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Last update 25/11/2019 Contractual restrictions in license arrangements are of importance in accounting for license arrangements, many media outlets need content, historically IP rights are organised for each country. Still useful information has to be included in IFRS Financial Statements. Many licenses within the entertainment and media industry (E&M industry) include contractual provisions that restrict … Read more
Last update 17/08/2019 IFRS Definition (so different from underwriting and other finance terms) An agreement with an unrelated party, binding on both parties and usually legally enforceable, that: specifies all significant terms, including the price and timing of the transactions, and includes a disincentive for non-performance that is sufficiently large to make performance highly probable. … Read more
Last update 12/12/2019 This Contractual cash flows SPPI? 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? Ok so the financial instrument to classify and measure … Read more
Last update 20/11/2019 Definition relating to hedge accounting A firm commitment is a binding agreement for the exchange of a specified quantity of resources at a specified price on a specified future date or dates. An agreement with an unrelated party, binding on both parties and usually legally enforceable, with the following characteristics: The agreement specifies all … Read more
Last update 01/12/2019 Contract-based intangible assets – In a Business Combinations, contract-based intangible assets –by definition– are intangible assets and are therefore recognised separately from goodwill, provided that their fair values can be measured reliably. These intangible assets meet the definition of an intangible asset because they again –by definition– arise from contractual or other … Read more
Last update 16/08/2019 Financing activities Definition: Activities that result in changes in the size and composition of the contributed capital and borrowings of the entity. Cash receipts and cash payments relating to equity and debt related instruments: cash receipts of payments from owners on shares issued and additional paid-in capital, cash payments to owners in … Read more
Last update 24/12/2019 Contract with a ship owner is an example of not a lease of a ship and see below for the opposite a lease of a ship, the difference will give you a lesson!!!! The case: Contract with a ship owner Customer enters into a contract with a ship owner (Supplier) for the … Read more
Last update 06/12/2019 It is not really necessary to define financial statements, but because IFRS is the frame within which IFRS statements are prepared and because there are quite a few different definitions within IFRS relating to and specifying types of financial statements here a those definitions and some other sorted remarks and explanations. Financial … Read more
Last update 07/11/2019 Contract modifications and variable consideration are discussed on this page. IFRS 15 Revenue from Contracts with Customers (contents page is here) introduced a single and comprehensive framework which sets out how much revenue is to be recognised, and when. The core principle is that a vendor should recognise revenue to depict the … Read more
Last update 16/08/2019 A financial liability ar fair value through profit or loss meets one of the following conditions: it meets the definition of held for trading. upon initial recognition it is designated by the entity as at fair value through profit or loss in accordance with IFRS 9 4.2.2 or IFRS 9 4.3.5. it … Read more