Search found 627 matches

by JRSB
23 Oct 2021, 20:16
Forum: IFRS-related topics
Topic: IAS12 & IAS34
Replies: 6
Views: 49

Re: IAS12 & IAS34

I don't really follow the distinction, surely the tax provision is simply based on the best estimate using information available at the time
by JRSB
23 Oct 2021, 20:15
Forum: IFRS-related topics
Topic: IFRS 9-Expected Credit Losses
Replies: 4
Views: 25

Re: IFRS 9-Expected Credit Losses

is the loss provision material (ie the figure itself, and/or all the associated disclosure which is presumably missing too)?
by JRSB
20 Oct 2021, 13:10
Forum: IFRS-related topics
Topic: Change in depreciation policy-IFRS Adoption
Replies: 16
Views: 849

Re: Change in depreciation policy-IFRS Adoption

Here's the official discussion about moving it, if of interest.

https://www.gov.uk/government/publicati ... r-end-date
by JRSB
15 Oct 2021, 18:18
Forum: IFRS-related topics
Topic: Change in depreciation policy-IFRS Adoption
Replies: 16
Views: 849

Re: Change in depreciation policy-IFRS Adoption

They just cancelled that idea as too difficult to implement :lol:
by JRSB
14 Oct 2021, 20:34
Forum: IFRS-related topics
Topic: Recognizing non controlling interest based on profit sharing agreement
Replies: 11
Views: 219

Re: Recognizing non controlling interest based on profit sharing agreement

would the counterparty really enter into that arrangement? Why wouldn't the property owner repay all the profits to itself (upwards)?
by JRSB
13 Oct 2021, 12:59
Forum: IFRS-related topics
Topic: IFRS 9 - Lifetime Expected Loss - time slices below one year
Replies: 2
Views: 109

Re: IFRS 9 - Lifetime Expected Loss - time slices below one year

Perhaps when the distinction between annual and more frequent would be more material?
by JRSB
13 Oct 2021, 12:55
Forum: IFRS-related topics
Topic: Savings prize draw accounts
Replies: 12
Views: 152

Re: Savings prize draw accounts

In the UK there are premium bonds - Interest is allocated to winners rather than evenly. Luckily they report under IFRS. 1.3 Interest and prizes recognition Interest and prizes are earned by investors in accordance with the terms and conditions applicable to each product. Interest is recognised in a...
by JRSB
11 Oct 2021, 17:23
Forum: IFRS-related topics
Topic: Recognizing non controlling interest based on profit sharing agreement
Replies: 11
Views: 219

Re: Recognizing non controlling interest based on profit sharing agreement

To me it's almost that the company are borrowing, secured against the property cash flows. Presumably there's a discount on the cash received now against expected flows over 20 years.
by JRSB
11 Oct 2021, 17:21
Forum: IFRS-related topics
Topic: Recognizing non controlling interest based on profit sharing agreement
Replies: 11
Views: 219

Re: Recognizing non controlling interest based on profit sharing agreement

I can't see that it's NCI as it's not a residual interest.
by JRSB
11 Oct 2021, 14:29
Forum: IFRS-related topics
Topic: Expected Credit Loss
Replies: 7
Views: 262

Re: Expected Credit Loss

But in separate financial statements?
by JRSB
07 Oct 2021, 18:20
Forum: IFRS-related topics
Topic: Expected Credit Loss
Replies: 7
Views: 262

Re: Expected Credit Loss

Like informal intercompany loan? I believe the answer is not technically as there are no contractual cash flows so there are none to miss but in practice it makes sense to, plus the question of what the substance of the balance is, eg is it in substance capital.
by JRSB
04 Oct 2021, 12:43
Forum: IFRS-related topics
Topic: IFRS 16 purchase option
Replies: 15
Views: 465

Re: IFRS 16 purchase option

You said 'we're about to lease..', so why don't you negotiate a sale of the property rather than a lease?
by JRSB
03 Oct 2021, 19:06
Forum: After hours
Topic: Software update
Replies: 2
Views: 239

