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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 – 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 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 – 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
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
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
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
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
(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide IAS 32 Equity and Financial Liabilities Classification as a financial liability or equity General principles Puttable instruments Obligations arising on liquidation Impact of share settlement Redemption options Classification of rights issues Compound instruments Accounting for conversion at maturity Recognition and measurement Treasury shares Dividends Distributions of non-cash assets … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide Common control transactions v Newco formation Overview Common control transactions Book value (carry-over basis) accounting Acquisition accounting Consolidated financial statements of the transferor Discussion paper IASB (2021) Current accounting Should pre-combination information be restated? Set the framework – Historical Interpretations Committee ‘Transistory’ common control (IFRS 3.2(c)) Associates and … Read more