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Last update 29/11/2019 Disclosures subsidiaries and NCI – IFRS 12 requires disclosures for each of an entity’s subsidiaries that have material non-controlling interests. Such disclosures assist users when estimating future profit or loss and cash flows (for example, by identifying the assets and liabilities that are held by subsidiaries, risk exposures of particular group entities, … Read more
Last update 04/01/2020 IFRS: Multi-employer pension plans are defined contribution plans (other than state plans) or defined benefit plans (other than state plans) that: pool the assets contributed by various entities that are not under common control; and use those assets to provide benefits to employees of more than one entity, on the basis that … Read more
Last update 28/11/2019 Disclosures Risk management strategy – The risk management strategy has to be described by type of risk, and this description has to include how each risk arises and how, and to what extent, the risk is managed. This description must also include whether the entity hedges only a part of the risk … Read more
Last update 05/01/2020 Most advantageous market – The market that maximises the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs and transport costs. Principal market – The market with the greatest volume and level of activity … Read more
Last update 03/12/2019 Disclosures material joint ventures – The disclosures may be aggregated for interests in similar entities, with the method of aggregation being disclosed (aggregation resembling/replacing consolidation). A quantitative and qualitative analysis, taking into account the different risk and return characteristics of each entity, is made in order to determine the aggregation level. IFRS … Read more
Last update 19/08/2019 Units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency. For translation of the amounts in foreign currency to your functional currency, the standard IAS 21 states that you should re-calculate all items after initial recognition using exchange rate based … Read more
Last update 03/12/2019 Disclosures material joint operations – Unlike joint ventures, IFRS 12 requires only limited quantitative disclosures for joint operations, including information about significant judgments and assumptions made in determining the classification of a joint arrangement that is structured through a separate entity. [IFRS 12 7 (c) and IFRS 12 21 (a)] Disclosures material … Read more
Last update 19/08/2019 The amount arising from adjusting the gross carrying amount of a financial asset/hedged item to reflect the renegotiated or modified contractual cash flows in fair value hedges. The entity recalculates the gross carrying amount of a financial asset as the present value of the estimated future cash payments or receipts through the … Read more
Last update 03/12/2019 Disclosures in First IFRS Financial statements – A first-time adopter must apply all of the presentation and disclosure requirements in IFRSs. IFRS Reference: [IFRS 1, paras 20, 23 – 27A, 29 – 31B] The first-time adopter must also explain how the transition from previous GAAP to IFRSs affected its reported financial position, … Read more
Last update 07/01/2020 Measurement uncertainty – Uncertainty that arises when the result of applying a measurement basis is imprecise and can be determined only with a range. Measurement uncertainty arises when a measure cannot be determined directly by observing prices in an active market and must instead be estimated. The level of measurement uncertainty associated … Read more