Search found 22 matches

by Wynand Brits
12 Jul 2023, 18:11
Forum: IFRS-related topics
Topic: IBOR Reform
Replies: 4
Views: 11441

Re: IBOR Reform

Any practical examples on IBOR reform phase 2?
by Wynand Brits
12 Jul 2023, 14:05
Forum: IFRS-related topics
Topic: Grant from non-government institution
Replies: 5
Views: 3055

Re: Grant from non-government institution

Potential investor yes, just wanted to highlight that there is no shareholder relationship.
by Wynand Brits
12 Jul 2023, 10:34
Forum: IFRS-related topics
Topic: Grant from non-government institution
Replies: 5
Views: 3055

Re: Grant from non-government institution

hi. Was not for charity. The holding company received a grant. The grant will be used by the subsidiaries for a tree improvement program. The Holding company will pay consultants etc based on the grant received. The company that provided the grant is not an investor in the holding company at this po...
by Wynand Brits
12 Jul 2023, 10:16
Forum: IFRS-related topics
Topic: Grant from non-government institution
Replies: 5
Views: 3055

Grant from non-government institution

We received a grant from a non-government institution. My understanding is that it won't be in the scope of IAS 20 - Government grant.

What section of IFRS is applicable if I receive a grant from a non-government intuition?
by Wynand Brits
09 Jul 2023, 12:01
Forum: IFRS-related topics
Topic: Loans repayable based on free cash flows
Replies: 7
Views: 6873

Re: Loans repayable based on free cash flows

Hi. Thanks for the reference. And the measurement of the loan at amortised cost, should I not look at the estimated cash flows to estimate the carrying amount of the loan?
by Wynand Brits
09 Jul 2023, 09:31
Forum: IFRS-related topics
Topic: Loans repayable based on free cash flows
Replies: 7
Views: 6873

Loans repayable based on free cash flows

Does someone have guidance for a loan payable when the terms state that the loan can only be repaid from free cash flows? The loan bears interest at a market-related rate. Should I not look at the estimated cash flows and perform a fair value assessment on the loan to compare it with the carrying am...
by Wynand Brits
10 Jul 2020, 16:06
Forum: IFRS-related topics
Topic: IFRS 16 sub lease
Replies: 11
Views: 2357

Re: IFRS 16 sub lease

Will have a look on the big 4 communications thanks
by Wynand Brits
10 Jul 2020, 15:46
Forum: IFRS-related topics
Topic: IFRS 16 sub lease
Replies: 11
Views: 2357

Re: IFRS 16 sub lease

In South Africa. Are there any guidance or illustratives available to see whether there is a sub lease perhaps if they can provide a sub lease agreement?
by Wynand Brits
10 Jul 2020, 13:40
Forum: IFRS-related topics
Topic: IFRS 16 sub lease
Replies: 11
Views: 2357

IFRS 16 sub lease

Hi I have the following case in a group situation and will appreciate some guidance: Company X has a contract to lease offices with the lessor which is a external party. Company X pays this rent to the external lessor. Company Y, which is a fellow subsidiary of Company X, uses the warehouses of the ...
by Wynand Brits
17 Jun 2020, 16:11
Forum: IFRS-related topics
Topic: Loan to Equity
Replies: 7
Views: 2022

Re: Loan to Equity

Yes definitely in my case as well. The probability of the loan being repaid is minimal and will probably be repaid.

Do you have any Big 4 guidance on this topic?

