IAS 1 Presentation of Financial Statements

Disclosure non-financial assets and liabilities

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Topics hide Disclosure non-financial assets and liabilities Disclosure non-financial assets and liabilities Guidance Disclosing non-financial assets and non-financial liabilities in one note Accounting policies, estimates and judgements Classes of property, plant and equipment Leasing disclosures Impairment Deferred tax assets and liabilities Assets held for sale Employee benefit obligations Fair value measurements Other potential disclosures Disclosure … Read more

Disclosure Corporate Income Tax

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Topics hide Disclosure Corporate Income Tax Disclosure corporate income tax – Guidance Relationship between tax expense and accounting profit Initial recognition exemption – subsequent amortisation Taxation of share-based payments Income tax recognised outside profit or loss Unrecognised temporary differences Other potential disclosures Changes in tax rate Disclosure corporate income tax example 6 Income tax expense … Read more

Disclosure profit or loss items

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Topics hide Disclosure profit or loss items Disclosure important profit or loss items guidance Disclosure important profit or loss items example 4 Important profit or loss items 4(a) Sale of freehold land 4(b) Impairment of other assets 4(c) Disposal of plant and equipment 4(d) Litigation settlement 4(e) Recognition of tax losses Disclosure profit or loss … Read more

Inventory costing 2 better understand

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Inventory costing – is about costs allocated to value inventory in stock at the end of a reporting period and calculate the costs of sales/gross profit earned in a period. Most operations comprise retail or wholesale operations, using relatively simple inventory costing systems such as FIFO, LIFO or Average Costs, other operations such as manufacturing … Read more

Disclosure financial assets and liabilities

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Disclosure financial assets and liabilities Introductory guidance Disclosing financial assets and liabilities (financial instruments) in one note Users of financial reports have indicated that they would like to be able to quickly access all of the information about the entity’s financial assets and liabilities in one location in the financial report. The notes are therefore … Read more

Components of Financial Statements

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Components of Financial Statements – The following comprise a complete set of financial statements: a statement of financial position, a statement of profit or loss and other comprehensive income, presented either: in a single statement that included all components of profit or loss and other comprehensive income, or in the form of two separate statements: … Read more

IFRS 15 Revenue Disclosures Examples

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Topics hide IFRS 15 Revenue Disclosures Examples Disaggregation of revenue Accounting policies and significant judgements Other potential disclosures Example Disclosure IFRS 15 Revenue from contracts with customers 3 Revenue from contracts with customers 3(a) Disaggregation of revenue from contracts with customers 3(b) Assets and liabilities related to contracts with customers 3(c) Accounting policies and significant … Read more

Better Communication in Financial Reporting

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Topics hide Better Communication in Financial Reporting Better Communication in Financial Reporting Better Communication in Financial Reporting Better Communication in Financial Reporting is an IFRS.org initiative to focus financial reporting on users. There is a general view that financial reports have become too complex and difficult to read and that financial reporting tends to focus … Read more

What happened in the reporting period

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Topics hide What happened in the reporting period Example disclosure – What happened in the reporting period Overview of acquisition Overview discontinued operation What happened in the reporting period There is no requirement to disclose a summary of significant events and transactions that have affected the company’s financial position and performance during the period under … Read more

IAS 1 Economic resource

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An economic resource is a right by the reporting entity that has the potential to produce economic benefits. An economic resource in general has the form of an asset. This information is provided in the financial position. Potential to produce economic benefits – Within an economic resource, a feature that already exists and will produce economic benefits … Read more