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IFRS 15 Revenue from contracts with customers – the easy way to obtain an solid overview IFRS 15 Revenue from Contracts with Customers (here is the full standard) establishes 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 … Read more
Use back button from the brower Last Updated on 22/02/2021 by 75385885 Stand-ready obligations are obligations arising from contracts with customers by a supplier promising to stand-ready to provide a service or goods. There has been significant discussion about when these promises constitute a performance obligation, as well as the appropriate pattern of recognition for … Read more
Topics hide Licensing of intellectual property – in summary What is intellectual property? IFRS 15 Reporting of intellectual property Licences of intellectual property – Introduction Is the licence distinct from non-licence goods or services? Additional application examples Determine the nature of a distinct licence / Right to access IP Timing and pattern of revenue recognition … Read more
Generation assets for Power and Utilities – are often large and complex installations. They are expensive to construct, tend to be exposed to harsh operating conditions and require periodic replacement or repair. This environment leads to specific accounting issues. Topics hide 1 Fixed assets and components 2 Borrowing costs 3 Decommissioning obligations 4 Impairment 5 … Read more
Last Updated on 07/02/2020 by 75385885 IAS 23 Borrowing costs Core principle 1 Borrowing costs that are directly attributable to the … Read more
Last Updated on 07/02/2020 by 75385885 IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 1 Objective Scope Objective 1 The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information … Read more
Topics hide Some challenges in measurement bases Some challenges in measurement bases Some challenges in measurement bases for best 1 in quality IFRS reporting – When applied to financial reporting the term measurement can give a misleading impression of certainty and objectivity. In daily life, measurements are typically made of the physical characteristics of physical … Read more
Topics hide Basis adjustment Basic explanation fair value hedge accounting model Basis adjustment limitation Q: Can an entity use a purchased option as a hedging instrument in a cash flow hedge? Q: Is it possible to de-designate a hedge of foreign currency exposure on forecast purchases or sales under IFRS 9? Basis adjustment is used … Read more
Topics hide IFRS 16 Variable lease payments Context of this narrative Variable lease payments that depend on an index or rate Reassessment of the lease liability Payments that depend on an index Worked example – Payments that depend on an index Worked example – Amortisation of lease liability and change in payment linked to an … Read more
The portion of payments made by a lessee to a lessor for the right to use an underlying asset during the lease term that varies because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. IFRS terms or definitions come from … Read more