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Last update 28/10/2019 IFRS 10 Silos and deemed separate entities generally require the control assessment to be made at the level of each investee entity. However, in some circumstances the assessment is made for a portion of an entity (a deemed separate entity). This is the case if, and only if, all the assets, liabilities … Read more

Last update 28/10/2019 This is what this is about: IFRS 10 Cases of no consolidation requirements. This requires all parent entities to present consolidated financial statements, other than: parent entities that are investment entities (see exception in link). These are an exception to consolidation if they are required (in accordance with IFRS 10 31) to … Read more

Last update 12/12/2019 IFRIC 21 Levies IFRIC 21 Levies IFRIC 21 Levies IFRIC 21 Levies IFRIC 21 Levies IFRIC 21 Levies IFRIC 21 Levies IFRIC 21 Levies IFRIC 21 Levies IFRIC 21 Levies References IAS 1 Presentation of Financial Statements IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 12 Income Taxes IAS … Read more

Last update 01/11/2019 This is what this is about – IFRIC 12 Service concessions accounting. There is no definition in IFRIC 12 but a characteristic included is as follows: a service concession: “typically involves a private sector entity (an operator) constructing the infrastructure used to provide the public service or upgrading it (for example, by … Read more

Last update 15/09/2019 The revenue standard excludes from its scope contracts with a collaborator or a partner that are not customers, but rather share with the entity the risks and rewards of participating in an activity or process. However, a contract with a collaborator or a partner is in the scope of the revenue standard … Read more

Last update 15/09/2019 When an entity and its customer enter into a contract to renew (or extend the period of) an existing licence, the entity will evaluate whether the renewal or extension should be treated as a new licence or, alternatively, as a modification of the existing contract. A modification would be accounted for in … Read more

Last update 26/11/2019 Identifying an asset group for valuation purposes is a starting point as one of many scenarios in considering the sale of (part of) a business. An entity acquires assets and assumes liabilities in a business combination. One of the groups of assets acquired comprises Assets A, B and C. Asset C is … Read more

Last update 21/12/2019 Identify the performance obligations in the contract – This part relates to a complete explanation of IFRS 15 Revenue from contracts with customers in respect of Engineering & Construction contracts, see Revenue from Engineering & Construction contracts. Identify the performance obligations in the contract Once an entity has identified the contract with … Read more

Last update 21/12/2019 Identify the contract with the customer – This part relates to a complete explanation of IFRS 15 Revenue from contracts with customers in respect of Engineering & Construction contracts, see Revenue from Engineering & Construction contracts. Identify the contract with the customer The model in IFRS 15 applies to each contract with … Read more

Last update 16/09/2019 This is an example in a small series for illustrating the concepts in What is a good or service that is distinct? Example one: A telecoms company enters into a contract for the sale of a mobile device and connection to its mobile network. The contract, which lasts for two years, gives … Read more