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Last update 01/11/2019 Impairment of assets Highlights in IAS 36 applies to: Impairment of assets Highlights property, plant and equipment; Impairment of assets Highlights intangible assets; Impairment of assets Highlights goodwill; Impairment of assets Highlights investments in entities measured at cost; and Impairment of assets Highlights cash-generating units. Impairment of assets Highlights The standard requires … Read more

Last update 24/12/2019 Impairment Expected credit losses on financial assets relates to the impairment requirements that are applied to: Financial assets measured at amortised cost (originated, purchased, reclassified or modified debt instruments incl. trade receivables), Financial assets measured at fair value through other comprehensive income, Loan commitments except those measured at fair value through profit … Read more

Last update 22/12/2019 Impact of the Discount Rate on Pension obligations – In order to understand how the discount rate impacts the company’s pension obligations, it is useful to first understand the finance concepts of time value of money and present value. Note that the discount rate is the most important (and most difficult to … Read more

Last update 27/11/2019 IFRS 9 requires that, to achieve hedge accounting, the impact of changes in credit risk (in short Impact of credit risk) should not be of a magnitude such that it dominates the value changes, even if there is an economic relationship between the hedged item and hedging instrument. Credit risk can arise … Read more

Last update 09/01/2020 IFRS Standards and IFRIC Interpretations are accessible from this page. They are used in this site as a easy reference from/to blogs. Here is their official source, the IFRS Foundation site of issued standards. IFRS Standards are set by the International Accounting Standards Board and are used primarily by publicly accountable companies—those … Read more

Last update 30/09/2019 The Standards in International Financial Reporting Standards (IFRS) are one collection of financial reporting practices. They keep important because of the growing number of companies around the world (especially listed companies) that are required to comply with them, and the growing number of countries, that continue to model their own more general … Read more

Last update 27/12/2019 This is an example set of Financial statements 2018. It is intended to help entities to prepare and present financial statements in accordance with IFRS by illustrating a possible format for financial statements for a fictitious multinational corporation (the Group) involved in general business activities. This hypothetical reporting entity has been applying … Read more

Last update 22/12/2019 IFRS 9-The SPPI test explained by example – The solely payments of principal and interest (SPPI) test requires that the contractual terms of the financial asset (as a whole) give rise to cash flows that are solely payments of principal and interest on the principal amounts outstanding ie cash flows that are consistent with … Read more

Last update 31/10/2019 IFRS 9 Transfer right to receive cash flows is part of a decision model for the derecognition of financial assets. The derecognition can be a full derecognition, a full continued recognition, a full derecognition with recognition of new assets or liabilities retained or a continued involvement. The model is starting here. Derecognition … Read more

Last update 31/10/2019 IFRS 9 Transfer all risks and rewards is part of a decision model for the derecognition of financial assets. The derecognition can be a full derecognition, a full continued recognition, a full derecognition with recognition of new assets or liabilities retained or a continued involvement. The model is starting here. Derecognition of … Read more