Search found 1343 matches
- 16 May 2024, 16:00
- Forum: IFRS-related topics
- Topic: First financial period as per IFRS
- Replies: 4
- Views: 30
Re: First financial period as per IFRS
(and the reason)
- 16 May 2024, 15:59
- Forum: IFRS-related topics
- Topic: First financial period as per IFRS
- Replies: 4
- Views: 30
Re: First financial period as per IFRS
It's not a problem under IFRS, your issue will be local law. Eg in UK you can have up to 18 months (IFRS or otherwise..).
IAS 1 para 36 permits any period as long as you disclose that it's more than a year (or less)
IAS 1 para 36 permits any period as long as you disclose that it's more than a year (or less)
- 16 May 2024, 13:32
- Forum: IFRS-related topics
- Topic: New accounting policies in interim reporting
- Replies: 1
- Views: 31
New accounting policies in interim reporting
does the new standard you are implementing for the first time require restatement or just prospective application?
have you actually changed any accounting policies?
have you actually changed any accounting policies?
- 16 May 2024, 00:33
- Forum: IFRS-related topics
- Topic: Uncertainty over Income Tax Treatments
- Replies: 2
- Views: 38
Re: Uncertainty over Income Tax Treatments
same in UK although it's (generally) fairly clear what is permitted or not, except in rare/unusual cases. I don't like the sound of your tax assessor's powers!
- 14 May 2024, 16:49
- Forum: IFRS-related topics
- Topic: Associate accounting
- Replies: 2
- Views: 46
Re: Associate accounting
the variable returns are through the potential conversion to equity? you can then affect activities to generate dividends? what are the circumstances/rights of conversion - just conversion of interest into shares?
all sounds like associate/equity accounting fits well
all sounds like associate/equity accounting fits well
- 30 Apr 2024, 21:20
- Forum: General accounting and financial reporting discussion
- Topic: Overall vs planning materiality
- Replies: 2
- Views: 162
Re: Overall vs planning materiality
Nothing. Yes you set planning materiality (at planning) and change it as you go along as necessary, but that's not really relevant info for the audit report. Guess they're saying they set it at planning and it didn't change from there.
- 30 Apr 2024, 11:44
- Forum: IFRS-related topics
- Topic: Pre-Operational Expenses treatment
- Replies: 7
- Views: 150
Re: Pre-Operational Expenses treatment
ok, I read 'all of those costs' different to you then!
- 29 Apr 2024, 21:54
- Forum: IFRS-related topics
- Topic: Pre-Operational Expenses treatment
- Replies: 7
- Views: 150
Re: Pre-Operational Expenses treatment
also if you did do that, you'd have to restate as it sounds like you're talking about costs from years ago
- 29 Apr 2024, 17:07
- Forum: IFRS-related topics
- Topic: IFRS 2 fixed bonus pool
- Replies: 13
- Views: 362
Re: IFRS 2 fixed bonus pool
Since there is a guaranteed element settled in shares, is that not a 'share based payment' regardless of whether it's tied to share value'?
- 29 Apr 2024, 13:14
- Forum: IFRS-related topics
- Topic: Exit Fee - SPPI test
- Replies: 4
- Views: 117
Re: Exit Fee - SPPI test
seems in substance it's just another fixed payment forming part of the effective interest as it's always due, the only question is when
- 25 Apr 2024, 10:28
- Forum: IFRS-related topics
- Topic: Contingent liabilities & bank guarantee (In a general sense)
- Replies: 6
- Views: 918
Re: Contingent liabilities & bank guarantee (In a general sense)
ok interesting. is that upfront fee an asset amortised over the life of the guarantee? also if this was the UK, then the chance of share capital falling below a required level (and the guarantee being called) would probably be considered remote; but maybe in UAE it varies by external factors or some...
- 25 Apr 2024, 09:57
- Forum: IFRS-related topics
- Topic: Loan from shareholders - Disclosure in the financials
- Replies: 2
- Views: 129
Re: Loan from shareholders - Disclosure in the financials
Yes related party disclosure, split current vs non-current as with any other loan, and since you're suggesting there's a non current element there's probably an inferred capital contribution by reference to what market market would be.
- 25 Apr 2024, 09:55
- Forum: IFRS-related topics
- Topic: Contingent liabilities & bank guarantee (In a general sense)
- Replies: 6
- Views: 918
Re: Contingent liabilities & bank guarantee (In a general sense)
I don't understand the arrangement to be honest! The bank is giving a guarantee that share capital will be maintained, what is the bank getting from it?
