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Last update 07/02/2020 15 An item of property, plant and equipment that qualifies for recognition as an asset shall be measured at its cost. Topics hide Elements of cost Measurement of cost Elements of cost 16 The cost of an item of property, plant and equipment comprises: its purchase price, including import duties and non-refundable … Read more

Last update 03/02/2020 Examples 36–37 illustrate the requirements in paragraphs 91–94 of IFRS 15 on incremental costs of obtaining a contract, paragraphs 95–98 of IFRS 15 on costs to fulfil a contract and paragraphs 99–104 of IFRS 15 on amortisation and impairment of contract costs. Example 36—Incremental costs of obtaining a contract IE189 An entity, … Read more

Last update 03/02/2020 Part of the main section Recognition – Contract modifications Examples 54–61 illustrate the requirements in paragraphs 22–30 of IFRS 15 for identifying performance obligations and paragraphs B52–B63 of IFRS 15 on licensing. These examples also illustrate other requirements as follows, paragraphs 39–45 of IFRS 15 on measuring progress towards complete satisfaction of … Read more

Last update 28/01/2020 IFRS 15 Right to use intellectual property Part of the main section Recognition – Contract modifications Examples 54–61 illustrate the requirements in paragraphs 22–30 of IFRS 15 for identifying performance obligations and paragraphs B52–B63 of IFRS 15 on licensing. Right to use intellectual property IE303 An entity, a music record label, licenses … Read more

Objective IAS 37 Objective and Scope The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount. Scope 1 This Standard shall be … Read more

Objective 1 The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of … Read more

Last update 26/02/2020 Topics hide 3.1 Initial recognition Regular way purchase or sale of financial assets 3.2 Derecognition of financial assets Transfers that qualify for derecognition Transfers that do not qualify for derecognition All transfers 3.3 Derecognition of financial liabilities 3.1 Initial recognition 3.1.1 An entity shall recognise a financial asset or a financial liability … Read more

Last update 12/02/2020 References Framework for the Preparation and Presentation of Financial Statements1 IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 7 Financial Instruments: Disclosures IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers IFRS 16 Leases IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 16 Property, Plant … Read more

Last update 03/02/2020 Objective 1 The objective of this IFRS is to require an entity to disclose information that enables users of its financial statements to evaluate: the nature of, and risks associated with, its interests in other entities; and the effects of those interests on its financial position, financial performance and cash flows. Meeting … Read more

Last update 07/02/2020 Basic earnings per share 9 An entity shall calculate basic earnings per share amounts for profit or loss attributable to ordinary equity holders of the parent entity and, if presented, profit or loss from continuing operations attributable to those equity holders. 10 Basic earnings per share shall be calculated by dividing profit … Read more