Plant and Equipment

Residual value best read used 4

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Last Updated on 24/02/2020 by 75385885 4 proper uses of Residual value Topics hide 4 proper uses of Residual value Residual value IAS 16 Definition: The residual-value of an asset is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset … Read more

Sales outside ordinary activities – best way of combining IFRS 15 IAS 16 IAS 38 and IAS 40

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Topics hide Sales outside ordinary activities Case – Sale of a single-property real estate (IFRS 3, IFRS 10, IAS 40 ) Food for thought – Judgement required to identify ordinary activities (IFRS 15.BC53) Food for thought – Accounting for a non-current non-financial asset held for sale may result in a gain or loss on transfer … Read more

Capitalisation of expenditure – 1 Complete answer

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Topics hide Capitalisation of expenditure Capital expenditure (including equipment repairs and maintenance) Initial recognition of indirect costs Subsequent recognition of indirect costs Recording lease contracts – Right-of-Use Assets Subsequent Measurement of the Right-of-Use Asset Capitalisation of borrowing costs Capitalisation of cloud computing costs Accounting for a cloud computing arrangement that does not include an intangible … 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

IAS 16 Generation assets for Power and Utilities

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Generation assets for Power and Utilities – are often large and complex installations. They are expensive to construct, tend to be exposed to harsh operating conditions and require periodic replacement or repair. This environment leads to specific accounting issues. Topics hide 1 Fixed assets and components 2 Borrowing costs 3 Decommissioning obligations 4 Impairment 5 … Read more

IFRS vs US GAAP Investment property – Broken in 10 great excellent reads

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(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide IFRS vs US GAAP Investment property Introduction Overview Definition and classification IFRS vs US GAAP Initial measurement Investment property IFRS vs US GAAP Subsequent measurement investment property IFRS vs US GAAP Fair value model Investment property IFRS vs US GAAP Cost model Investment property Subsequent expenditure Transfers to … Read more

IFRS 11 Joint Arrangements quick overview

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IFRS 11 Joint Arrangements quick overview provides the fastest overview on financial reporting by entities that have an interest in arrangements that are bound by a contractual arrangement providing two or more parties joint control. OBJECTIVE To establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (i.e. … Read more