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Last update 18/11/2019 Natural disasters Disclosure by Telefonica – telecommunication infrastructure is very sensitive to natural disasters, so it is good reading about that in the 2018 Consolidated financial statements Telefonica S.A. We have Global Business Continuity Regulations which, among other matters, contemplate the controls necessary to ensure the security and continuity of our processes, … Read more

Last update 22/11/2019 Natural disasters Decommissioning obligations arise when an entity is required to dismantle or remove an asset at the end of its useful life and to restore the site on which it has been located, for example, when an oil rig or nuclear power station reaches the end of its economic life. Natural … Read more

Last update 26/11/2019 Natural disasters Classification of income and expense deals with how important these (insurance) income and (impairment) expense items are in the financial statement after such disaster. IAS 1 Presentation of Financial Statements requires that when items of income or expense (a term covering both profit or loss and other comprehensive income) are material, their … Read more

Last update 19/11/2019 Natural disasters Asset impairments contains an explanation of the accounting considerations a reporting entity faces when operations are affected by a natural disaster. A combination of impairments of assets and insurance coverage for property damage and business interruption. Topics hide Impairment of assets Insurance coverage for property damage and business interruption Property … Read more

Last update 12/12/2019 Multiple advances for one delivery of goods is an example presented in IFRIC 22 Foreign Currency Transactions and Advance Consideration. Other examples are: Multiple advances and multiple service deliveries, Multiple advances and multiple deliveries of goods and Advance payment to purchase Property, plant and equipment. These examples accompany, but are not part … Read more

Last update 12/12/2019 Multiple advances and multiple service deliveries is an example presented in IFRIC 22 Foreign Currency Transactions and Advance Consideration. Other example are Multiple advances and multiple deliveries of goods, Multiple advances and multiple deliveries of goods and Multiple advances for one delivery of goods. These examples accompany, but are not part of, … Read more

Last update 12/12/2019 Multiple advances and multiple deliveries of goods is an example presented in IFRIC 22 Foreign Currency Transactions and Advance Consideration. Other example are Multiple advances and multiple service deliveries, Multiple advances for one delivery of goods and Advance payment to purchase Property, plant and equipment. These examples accompany, but are not part … Read more

Last update 13/09/2019 Sometimes, consideration of the factors described in Measurement choices for recording transaction may lead to the conclusion that more than one measurement basis is needed for an asset or liability and for related income and expenses in order to provide relevant information that faithfully represents both the entity’s financial position and its … Read more

Last update 30/11/2019 More details to present Useful Financial Information – What are more qualitative characteristics that enhance the usefulness of information that already qualifies as relevant and providing a faithful representation? The enhancing qualitative characteristics may also help determine which of two ways should be used to depict a phenomenon if both are considered … Read more

Last update 25/11/2019 Applying the modified retrospective approach, an entity should achieve the closest possible outcome to the retrospective application using reasonable and supportable information without undue cost or effort. An entity should maximise the use of information required for the retrospective application, and it is permitted to use each modification only if there is … Read more