IFRS 3 Acquired process is substantive?

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Last update 02/12/2019 IFRS 3 Acquired process is substantive? – IFRS 3 requires a business to include, as a minimum, an input and a substantive process that together significantly contribute to the ability to create output. Because all asset acquisitions include inputs, the existence of a substantive process is what distinguishes an asset or group … Read more

IFRS 17 Insurance contracts Contents

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Last update 17/12/2019 IFRS 17 Insurance Contracts Contents provides the explanations on all aspects of IFRS 17 in this website. IFRS 17 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued. It also requires similar principles to be applied to reinsurance contracts held and investment contracts with discretionary participation … Read more

IFRS 16 Variable lease payments

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Last update 09/12/2019 Variable lease payments that depend on an index or rate are initially included in the lease liability using the index or rate at the commencement date of the lease. Variable lease payments include payments linked to a consumer price index, payments linked to a benchmark interest rate (such as EURIBOR) or payments … Read more

IFRS 16 Right to use

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Last update 05/12/2019 IFRS 16 Right to use – throughout the period of use the lessee has to meet the following two rights: IFRS 16 Right to use the right to obtain substantially all of the economic benefits from the use of the identified asset, and IFRS 16 Right to use the right to direct … Read more

IFRS 16 Right to direct the use of the identified asset

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Last update 02/12/2019 [IFRS 16 B24] IFRS 16 Right to direct the use of the identified asset  Requiring a customer to have the right to direct the use of an identified asset is a change from IFRIC 4. A contract may have met IFRIC 4’s control criterion if, for example, the customer obtained substantially all … Read more

IFRS 16 Modification short-term lease

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Last update 06/12/2019 IFRS 16 Modification short-term lease – The life of a short-term lease The lease term It all starts with determining the lease term on the commencement date of the lease. A short-term lease must have a lease term of 12 months or less determined on the commencement date. Furthermore, it must not … Read more

IFRS 16 Leases Lease liability

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Last update 05/12/2019 IFRS 16 Leases Lease liability – The lease liability will be the present value of the lease payments not paid on the date the contract starts over the lease term. This will be calculated using the interest rate implicit in the lease or, if that is not known, the lessee’s incremental borrowing … Read more

IFRS 16 Leases Booklet

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Last update 05/12/2019 IFRS 16 Leases Booklet sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. that faithfully represents those transactions. This information gives a basis for users of financial statements … Read more

IFRS 16 Leases and joint arrangements

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Last update 02/12/2019 IFRS 16 Leases and joint arrangements – Entities often enter into joint arrangements with other entities for certain activities (e.g., exploration of oil and gas fields, development of pharmaceutical products). A contract for the use of an asset by a joint arrangement might be entered into in a number of different ways, … Read more

IFRS 16 Leases

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Last update 28/11/2019 Topics hide IFRS 16 Leases Introduction IFRS 16 Scope Preceding IFRS Reasons for change – Lessee IFRS 16 Leases – Lessee Improved EBITDA IFRS 16 Leases Related posts: IFRS 16 Leases Introduction IFRS 16 Scope IFRS 16 Leases was introduced by IASB in January 2016. IFRS 16 Leases is effective for periods … Read more