Search found 608 matches

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: 109

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: 109

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: 109

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: 60

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: 60

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: 90

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: 67

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: 90

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: 102

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...
by JRSB
03 Sep 2021, 11:39
Forum: General accounting and financial reporting discussion
Topic: Redeemable preference shares redeemed at a discount
Replies: 8
Views: 229

Re: Redeemable preference shares redeemed at a discount

so they gave you 1000, and you have the option of giving them 500 back in settlement? What's in it for them?
by JRSB
02 Sep 2021, 10:30
Forum: General accounting and financial reporting discussion
Topic: Depreciation disclosure help
Replies: 2
Views: 93

Re: Depreciation disclosure help

do we know if reducing balance or straight line?
by JRSB
23 Aug 2021, 12:21
Forum: IFRS-related topics
Topic: IFRS 16 OR IAS 16???
Replies: 3
Views: 4615

Re: IFRS 16 OR IAS 16???

the question reads exactly like an exam question on the topic! (maybe it is one?) :?:
by JRSB
18 Aug 2021, 17:42
Forum: IFRS-related topics
Topic: Reserves
Replies: 6
Views: 3814

Re: Reserves

It doesn't make a difference if it's in cash or assets or other benefit given, but there is a distinction as whether it is a loan or not. 'non-repayable interest free loan' is a strange idea to me but in effect that's the same as a cash contribution... Clearly there's no way you could have that in c...
by JRSB
18 Aug 2021, 15:01
Forum: IFRS-related topics
Topic: Reserves
Replies: 6
Views: 3814

Re: Reserves

The above refers to the subsidiary. If assets are contributed there's no impact to shares so I wouldn't suggest adjusting share premium, so just 'other reserve' or similar.
by JRSB
11 Aug 2021, 22:15
Forum: General accounting and financial reporting discussion
Topic: €(123) million or (€123) million?
Replies: 8
Views: 12113

Re: €(123) million or (€123) million?

Personally just the number in brackets because the number is negative rather than the currency...

I think it comes clearer if you say.... EPS this year was (0.4)p. ..... (0.4p) doesn't look right.

Just me.
by JRSB
09 Aug 2021, 09:59
Forum: IFRS-related topics
Topic: IFRS9=9 short term rent deposit - need to discount?
Replies: 2
Views: 2869

Re: IFRS9=9 short term rent deposit - need to discount?

I think there's another thread on this, concluding as you say; technically yes but likely immaterial.
Assume 'short term' indicates <12m
by JRSB
04 Aug 2021, 10:21
Forum: IFRS-related topics
Topic: Investment in Subsidiary recoverable amount
Replies: 11
Views: 8558

Re: Investment in Subsidiary recoverable amount

Think the question is about the parent of a company that isn't going concern?
by JRSB
03 Aug 2021, 23:32
Forum: IFRS-related topics
Topic: Accrual for Vendor Rebates
Replies: 7
Views: 5870

Re: Accrual for Vendor Rebates

I thought it was a bit of a grey area for the 'opposite' side of certain revenue arrangements. So a suitable accounting policy is needed. In your scenario are you already entitled to the rebate as at year end, or projecting forward and expecting to receive a later credit due to volume discounts etc?
by JRSB
03 Aug 2021, 17:11
Forum: IFRS-related topics
Topic: Investment in Subsidiary recoverable amount
Replies: 11
Views: 8558

Re: Investment in Subsidiary recoverable amount

PS what do you mean 'not consolidated'?
by JRSB
03 Aug 2021, 17:10
Forum: IFRS-related topics
Topic: Investment in Subsidiary recoverable amount
Replies: 11
Views: 8558

Re: Investment in Subsidiary recoverable amount

If it's higher than cost, then leave it as cost? maybe it's a current asset now

do you mean how to record the net assets distribution once the subsidiary is wound up and the remaining cash is transferred up? it's a distribution to the parent and the excess over cost is a gain.
by JRSB
03 Aug 2021, 11:14
Forum: IFRS-related topics
Topic: Property sold to related party
Replies: 4
Views: 4489

Re: Property sold to related party

You said the property had been sold so the potential distribution is only the difference between sale price and market price, plus interest that would have been paid for a third party not paying for 6 month or whatever , so only the value of the benefit as distinct from an arm's length arrangement. ...
by JRSB
29 Jul 2021, 22:01
Forum: IFRS-related topics
Topic: Error or Accounting estimate
Replies: 21
Views: 15623

Re: Error or Accounting estimate

I don't mean an engagement letter being signed and therefore giving rise to a contractual liability. I also don't think actual performance is relevant to my argument. You would recognise 10% of the expected cost if 10% of the audit was performed by year end? I think it's a special case because of ho...
by JRSB
29 Jul 2021, 09:13
Forum: IFRS-related topics
Topic: Property sold to related party
Replies: 4
Views: 4489

Re: Property sold to related party

Presumably it wasn't 'obviously' below arm's length terms ( eg $1) - in which case what assessment was made in accepting the offered price? If it is considered to be an arm's length transaction then the journals will be the same as a normal sale. Why hasn't it been paid for? If you wouldn't normally...
by JRSB
29 Jul 2021, 09:10
Forum: IFRS-related topics
Topic: Error or Accounting estimate
Replies: 21
Views: 15623

Re: Error or Accounting estimate

I did ask "did you engage an auditor before the year end" as I agree that's a consideration
by JRSB
27 Jul 2021, 19:49
Forum: IFRS-related topics
Topic: Error or Accounting estimate
Replies: 21
Views: 15623

Re: Error or Accounting estimate

Yep - same as last time! Maybe one day Interpretations Committee can rule - I guess it's a Conceptual Framework question.....
by JRSB
27 Jul 2021, 17:07
Forum: IFRS-related topics
Topic: IASB proposes reduced disclosure requirements for subsidiaries
Replies: 3
Views: 5034

Re: IASB proposes reduced disclosure requirements for subsidiaries

I need to read the detail but it may be like we already have in UK, FRS 101 (IFRS with reduced disclosure)