Search found 22 matches

by daljeet
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...
by daljeet
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?
by daljeet
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...
by daljeet
12 Feb 2022, 15:01
Forum: IFRS-related topics
Topic: advance proceed received
Replies: 13
Views: 2355

Re: advance proceed received

Marek Muc wrote: 11 Feb 2022, 16:26 these are standard clauses, so this is not a financial liability, i.e. your obligation is to deliver the control over a subsidiary and not cash

what's your opinion, JRSB?
Yes your assessment makes sense on the obligation of the company. thank you.
by daljeet
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...
by daljeet
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?
by daljeet
10 Nov 2021, 03:01
Forum: IFRS-related topics
Topic: expense for digital licence
Replies: 3
Views: 1049

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.
by daljeet
09 Nov 2021, 11:09
Forum: IFRS-related topics
Topic: expense for digital licence
Replies: 3
Views: 1049

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...
by daljeet
10 Jun 2021, 02:41
Forum: IFRS-related topics
Topic: discount on revenue
Replies: 6
Views: 3154

Re: discount on revenue

Yes it will.
by daljeet
09 Jun 2021, 15:22
Forum: IFRS-related topics
Topic: discount on revenue
Replies: 6
Views: 3154

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.
by daljeet
08 Jun 2021, 11:12
Forum: IFRS-related topics
Topic: discount on revenue
Replies: 6
Views: 3154

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 ...
by daljeet
21 May 2021, 10:05
Forum: IFRS-related topics
Topic: Testing of goodwill impairment
Replies: 3
Views: 1311

Re: Testing of goodwill impairment

Thank you for the explanations.
by daljeet
21 May 2021, 05:08
Forum: IFRS-related topics
Topic: Testing of goodwill impairment
Replies: 3
Views: 1311

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...
by daljeet
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
by daljeet
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?
by daljeet
06 Feb 2021, 03:27
Forum: General accounting and financial reporting discussion
Topic: financial support undertaking
Replies: 7
Views: 3576

Re: financial support undertaking

Yes letter of financial support. The subsidiary is operating entity and in good financial position.
by daljeet
05 Feb 2021, 09:07
Forum: General accounting and financial reporting discussion
Topic: financial support undertaking
Replies: 7
Views: 3576

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?
by daljeet
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?
by daljeet
28 Jan 2021, 13:00
Forum: General accounting and financial reporting discussion
Topic: Reporting framework
Replies: 10
Views: 4262

Re: Reporting framework

Thank you Marek.
by daljeet
28 Jan 2021, 07:57
Forum: General accounting and financial reporting discussion
Topic: Reporting framework
Replies: 10
Views: 4262

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?
by daljeet
26 Jan 2021, 14:16
Forum: IFRS-related topics
Topic: Goodwill impairment testing
Replies: 2
Views: 906

Re: Goodwill impairment testing

Thanks a lot.
by daljeet
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 ?