obligations have been identified and the transaction price has been determined, the entity is required to allocate the transaction price to the performance obligations, generally in proportion to their stand-alone selling prices (i.e., on a relative stand-alone selling price basis), with two exceptions. Firstly, IFRS … Read more

Last update 22/12/2019 Trading in securities and loans – IAS 7 14 includes a number of examples of operating cash flows, including cash receipts and payments from contracts held for dealing or trading purposes. IAS 7 15 notes that when an entity holds securities and loans for dealing or trading purposes, those items are similar … Read more

Last update 04/12/2019 Trademarks Trade names Service marks Collective marks and Certification marks – In a Business Combination, these are intangible assets and are therefore recognised separately from goodwill, provided that their fair values can be measured reliably. These marketing-related intangible assets meet the definition of an intangible asset because they arise from contractual or … Read more

Last update 19/12/2019 Timing of Initial Recognition of Insurance contracts – Groups of insurance contracts are initially recognised from the earliest of [IFRS 17 25]: when the coverage period starts; when the first payment from the policyholder is due, or actually received if there is no due date; and based on the facts and circumstances, … Read more

Last update 28/11/2019 Time value of options is about one of the other changes from IAS 39 to IFRS 9 in respect of hedge accounting Time value of options is one leg of the fair value of an option, the other leg is the intrinsic value. When using an option for hedging activities, only the … Read more