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Last update 01/11/2019 The presentation of discontinued operations is part of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Topics hide Presentation of discontinued operations Other topics in discontinued operations Definition of a discontinued operation Component of an entity Abandoned operations Changes in classification Comparative information Related posts: Presentation of discontinued operations The … Read more

Last update 17/12/2019 Presentation Insurance contracts – IFRS 17 specifies minimum amounts of information that need to be presented on the face of the statement of financial position and statement of financial performance. These are supplemented by disclosures to explain the amounts recognized on the face of the primary financial statements (see ‘Disclosure of Insurance … Read more

Last update 28/11/2019 Presentation hedges of groups of items – IFRS 9 provides more flexibility for hedges of groups of items, although it does not cover macro hedging. The ability to hedge net positions of hedges of groups of items under IFRS 9 is a step forward, in that it allows hedge designation in a … Read more

Last update 28/11/2019 Presentation Fair value hedges is a short overview on what to deal with in presenting and disclosing fair value hedges in IFRS financial statements. A fair value hedge is used when an entity is looking to eliminate or reduce the exposure that arises from changes in the fair value of a financial … Read more

Last update 23/11/2019 Presentation Cash flow hedges is about the reporting lines in which cash flow hedges are included in the Statement of financial position, Statement of profit or loss and other comprehensive income. Don’t forget about the hedge documentation and other qualifying criteria. The general mechanics of how ongoing cash flow hedges are presented … Read more

Last update 22/11/2019 Presentation and disclosure of crypto-assets possibilities are provided here. The disclosure by holders of crypto-assets will be driven by the disclosure requirements of the IFRS standards that are applied in accounting for them. This narrative illustrates selected disclosure requirements for each classification and measurement in more detail, as well as the general … Read more

Last update 03/12/2019 Present obligation as a result of past event – some basics in accrual accounting, some legal presumptions and a lot to understand…. Obligation: A duty or responsibility to act or perform in a certain way. Obligations may be legally enforceable as a consequence of a binding contract or statutory requirement. Obligations also … Read more

Last update 17/12/2019 The premium allocation approach is a simplified form of measuring insurance contracts in comparison with the general model. Use of the premium allocation approach is optional for each group of insurance contracts that meets the eligibility criteria, at the inception of the group: [IFRS 17:53]a) the entity reasonably expects that this will … Read more

Last update 06/12/2019 Practical implications of IFRS 17 transition choices – The choice between the modified retrospective approach and the fair value approach on transition will impact shareholders’ equity on transition and the release of profit from the insurance contracts in force after the transition. It is also likely to affect operational complexity and the … Read more

Last update 21/12/2019 The reference to the “practical ability” to reassess the risk is intended to differentiate from a pure formal legal right to do so, but where practical facts and circumstances actually prevent the entity from doing so. For example, it might be practically impossible to assess the risk due to any or all … Read more