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Last update 24/11/2019 Fair value through profit or loss—any financial assets that are not held in one of the two business models (‘Hold to collect‘ and ‘Hold to collect and sell‘) mentioned are measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss. This is part of … Read more
Last update 26/11/2019 Construction contracts Measuring progress 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. When a performance obligation is satisfied over time, the standard provides two types of methods for measuring progress under the contract: input methods … Read more
Last update 10/12/2019 Financial assets measured at fair value through other comprehensive income – this is part of the classification of financial assets. A financial asset is classified as subsequently measured at fair value through other comprehensive income (FVOCI) if: the contractual terms of the financial asset give rise on specified dates to cash flows … Read more
Last update 26/11/2019 Construction contracts disclosures provides a start to think of what and how to report construction contracts under IFRS 15. And it is more than before. IFRS 15 includes additional qualitative and quantitative requirements on construction contracts disclosures which were not included within IAS 11. Many of these disclosure requirements are narrative in … Read more
Last update 16/08/2019 In addition to the standards that require assets and liabilities to be reported at fair value, US GAAP and IFRS provide reporting entities with an option to measure many financial instruments and other items in the balance sheet at fair value. The fair value option (FVO) considerably expands the ability of a … Read more
Last update 26/11/2019 Construction contracts computations explains some newer features in IFRS 15 such as contract reporting lines and their computations as examples. As part of the replacement of IAS 11 Construction contracts, IAS 18 Revenue and related interpretations by IFRS 15 Revenue from contracts with customers the presentation and disclosure regarding construction contracts has … Read more
Last update 16/08/2019 Costs of disposal, other than those that have been recognised as liabilities, are deducted in measuring fair value less costs of disposal. Examples of such costs are legal costs, stamp duty and similar transaction taxes, costs of removing the asset, and direct incremental costs to bring an asset into condition for its … Read more
Last update 26/11/2019 Construction contract modifications – Ever heard of a constructing a major new building, large bridge, metro railway or other significant construction project without contract modifications? Especially in the large urban agglomerations in this world….. Well then look at this: Construction contract modifications Denver airport construction Metropolitan Transportation Authority (MTA New York) capital … Read more
Last update 31/12/2019 Fair value hierarchy – To increase the consistency and comparability in fair value measurements and related disclosures, IFRS 13 (paras 72-90) established a fair value hierarchy that categorises the inputs to valuation techniques into three levels: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities, Level 2: … Read more
Last update 30/09/2019 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 transfer of promised goods or services to customers in an … Read more