Search found 175 matches

by exIFRS
05 Jan 2021, 15:21
Forum: IFRS-related topics
Topic: Capitalising movement in FV liability
Replies: 16
Views: 79

Re: Capitalising movement in FV liability

Well in March (or thereabouts) your dreams will come true as you too can make a submission for the Trustees' IASB Agenda Consultation

https://www.ifrs.org/projects/work-plan ... ultation/
by exIFRS
30 Dec 2020, 11:44
Forum: After hours
Topic: What we are playing during the holidays
Replies: 8
Views: 127

Re: What we are playing during the holidays

Projekt Yeah, I totally screwed that up, I should have checked. CD Projekt Red. finally broke the chains from the EU I am not going to touch this one! But for the record, I am just an interloper here in the UK (one of those terrible people that came here to steals jobs :-) ), though I am hoping to ...
by exIFRS
30 Dec 2020, 11:24
Forum: After hours
Topic: What we are playing during the holidays
Replies: 8
Views: 127

Re: What we are playing during the holidays

Savings and stability. Seems these days first releases are more like beta's (not much of a Christmas for your friends at Project CD Red I am guessing). I am like you it seems, I get to invested, but it is probably my main hobby so I don't feel too bad about it :-) That being said I am going to take ...
by exIFRS
30 Dec 2020, 11:15
Forum: IFRS-related topics
Topic: Deferred tax as 'current' asset
Replies: 11
Views: 69

Re: Deferred tax as 'current' asset

This depends on tax jurisdiction. In Poland for example, large corporations are required to calculate their income tax on a monthly basis an pay accordingly. Therefore you can realise part of your DTA even a month after the reporting date. But at the reporting date it is still a DTA I did think abo...
by exIFRS
30 Dec 2020, 10:47
Forum: After hours
Topic: What we are playing during the holidays
Replies: 8
Views: 127

Re: What we are playing during the holidays

Ah yes, my daughter just finished Assassins Creed Odyssey, and loved it. Tried Valhalla and hated it, stopped after an hour, and then got a copy of Origins that she loves.
by exIFRS
30 Dec 2020, 10:44
Forum: IFRS-related topics
Topic: IFRS-16 (ROU)
Replies: 12
Views: 103

Re: IFRS-16 (ROU)

1) As per IFRS16.B58 you classify the sub-lease as either an operating or finance lease (based on the ROU arising from the head lease, and considering the requirements of IFRS16.61-66. From the perspective of the separate financial statements, if you classify as a finance lease: A) Derecognise the r...
by exIFRS
29 Dec 2020, 22:44
Forum: After hours
Topic: What we are playing during the holidays
Replies: 8
Views: 127

What we are playing during the holidays

Okay so continuing a discussion from a different post. My games philosophy is I play 2 or so year old games when I can buy them for less than £20. My go to games are generally rpgs, and I waste far too much time on them. So I just finished Outer Worlds (at 1am), but was very disappointed. Taking a b...
by exIFRS
29 Dec 2020, 22:39
Forum: IFRS-related topics
Topic: Deferred tax as 'current' asset
Replies: 11
Views: 69

Re: Deferred tax as 'current' asset

Interesting points but I will digest them tomorrow because it's late, and I am tired (it's the holidays and I stayed up way too late last night drinking wine), and I am not sure of my logic :roll: :lol: Very funny, and probably better use of your time (drinking vs PS4). So I don’t get in trouble wi...
by exIFRS
29 Dec 2020, 22:03
Forum: IFRS-related topics
Topic: Deferred tax as 'current' asset
Replies: 11
Views: 69

Re: Deferred tax as 'current' asset

So it holds true as long as it's not the only non-current asset. I think it is better to say it holds true as long as you are not using a liquidity presentation (IAS1.60) AFAIK basis for conclusions paragraphs are silent Yeah, sadly this is an old standard. Thinking about it I can't decide if it is...
by exIFRS
29 Dec 2020, 16:47
Forum: IFRS-related topics
Topic: IFRS-16 (ROU)
Replies: 12
Views: 103

Re: IFRS-16 (ROU)

If I understand your questions correctly. 1) In the separate books/financial statements (if prepared) yes you would need to account for the lease. As JRSB notes a sublease is still just a lease (IFRS16.3). There are specific references scattered throughout IFRS 16 to subleases, but basically, you ha...
by exIFRS
28 Dec 2020, 17:17
Forum: IFRS-related topics
Topic: IAS 32 Financial Instruments: Presentations
Replies: 9
Views: 92

Re: IAS 32 Financial Instruments: Presentations

My understanding is that the difference boils down to paragraph 16, in Example 1 the entity has an obligation under the forward to deliver cash, therefore a liability. In example 3 a call gives the entity to ability to avoid payment if it doesn't make the call.
by exIFRS
27 Dec 2020, 19:27
Forum: IFRS-related topics
Topic: Interest-free loans or loans at below-market interest rate
Replies: 9
Views: 83

Re: Interest-free loans or loans at below-market interest rate

In mining sector I have seen a fair few of #2.
by exIFRS
27 Dec 2020, 19:25
Forum: IFRS-related topics
Topic: IFRS15 - Cloud storage
Replies: 5
Views: 109

