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Last update 27/11/2019 Non-contractually specified risk components – Under IFRS 9, risk components can be designated for non-financial hedged items, provided the component is separately identifiable and the changes in fair value or cash flows of the item attributable to the risk component are reliably measurable. This requirement could be met where the risk component is … Read more

Last update 16/09/2019 IFRS 15 Revenue from Contracts with Customers (contents page is here) introduced a single and comprehensive framework which sets out how much revenue is to be recognised, and when. The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an … Read more

Last update 26/11/2019 No alternative use enforceable payment right for work to date is the last phase in the satisfaction of performance obligations in IFRS 15 Revenue recognition. This is part of a primary and fundamental subject in the recognition of revenue. There are two ways of recognising revenue, revenue recognition over time and revenue … Read more

Last update 02/12/2019 New on IFRS 3 The Optional concentration test – Whilst applying the definition of a business might involve significant judgement, there was little or no guidance to identify situations where an acquired set of activities and assets is not a business. To address those concerns, the IASB introduced an optional fair value … Read more

Last update 22/11/2019 When your business is just surviving, Natural disasters Restructuring does not help, but the accounting and financial reporting is somewhat explained here. As a result of a natural disaster, an entity may decide to sell or abandon certain assets or execute a restructuring plan. A restructuring is a programme that is planned … Read more

Last update 22/11/2019 Natural disasters Miscellaneous considerations deals with several special IFRS accounting issues after a natural disaster. Future operating losses Natural disasters Miscellaneous considerations Entities may incur other losses directly or indirectly related to a natural disaster. An entity may anticipate having future operating losses for a period of time after a natural disaster. … Read more

Last update 26/11/2019 Natural disasters Insurance recoveries and reimbursements discusses the IFRS accounting between several standards and the reporting for a natural disaster and the insurances involved. An entity may experience a loss related to a natural disaster either through the impairment of an asset or the incurrence of a liability. For example, as a … Read more

Last update 22/11/2019 Natural disasters Hedge accounting, how to deal with this combinations, contract go on but the business dies….. Here is how to report such issues under IFRS. The natural disaster and potential subsequent events can disrupt many business transactions that may be postponed or cancelled. For example, entities may have been forecasting purchases … Read more

Last update 26/11/2019 Natural disasters Financial statement disclosure is about that, how to explain the disaster in the financial statements in a manner that leads to useful information for many users. The financial statement disclosure for entities directly and/or indirectly affected by natural disasters will vary depending on the magnitude of their losses and the … Read more

Last update 26/11/2019 Natural disasters Financial impact overview comprises a discussion of items to quantify in table in combination with qualifications to provide a clear as possible picture (without photoshopping the disaster off course). As communities begin the process of recovering from the tragedy of a natural disaster, entities operating in those locations, or providing … Read more