Search found 22 matches
- 15 Feb 2023, 02:04
- Forum: IFRS-related topics
- Topic: IFRS 15 or IFRS 16
- Replies: 5
- Views: 913
Re: IFRS 15 or IFRS 16
It meets the definition of a contract under IFRS 15 and with commercial substance. It is not a right to control the use of an asset as per IFRS 16 but a transfer of control of the asset to the customer upon delivery. There is additional consideration such as significant financing component due to se...
- 14 Feb 2023, 02:22
- Forum: IFRS-related topics
- Topic: IFRS 15 or IFRS 16
- Replies: 5
- Views: 913
Re: IFRS 15 or IFRS 16
I would think appropriate to recognise revenue based on IFRS 15 on delivery (transfer of control). would you agree with my view?
- 13 Feb 2023, 13:59
- Forum: IFRS-related topics
- Topic: IFRS 15 or IFRS 16
- Replies: 5
- Views: 913
IFRS 15 or IFRS 16
Hi everyone, Would like to check on below case. Company’s principal activity is engaged wholesale, trading, sale, supply and distribution of electronic products. The Company introduces an instalment plan to its customers to purchase its electronic products. Under the instalment arrangement, the Comp...
- 12 Feb 2022, 15:01
- Forum: IFRS-related topics
- Topic: advance proceed received
- Replies: 13
- Views: 2355
- 11 Feb 2022, 14:54
- Forum: IFRS-related topics
- Topic: advance proceed received
- Replies: 13
- Views: 2355
Re: advance proceed received
See my replies in below. it probably is as, but I would ask: 1. do you have a contractual obligation to repay it? - as long condition preceding of the contract (change of name from shareholders register, transfer of legal owner to the buyer) will fulfill, no obligation to return. 2. what are the con...
- 11 Feb 2022, 08:39
- Forum: IFRS-related topics
- Topic: advance proceed received
- Replies: 13
- Views: 2355
advance proceed received
Hi,
Would like to check whether consideration received in advance for a disposal of subsidiary meets the definition to be classified as financial liability?
Would like to check whether consideration received in advance for a disposal of subsidiary meets the definition to be classified as financial liability?
- 10 Nov 2021, 03:01
- Forum: IFRS-related topics
- Topic: expense for digital licence
- Replies: 3
- Views: 1050
Re: expense for digital licence
The company will need to establish infrastructure for the digital platform. I am not sure that will be some form of intangible asset in future.
- 09 Nov 2021, 11:09
- Forum: IFRS-related topics
- Topic: expense for digital licence
- Replies: 3
- Views: 1050
expense for digital licence
Company incurred some expenses (technical staff costs and other expenses) solely for the purpose of bidding the digital bank licence. As the outcome of the bidding will be known next year, can the Compay capitalise this as prepayment at year end and then decide in following year based on : (to trans...
- 10 Jun 2021, 02:41
- Forum: IFRS-related topics
- Topic: discount on revenue
- Replies: 6
- Views: 3156
Re: discount on revenue
Yes it will.
- 09 Jun 2021, 15:22
- Forum: IFRS-related topics
- Topic: discount on revenue
- Replies: 6
- Views: 3156
Re: discount on revenue
Yes the discount may be contractual based on the signed contract in the event the work done did not meet the required standard. However, any estimation of discount amount at this juncture will be without supporting basis.
- 08 Jun 2021, 11:12
- Forum: IFRS-related topics
- Topic: discount on revenue
- Replies: 6
- Views: 3156
discount on revenue
Hi, If there is reversal of revenue in subsequent year due to discount given on refurbishment work (recognised over time), the discount is material and may result in revenue to be presented as debit balance. Assuming this was not assessed as variable consideration at year end. How do we account and ...
- 21 May 2021, 10:05
- Forum: IFRS-related topics
- Topic: Testing of goodwill impairment
- Replies: 3
- Views: 1312
Re: Testing of goodwill impairment
Thank you for the explanations.
- 21 May 2021, 05:08
- Forum: IFRS-related topics
- Topic: Testing of goodwill impairment
- Replies: 3
- Views: 1312
Testing of goodwill impairment
Hi, would like to seek your view on below on impairment testing. Whether there is any option in selecting the method (i.e. either using enterprise value or equity value) when preparing the cash flow projections for impairment review of goodwill arising from business combination arising from acquisit...
- 05 Mar 2021, 13:04
- Forum: IFRS-related topics
- Topic: LGD for ECL computation
- Replies: 3
- Views: 1183
Re: LGD for ECL computation
receivables and assets measured at amortised cost
- 03 Mar 2021, 11:37
- Forum: IFRS-related topics
- Topic: LGD for ECL computation
- Replies: 3
- Views: 1183
LGD for ECL computation
Does anyone have any reference or template for the computation of LGD for non bank companies?
- 06 Feb 2021, 03:27
- Forum: General accounting and financial reporting discussion
- Topic: financial support undertaking
- Replies: 7
- Views: 3578
Re: financial support undertaking
Yes letter of financial support. The subsidiary is operating entity and in good financial position.
- 05 Feb 2021, 09:07
- Forum: General accounting and financial reporting discussion
- Topic: financial support undertaking
- Replies: 7
- Views: 3578
financial support undertaking
Can a subsidiary gives undertaking to provide financial support to parent so that the parent can meet its obligation as and when they fall due?
- 29 Jan 2021, 11:46
- Forum: IFRS-related topics
- Topic: IFRS 16 revaluation model
- Replies: 2
- Views: 1053
IFRS 16 revaluation model
If company measure its land and building using revaluation model but decided to change to cost method due to cost factor. is this allowed?
- 28 Jan 2021, 13:00
- Forum: General accounting and financial reporting discussion
- Topic: Reporting framework
- Replies: 10
- Views: 4263
Re: Reporting framework
Thank you Marek.
- 28 Jan 2021, 07:57
- Forum: General accounting and financial reporting discussion
- Topic: Reporting framework
- Replies: 10
- Views: 4263
Reporting framework
If a company reports its financial statements in accordance with IFRS and subsequently decided to move to IFRS for SME. It could be wrong selection of reporting framework and users do not find reason for using IFRS.
Is this allowed and if yes, what guidance is there available for company to apply?
Is this allowed and if yes, what guidance is there available for company to apply?
- 26 Jan 2021, 14:16
- Forum: IFRS-related topics
- Topic: Goodwill impairment testing
- Replies: 2
- Views: 906
Re: Goodwill impairment testing
Thanks a lot.
- 26 Jan 2021, 04:58
- Forum: IFRS-related topics
- Topic: Goodwill impairment testing
- Replies: 2
- Views: 906
Goodwill impairment testing
Hi,
If there is goodwill on acquisition of 60% subsidiary, how do i test the goodwill for impairment based on VIU?
Should = ( carrying amount of goodwill + net assets of subsidiary) - recoverable amount ?
If there is goodwill on acquisition of 60% subsidiary, how do i test the goodwill for impairment based on VIU?
Should = ( carrying amount of goodwill + net assets of subsidiary) - recoverable amount ?