Re: Software update

actually I couldn't tell anything different, the forum always works fast for me. is it 'behind the scenes'?
by JRSB
01 Oct 2021, 17:43
Forum: IFRS-related topics
Topic: IFRS 16 purchase option
Replies: 15
Views: 465

Re: IFRS 16 purchase option

it's still on your balance sheet so doesn't apply no
by JRSB
01 Oct 2021, 16:55
Forum: IFRS-related topics
Topic: IFRS 16 purchase option
Replies: 15
Views: 465

Re: IFRS 16 purchase option

you are the lessor?
by JRSB
30 Sep 2021, 11:57
Forum: IFRS-related topics
Topic: Knock off the sales Invoice amount with Purchase amount
Replies: 2
Views: 164

Re: Knock off the sales Invoice amount with Purchase amount

Why is the same person buying and selling something from/to you? Presumably you add something to it.

Does the contract allow net settlement?
by JRSB
30 Sep 2021, 11:55
Forum: IFRS-related topics
Topic: Loan modification
Replies: 3
Views: 220

Re: Loan modification

Great answer!
by JRSB
26 Sep 2021, 22:01
Forum: IFRS-related topics
Topic: Asset received for free usage from parent who remains with the ownership
Replies: 10
Views: 359

Re: Asset received for free usage from parent who remains with the ownership

Probably contribution yes but with a letter from the parent saying that is what they intend...
by JRSB
24 Sep 2021, 20:43
Forum: IFRS-related topics
Topic: Asset received for free usage from parent who remains with the ownership
Replies: 10
Views: 359

Re: Asset received for free usage from parent who remains with the ownership

Yes I agree and I suppose the specifics of the case will determine if the vehicle is controlled, or if expected period is within short term exemption etc.
by JRSB
24 Sep 2021, 10:04
Forum: IFRS-related topics
Topic: Asset received for free usage from parent who remains with the ownership
Replies: 10
Views: 359

Re: Asset received for free usage from parent who remains with the ownership

DJP, I was thinking simply a 'contribution' equal to the value of otherwise leasing the vehicle, I suppose it depends how formal the arrangement is, eg if they've offered it for a period of time or if they'll take it back next week...
by JRSB
23 Sep 2021, 19:02
Forum: IFRS-related topics
Topic: BCUCC or IFRS 3?
Replies: 4
Views: 186

Re: BCUCC or IFRS 3?

I would agree with Marek then although I personally haven't worked with government as the controller in such cases. don't see that it would be any different, although 'government' is a broad word....
by JRSB
23 Sep 2021, 10:24
Forum: IFRS-related topics
Topic: BCUCC or IFRS 3?
Replies: 4
Views: 186

Re: BCUCC or IFRS 3?

whose accounts are you looking at, SOE A?

What is 'SOE'?
by JRSB
23 Sep 2021, 10:22
Forum: IFRS-related topics
Topic: Prepayments
Replies: 7
Views: 292

Re: Prepayments

also, if I recall correctly, IFRS 15 only has in its scope arrangements which are conducted under commercial terms
by JRSB
22 Sep 2021, 16:53
Forum: IFRS-related topics
Topic: Storage costs
Replies: 6
Views: 230

Re: Storage costs

Almost certainly not.

Even where a specific type of cost is mentioned the standards refer to 'in profit or loss'. so just have a consistent accounting policy.
by JRSB
22 Sep 2021, 11:18
Forum: IFRS-related topics
Topic: Prepayments
Replies: 7
Views: 292

Re: Prepayments

Seems quite clear to be a financing element - why did they pay so far in advance, was it in substance an interest free loan from the related party? Was the price for the goods the same as a third party would pay?
by JRSB
09 Sep 2021, 18:48
Forum: IFRS-related topics
Topic: Related parties payables written off
Replies: 1
Views: 165

Re: Related parties payables written off

what does the paperwork say.... if it was a contractual payable like any other, which was then released, that may be different to an intention to contribute capital. it can be important if the P&L credit would then be taxable...