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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

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