Effects of Changes in Foreign Exchange Rates (IAS 21)

by

Last updated: 17 March 2020 Effects of changes in foreign exchange rates are dealt with in IAS 21. Specifically, IAS 21 is applied in (IAS 21.3): accounting for transactions and balances in foreign currencies, translating the results and financial position of foreign operations that are included in the financial statements of the entity by consolidation … Read more

Accounting for Government Grants and Disclosure of Government Assistance (IAS 20)

by

Last updated: 14 May 2020 Recognition and disclosure of government grants and other forms of government assistance is covered in IAS 20. Government assistance is as action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. SIC Interpretation 10 Government Assistance—No Specific Relation to … Read more

Employee Benefits (IAS 19)

by

Last updated: 16 May 2020 Employee benefits comprise all forms of consideration given by a reporting entity for service rendered by employees or for the termination of employment. Employee benefits may be provided under agreements between an entity and an employee, under requirements of local law (e.g. state pension plans) or result from a constructive … Read more

Depreciation and Amortisation of Property, Plant and Equipment and Intangible Assets (IAS 16 and IAS 38)

by

Last updated: 15 March 2020 Depreciation and amortisation are systematic allocation of the depreciable amount of an asset over its useful life. Depreciation and amortisation are usually recognised as an expense in P/L, but they can also be included in the carrying amount of another asset. This happens when the future economic benefits embodied in … Read more

Cost of Property, Plant and Equipment (IAS 16)

by

Last updated: 27 May 2020 Cost of property, plant and equipment (‘PP&E’) comprises (IAS 16.16): purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates. any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended … Read more

Grant date

by

The date at which the entity and another party (including an employee) agree to a share-based payment arrangement, being when the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. At grant date the entity confers on the counterparty the right to cash, other assets, or equity instruments … Read more

IFRS 2 Equity-settled share-based payments

by

Last update 07/02/2020 Overview 10 For equity-settled share-based payment transactions, the entity shall measure the goods or services received, and the corresponding increase in equity, directly, at the fair value of the goods or services received, unless that fair value cannot be estimated reliably. If the entity cannot estimate reliably the fair value of the … Read more

Current Income Tax (IAS 12)

by

Last updated: 3 April 2020 Recognition of current tax liabilities and current tax assets Current income tax is the amount of income taxes payable to (or recoverable from) tax authorities in respect of the taxable profit (tax loss) for a period (IAS 12.5). Current income tax and deferred income tax comprise total tax expense in … Read more