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Topics hide Revenue definition Step 1 Identify the contract Case – Oral contract Attributes of a contract No contract under IFRS 15 Case – Collectability of the consideration Step 2 Identify separate performance obligations Step 3 Determine the transaction price Step 4 Allocate the transaction price to performance obligations Step 5 Recognise revenue as or … Read more
This is an overview of the use of onerous in the IFRS Standards, the major Standard being IAS 37 (see below). Topics hide IAS 37: ‘Onerous Contracts – Cost of Fulfilling a Contract’ Conceptual Framework – Executory contracts IFRS 3 Business combinations IFRS 9 Own use contracts IFRS 15 Revenue from contracts with customers IFRS … Read more
Topics hide Cloud based software Cloud accounting – a different business model What are the types of cloud? Approaches to cloud accounting Does the arrangement include a software license? Costs of implementation and data migration Amortisation of capitalised costs – the useful life What to think of….. Cloud based software Historically, companies acquiring IT and … Read more
Topics hide What is cloud computing and more specific software as a service? What is SaaS? The key issues A Case A Case – Analysis! B a Case B a Case – Analysis! What is cloud computing and more specific software as a service? Cloud computing is essentially a model for delivering information technology services … Read more
Topics hide What Is Fintech or Financial Technology And Its Benefits? Financial Technology or Fintech? Example Fintech presentation of Revenue Significant accounting policies – Fintech Revenue C. Interest D. Fintech Fees and commission E. Net trading income F. Net income from other financial instruments at fair value through profit or loss G. Dividend income Notes … Read more
Topics hide Initial Coin Offering Accounting for token pre-sale agreements Accounting for ICOs by the issuer IFRS 9 – Financial liability IAS 32 – Equity instrument IFRS 15 – Revenue transaction/prepayment for future goods and services Consider other relevant guidance Accounting for a purchase of goods or services by the ICO entity in exchange for … Read more
Contract enforceability and termination clauses is about those troubles, get your money as entitled or end a contract before you lose too much money. Contract enforceability of rights (AND obligations) in a contract is a matter of law. An entity has to determine the duration of the contract (i.e., the stated contractual term or a … Read more
M and A or Mergers and Acquisitions in IFRS language Business Combinations. 1 Identifying a business combination IFRS 3 refers to a ‘business combination’ rather than more commonly used phrases such as takeover, acquisition or merger because the objective is to encompass all the transactions in which an acquirer obtains control over an acquiree no … Read more
IFRS 15 Customers unexercised rights and breakage INTRO An entity may receive a non-refundable prepayment from a customer that gives the customer the right to receive goods or services in the future. Common examples include gift cards, vouchers and non-refundable tickets. Typically, some customers do not exercise their right – this is referred to as … Read more
Consignment arrangements An entity may deliver goods to another party but retain control of the goods – e.g. it may deliver a product to a dealer or distributor for sale to an end customer. These types of arrangements are called ‘consignment arrangements’, and do not allow the entity to recognize revenue on delivery of the … Read more