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Last update 24/12/2019 The case: Lease of a ship Customer enters into a contract with Supplier for the use of a specified ship for a five-year period. The ship is explicitly specified in the contract and Supplier does not have substitution rights. Customer decides what cargo will be transported, and whether, when and to which … Read more

Last update 05/12/2019 Lease modifications extending the lease term Seemingly innocuous changes to an agreement could be a lease modification. They could affect your right-of-use asset and lease liability at unexpected times with major consequences for balance sheet ratios. Are you prepared for them? IFRS 16 contains detailed guidance on how to account for lease … Read more

Last update 06/12/2019 Lease and No lease Fibre-optic cable – What case is a lease and what case is not a lease? Key to the answers of this question is whether the identified right to use is a distinct good or service. It shows that wording in a contract is of major importance to qualify … Read more

Last update 05/12/2019 Key differences between GM and VFA Insurance – The Variable Fee Approach (‘VFA’) is a modification of the General Model. The General Model is applied to insurance contracts without participation features or to insurance contracts with participation features that fail the Variable fee scope test. Thus, the VFA is applied to insurance … Read more

Last update 22/12/2019 Key assumptions in a Pension plan – There are two types of pension assumptions that a sponsor makes with input from their actuaries: Economic assumptions describe how market forces affect the amount of expected future benefits to be paid to plan recipients. Demographic assumptions describe the impact of plan-participant behaviours on the … Read more

Last update 26/11/2019 Joint arrangements rights and obligations is about the change from IAS 31 to IFRS 11, not that that is so important, but the change provides a profound insight into the why, what and where abouts of the need for the change. So it is interesting to say the least! Topics hide Focus … Read more

Last update 24/11/2019 Is the fair value option applied? is part of the decision model for the classification and measurement of financial assets, that started in the IFRS 9 Framework for financial assets. At initial recognition an entity may irrevocably designate a financial asset as measured at fair value through profit or loss if doing … Read more

Last update 12/12/2019 This Is the Fair value OCI applied? test is part of the decision model for the classification and measurement of financial assets, that started in the IFRS 9 Framework for financial assets. But you can also read it without doing the test …. off course? Topics hide OK we are looking at … Read more

Last update 03/12/2019 Investments material associates disclosures – The subject of investments material associates disclosures may be aggregated for interests in similar entities, with the method of aggregation being disclosed (aggregation being consolidation). A quantitative and qualitative analysis, taking into account the different risk and return characteristics of each entity, is made in order to … Read more

Last update 18/11/2019 Investments in Joint Ventures Overview that is what this is…… An entity with joint control of an investee shall account for its investment in a joint venture using the equity method except when that investment qualifies for exemption in IAS 28. Investments in Joint Ventures Overview The exemptions include:Investments in Joint Ventures … Read more