Thanks
by Wynand Brits
17 Jun 2020, 16:02
Forum: IFRS-related topics
Topic: Loan to Equity
Replies: 7
Views: 2022

Loan to Equity

Hi I have a loan payable to a shareholder which is repayable on demand, unsecured and no interest is charged. Are there any guidance to classify the loan to equity? Should new shares need to be issued for the loan reclassified to equity? Any guidance/starting point will be appreciated. Thanks!
by Wynand Brits
19 May 2020, 12:13
Forum: IFRS-related topics
Topic: IFRS 16 lease contract
Replies: 3
Views: 1026

Re: IFRS 16 lease contract

Cool thanks. That was my understanding as well but couldn't identify any information with examples were the asset (building) was already in use but the contract was only signed subsequently.
by Wynand Brits
19 May 2020, 11:32
Forum: IFRS-related topics
Topic: IFRS 16 lease contract
Replies: 3
Views: 1026

IFRS 16 lease contract

Hi I am busy with a set of financial statements for the year ended 31 December 2017. As part of the standards and interpretations not yet effective, I am disclosing that IFRS 16 is applicable to the company from 1 January 2019 and that the estimate right of use asset and liability would be X amount ...
by Wynand Brits
25 Feb 2020, 11:10
Forum: IFRS-related topics
Topic: Common control transactions
Replies: 24
Views: 5135

Re: Common control transactions

Yes I struggled to find examples as the company is applying the pooling of interest (Book value method) and not acquisition accounting as the substance of the transaction did not change the shareholding of the ultimate parent entity. I will most probably only include in the accounting policies and a...
by Wynand Brits
25 Feb 2020, 10:44
Forum: IFRS-related topics
Topic: Common control transactions
Replies: 24
Views: 5135

Re: Common control transactions

Disclosures in the consolidated financial statements of Newco.

The company elected to prepare consolidated financial statements of Newco as there are other shareholders of Newco
by Wynand Brits
25 Feb 2020, 09:56
Forum: IFRS-related topics
Topic: Common control transactions
Replies: 24
Views: 5135

Common control transactions

Hi Does anyone have disclosure examples where there was a common control transaction for the year? The company formed a Newco which holds all the subsidiaries previously held by Holdco. IFRS 3 will not be applied to the consolidated financial statements of Newco as Holdco is still the ultimate share...
by Wynand Brits
03 Feb 2020, 12:58
Forum: IFRS-related topics
Topic: Cash generating unit
Replies: 4
Views: 1931

Re: Cash generating unit

Cool thanks. That does make sense as well.
by Wynand Brits
03 Feb 2020, 07:16
Forum: IFRS-related topics
Topic: Cash generating unit
Replies: 4
Views: 1931

Re: Cash generating unit

Hi I agree, however management is only focusing on the following: IAS 36 clarifies that if an active market exists for the output from a group of assets, then that group of assets is a separate CGU - even if the output is sold only to other units of the same entity. This is because that group of ass...
by Wynand Brits
31 Jan 2020, 13:39
Forum: IFRS-related topics
Topic: Cash generating unit
Replies: 4
Views: 1931

Cash generating unit

Hi I am busy with a CGU assessment and need some assistance: Company A: - Holds mining right. Company A will sell the minerals to third parties and Company B will invoice Company A for the work performed. - Company A does not have any other assets except for the mining right (Intangible asset). Comp...
by Wynand Brits
08 Jan 2020, 15:31
Forum: IFRS-related topics
Topic: IFRS 10 Consolidation of trust
Replies: 7
Views: 7055

Re: IFRS 10 Consolidation of trust

Thanks

It will be a good starting point. Do you perhaps have any financial statements of listed companies where interest in trusts are disclosed?
by Wynand Brits
08 Jan 2020, 14:49
Forum: IFRS-related topics
Topic: IFRS 10 Consolidation of trust
Replies: 7
Views: 7055

Re: IFRS 10 Consolidation of trust

I only had a general discussion with someone and don't have all the detail of the trust deed. Based on the discussions, I could understand the following: 1. The trust has a property which its operates for rental purposes, should the trust deed permit IFRS, the property will be accounted for as an in...
by Wynand Brits
08 Jan 2020, 14:03
Forum: IFRS-related topics
Topic: IFRS 10 Consolidation of trust
Replies: 7
Views: 7055

IFRS 10 Consolidation of trust

Hi All Does anyone have guidance on whether a trust can be consolidated as part of a group of companies? Can you apply the normal IFRS 10 control principles for a trust as well as you are a beneficiary to the trust and does not have share capital with voting rights. The trust deed will most probably...