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Last update 26/11/2019 Real estate revenue takes you through the recognition of revenue in a special industry real estate and construction. This narrative considers key implications IFRS 15 Revenue from Contracts with Customers for real estate entities. It provides an overview of the revenue recognition model in IFRS 15 with a focus on entities that: … Read more

Last update 04/12/2019 Quick checks Business Combinations – A business combination is the joining together of separate entities or business operations into one reporting group by obtaining control by one party (the acquirer and parent company or parent company’s subsidiary) over the other party (the acquiree). OR Quick checks Business Combinations Quick checks Business Combinations … Read more

Last update 06/12/2019 Questions to Ask about the Statement of Performance – The Statement of Performance (consisting of Statement of Income and Statement of Other Comprehensive Income) has to be questioned, first Revenue then Expenditures. Questions to Ask about the Statement of Performance The questions that apply to revenues raised to support operations tend to … Read more

Last update 04/12/2019 Questions to Ask about the Statement of Financial Position – Directors or supervisory (non-executive) directors have to ask questions to the preparers of the financial statements to go prepared into the general meeting of shareholders. The question may be along these lines: What are the components of cash and cash equivalents? Are … Read more

Last update 16/11/2019 Qualifying criteria designation are that a hedging relationship has to consist of eligible hedging instruments, eligible hedged items, formal designation and documentation. Unchanged from IAS 39, to qualify for hedge accounting, a hedging relationship has to consist of eligible hedging instruments and eligible hedged items. Also, at inception of the hedging relationship, … Read more

Last update 24/12/2019 Purpose and design of the investee – When assessing control of an investee, an investor shall consider the purpose and design of the investee in order to identify the relevant activities, how decisions about the relevant activities are made, who has the current ability to direct those activities and who receives returns … Read more

Last update 24/12/2019 Purchased and originated credit-impaired financial assets are those for which one or more events that have a detrimental impact on the estimated future cash flows have already occurred. If these financial assets had been originated or purchased before becoming credit impaired, they would be in Stage 3 and lifetime expected losses would … Read more

Last update 05/12/2019 Purchase price of PPE – Here is one complete case of the purchase price and other cost that may be capitalised when acquiring a non-current asset in the day-to-day business. Topics hide THE CASE Purchase price of property Purchase price of PPE Related posts: THE CASE Purchase price of property Entity K … Read more

Last update 23/12/2019 Prudent reporting in high performance periods – This is a note on the innovative history of Philips’ financial reporting, see the ‘Introduction to a history of innovation in financial reporting‘. As a starting point a short history of changes in the Philips’ accounting policies is provided: Prudent reporting in high performance periods … Read more

Last update 22/12/2019 Provisions and contingent liabilities – A provision shall be recognised when: Provisions and contingent liabilities an entity has a present obligation (legal or constructive) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable … Read more