- 24 Apr 2024, 19:33
- Forum: IFRS-related topics
- Topic: Debt pricing re-set
- Replies: 16
- Views: 361
Re: Debt pricing re-set
But the commitment fee is likely payable even if you don't draw anything, so it relates to the facility itself and not any drawdown.
- 23 Apr 2024, 14:25
- Forum: IFRS-related topics
- Topic: Change of lessor
- Replies: 5
- Views: 150
Re: Change of lessor
yes. presumably the lessor novated the lease to another party.
- 23 Apr 2024, 13:03
- Forum: IFRS-related topics
- Topic: Change of lessor
- Replies: 5
- Views: 150
Re: Change of lessor
nothing
- 22 Apr 2024, 23:45
- Forum: IFRS-related topics
- Topic: IFRS 15 change of period of recognition of up-front fee
- Replies: 3
- Views: 155
Re: IFRS 15 change of period of recognition of up-front fee
Why are you changing it
- 22 Apr 2024, 23:44
- Forum: IFRS-related topics
- Topic: Extension of lease agreement
- Replies: 6
- Views: 154
Re: Extension of lease agreement
substance is it's an extension, even if technically a new lease
- 22 Apr 2024, 23:43
- Forum: IFRS-related topics
- Topic: Extension of lease agreement
- Replies: 6
- Views: 154
Re: Extension of lease agreement
lease modification - remeasure liability using revised discount rate and revise asset accordingly
- 15 Apr 2024, 20:28
- Forum: IFRS-related topics
- Topic: Waiver of interest on loan to associate
- Replies: 6
- Views: 921
Re: Waiver of interest on loan to associate
I guess the other option for the Debit is to increase the investment in associate by your share as a capital contribution (like if it was a subsidiary) but I don't know the answer I'm afraid!
- 08 Apr 2024, 20:42
- Forum: IFRS-related topics
- Topic: Prior year adjustments
- Replies: 8
- Views: 891
Re: Prior year adjustments
previous year audited by KPMG...
- 08 Apr 2024, 18:38
- Forum: IFRS-related topics
- Topic: Prior year adjustments
- Replies: 8
- Views: 891
Re: Prior year adjustments
if the link doesn't work for you (does for me) go to https://find-and-update.company-informa ... ce.gov.uk/ and look at the 2022 accounts of The University of Law Limited
- 08 Apr 2024, 18:09
- Forum: IFRS-related topics
- Topic: Prior year adjustments
- Replies: 8
- Views: 891
Re: Prior year adjustments
Check this out... a nightmare one https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/d6LJMz3OQF4S7AwDdznX-7CJbFIAS5S54vgTooQU2og/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3LFT6LLX3%2F20240408%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Dat...
- 06 Apr 2024, 15:32
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1222
Re: Credit note received after YE
If you knew you had achieved the volume for a discount and the invoices received were pre-discount, I'd recognise the discount in P&L with a corresponding adjustment to payables and then offset it when the credit note was subsequently received
- 05 Apr 2024, 19:55
- Forum: IFRS-related topics
- Topic: IAS 36 Value in use
- Replies: 3
- Views: 487
Re: IAS 36 Value in use
can you demonstrate your ability to accurately forecast 7 years ahead, based on a review of previous forecasts made? (ias 36 para 35)
- 05 Apr 2024, 14:47
- Forum: IFRS-related topics
- Topic: ECL on loans designated at FVOCI
- Replies: 7
- Views: 712
- 05 Apr 2024, 10:30
- Forum: IFRS-related topics
- Topic: IAS 36 Value in use
- Replies: 3
- Views: 487
Re: IAS 36 Value in use
Use the first 5 years from your forecast then apply the terminal value if it's appropriate to assume the asset will be valuable for ever....
The idea is that you can't reasonably forecast over 5 years so you can only assume the wider market growth rate after that
The idea is that you can't reasonably forecast over 5 years so you can only assume the wider market growth rate after that
- 03 Apr 2024, 22:09
- Forum: IFRS-related topics
- Topic: Royalties & sales commissions
- Replies: 12
- Views: 1176
Re: Royalties & sales commissions
the latter could be an asset under IFRS 15; it will depend a lot on the specifics if you have a specific case to share
- 03 Apr 2024, 15:31
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1222
Re: Credit note received after YE
Are you an (unhappy) auditor? This is the same reason you would review post year end credit notes in revenue testing.
- 03 Apr 2024, 11:08
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1222
Re: Credit note received after YE
Most likely represents conditions at year end, eg incorrect pricing or volume etc, so is an adjusting event. Or is it because of decisions made/arising entirely after year end?