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Last update 30/09/2019 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 29/11/2019 Realised cash flows differ from expectations – The business model assessment is forward-looking, so cash flows may sometimes be realised in a way that differs in a way that differs from the entity’s expectations at the time of the original assessment. For example, the entity might sell more assets from the portfolio … Read more

Last update 30/09/2019 An asset’s realisable value is the amount for which it could be sold, and a liability’s realisable value is the amount for which it could be settled. Realisable value measurements are often made on a net basis, and here realisable value will be considered in the sense of net realisable value; that … Read more

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