IAS 38 Non-contractual customer relationships

by

Last update 18/11/2019 IAS 38 Non-contractual customer relationships, in Business Combinations, this is a intangible asset and is therefore recognised separately from goodwill, provided that its fair value can be measured reliably. This customer-related intangible asset does not arise from contractual or other legal rights, but meets the definition of an intangible asset because it … Read more

IAS 36 What is a lease impairment?

by

Last update 12/11/2019 IAS 36 What is a lease impairment? IAS 36 What is a lease impairment Simple, it is a right-of-use asset and will frequently be included in a cash generating unit to be tested for impairment. Topics hide The right-of-use-asset Lease liability Leases discount rate Offsetting effect WACC – Discount rate What to … Read more

IAS 34 Interim financial statements

by

Last update 30/11/2019 IAS 34 Interim financial statements provide all there is to know for producing Interim financial statements, what, where, when and what is in them. Topics hide Objective Scope Definitions Minimum Contents of Interim Condensed Financial Reports Form and Contents of Interim Financial Reports If the entity chooses to prepare the interim financial … Read more

IAS 32 Financial Instruments Presentation

by

Last update 24/12/2019 IAS 32 Financial Instruments Presentation outlines the accounting requirements for the presentation of financial instruments, particularly as to the classification of such instruments into financial assets, financial liabilities and equity instruments. The standard also provide guidance on the classification of related interest, dividends and gains/losses, and when financial assets and financial liabilities … Read more

IAS 2 Example Contractual volume rebates

by

Last update 28/10/2019 IAS 2 Example Contractual volume rebates provides an example calculation with regard to the costs of inventory in combination with contractual volume rebates. Topics hide The Case 1 January 20X1 IAS 2 Example Contractual volume rebates Q 1 20X1 Q 2 20X1 Estimated discount calculation/recording Q 3 20X1 Estimated discount calculation/recording Q … Read more

IAS 1 Quick-start Presentation of Financial Statements

by

Last update 22/11/2019 Topics hide IAS 1 Quick-start Presentation of Financial Statements Intro Compliance Complete set Materiality Statement of Financial Position Statement of profit or loss and other comprehensive income Statement of changes in equity Statement of cash flows Notes Fundamental principles Going concern Consistency Accrual accounting Offsetting Current assets / Non-current assets New for 2019 … Read more

12-month risk approximation

by

Last update 06/12/2019 12-month risk approximation as an estimate for change in lifetime risks from IFRS 9 Financial instruments. If the likey pattern of default is not concentrated a a specific point during the expected life of a financial instruments, the change in risk of a default occurring over the next 12-months may often be … Read more

IAS – Blogs

by

Last update 08/03/2019 IAS 1   Presentation of Financial Statements IAS 2   Inventories IAS 8   Accounting Policies, Changes in Accounting Estimates and Errors IAS 7   Statement of Cash Flows IAS 10 Events after the Reporting Period IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance … Read more

XBRL

by

Last update 04/01/2020 eXtensible Business Reporting Language (XBRL) is a form of electronic communication whose main feature includes interactive electronic tagging of both financial and non-financial data. The IFRS Taxonomy is a translation of IFRS into XBRL. It classifies information presented and disclosed in IFRS financial statements and reflects presentation and disclosure requirements in IFRS … Read more

Hyperinflation in Argentina

by

Last update 02/12/2019 Hyperinflation in Argentina – Argentina is now (October 2019) considered to be a hyperinflationary economy. IAS 29 – Financial Reporting in Hyperinflationary Economies is therefore applicable to entities whose functional currency is the Argentine peso. Assessment of the situation IAS 29 sets out a number of quantitative and qualitative characteristics for the … Read more