IFRS 3AG What is part of the transaction?

by

Last update 06/02/2020 Determining what is part of the business combination transaction (application of paragraphs 51 and 52) B50 The acquirer should consider the following factors, which are neither mutually exclusive nor individually conclusive, to determine whether a transaction is part of the exchange for the acquiree or whether the transaction is separate from the … Read more

IFRS 15 Presentation

by

Last update 03/02/2020 105 When either party to a contract has performed, an entity shall present the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. An entity shall present any unconditional rights to consideration separately as … Read more

IAS 36 Identify an impaired asset

by

Last update 08/02/2020 Identifying an asset that may be impaired 7 Paragraphs 8–17 specify when recoverable amount shall be determined. These requirements use the term ‘an asset’ but apply equally to an individual asset or a cash-generating unit. The remainder of this Standard is structured as follows: paragraphs 18–57 set out the requirements for measuring … Read more

IFRS 3 The acquisition method

by

Last update 01/03/2020 4 An entity shall account for each business combination by applying the acquisition method. IFRS 3 The acquisition method 5 Applying the acquisition method requires: IFRS 3 The acquisition method identifying the acquirer; IFRS 3 The acquisition method determining the acquisition date; IFRS 3 The acquisition method recognising and measuring the identifiable … Read more

IFRS 10 Assessing control

by

Last update 02/03/2020 IFRS 10 Assessing control B2 To determine whether it controls an investee an investor shall assess whether it has all the following: power over the investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount … Read more

IAS 37 Recognition of provisions

by

Last update 22/02/2020 Topics hide Provisions IAS 37 Recognition of provisions Present obligation Past event Probable outflow of resources embodying economic benefits Reliable estimate of the obligation Contingent liabilities Contingent assets Provisions IAS 37 Recognition of provisions 14 A provision shall be recognised when: an entity has a present obligation (legal or constructive) as a … Read more

About IFRS

by

Last updated: 6 February 2019 According to the research periodically carried out by the IFRS Foundation, IFRS are a basis for preparation of financial statements for (most) public interest entities in 144 jurisdictions. Therefore, it is safe to say that they are used all over the world, with a notable exception of the USA, which … Read more

Transition from IAS 17 to IFRS 16

by

Last updated: 20 January 2019 IFRS 16 introduces a few practical expedients at the date of its application and transition from IAS 17 as discussed below. Definition of a lease on initial application Entities are permitted not to reassess whether their contracts that are in force at the date of initial application of IFRS 16 … Read more

Lessor Accounting (IFRS 16)

by

Last updated: 18 February 2020 Classification of leases Finance lease vs operating lease A lessor must classify each of its leases as either an operating lease or a finance lease (IFRS 16.61). This classification is based on the extent to which the lease transfers the risks and rewards resulting from ownership of an underlying asset. … Read more