Re: IFRS15 - Cloud storage

While not directly relevant to facts you set out, you might also want to look at this 2019 Agenda Decision on Cloud Software, I think it will give you some comfort that this is a simple service contract: https://cdn.ifrs.org/-/media/feature/supporting-implementation/agenda-decisions/ias38-customers-...
by exIFRS
27 Dec 2020, 19:18
Forum: IFRS-related topics
Topic: IAS 32 Financial Instruments: Presentations
Replies: 9
Views: 92

Re: IAS 32 Financial Instruments: Presentations

These (d) paragraphs (referring to an entity's own shares) were late additions to the standard to deal with more complex financial transactions that were starting to appear in certain industries. The BC (para 5) states (in part): The original IAS 32 dealt with aspects of this issue piecemeal and it ...
by exIFRS
24 Dec 2020, 18:16
Forum: After hours
Topic: Merry Christmas to all who celebrate
Replies: 1
Views: 37

Merry Christmas to all who celebrate

Wishing a Merry Christmas to everyone who is celebrating it and a peaceful break to everyone who is lucky enough to have one!
by exIFRS
21 Dec 2020, 11:16
Forum: IFRS-related topics
Topic: Conceptual Framework - Capitalisation of a Cellphone
Replies: 15
Views: 105

Re: Conceptual Framework - Capitalisation of a Cellphone

re. research, it is possible that tangible assets used in research will fall under IAS 38 IMO, but it depends whether it is an asset that facilitates the research in general (i.e. the lab - IAS 16) or an asset actually used in research and purchased solely for a particular research programme (IAS 3...
by exIFRS
21 Dec 2020, 10:42
Forum: IFRS-related topics
Topic: Conceptual Framework - Capitalisation of a Cellphone
Replies: 15
Views: 105

Re: Conceptual Framework - Capitalisation of a Cellphone

the CF is mostly for the IASB, not the common man ;) Not sure I completely agree :P. Understanding the CF is important for understanding the Standards themselves, as the CF itself states (CF SP1): The purpose of the Conceptual Framework is to: (a) assist the International Accounting Standards Board...
by exIFRS
21 Dec 2020, 10:36
Forum: IFRS-related topics
Topic: Conceptual Framework - Capitalisation of a Cellphone
Replies: 15
Views: 105

Re: Conceptual Framework - Capitalisation of a Cellphone

I agree cellphones meet the definition of an asset under CF, but they will not show up on balance sheets as an asset if ... they are procured for research, training, promotion, etc. purposes (IAS 38). Hey pub_acco, just trying to make sure I understand this assertion in the broader context. Setting...
by exIFRS
17 Dec 2020, 21:37
Forum: IFRS-related topics
Topic: Conceptual Framework - Capitalisation of a Cellphone
Replies: 15
Views: 105

Re: Conceptual Framework - Capitalisation of a Cellphone

I agree with JRSB's points. I would add that one of the unspoken underpinnings of the IFRS Standards is economic rationality. The fact you are willing to spend money leasing, or buying, a phone indicates your expectations about benefits. In business we spend money to make money. This a point picked ...
by exIFRS
16 Dec 2020, 12:51
Forum: IFRS-related topics
Topic: Current or non-current loan
Replies: 52
Views: 271

Re: Current or non-current loan

I believe they have, but don't ask me to provide an example. They have definitely significantly reworded them based on feedback.
by exIFRS
16 Dec 2020, 12:15
Forum: IFRS-related topics
Topic: Current or non-current loan
Replies: 52
Views: 271

Re: Current or non-current loan

It will be interesting to see what happens next. And though I have personal views I can see there are two sides to the argument. Our split here mirrors many of the discussions I am hearing. I have already had two organisations approach me for input on their submissions, and we will see how many subm...
by exIFRS
16 Dec 2020, 10:22
Forum: After hours
Topic: Free Seminar: Accounting Fraud
Replies: 1
Views: 52

Free Seminar: Accounting Fraud

If anyone is interested, Cambridge has a free online seminar tomorrow night on Accounting Fraud The Cambridge Master of Accounting degree programme is designed to develop ethical global leaders for roles in accounting, finance, and related fields. To support this, the faculty are pleased to host Sam...
by exIFRS
15 Dec 2020, 18:18
Forum: IFRS-related topics
Topic: Current or non-current loan
Replies: 52
Views: 271

Re: Current or non-current loan

But isn't the ratio test a future event? We are not currently in breach.
by exIFRS
15 Dec 2020, 17:28
Forum: IFRS-related topics
Topic: Current or non-current loan
Replies: 52
Views: 271

Re: Current or non-current loan

Personally yes. If the entity believes it is (insert preferred level of confidence here [probable/highly probable/almost certain]) it will meet the test then I think it provides more reliable information that faithfully represents circumstances. Make them disclose it though, and let the auditor revi...
by exIFRS
15 Dec 2020, 10:19
Forum: IFRS-related topics
Topic: IFRS 15 Significant financing component (Interest expense)
Replies: 1
Views: 32

Re: IFRS 15 Significant financing component (Interest expense)

Just to clarify, are you looking at this from the perspective of the buyer or the seller? The seller recognises interest revenue (unless we are talking about payment in advance). But in either case the argument is the same, it is effectively about opportunity cost and consistency. The BC to IFRS 15 ...
by exIFRS
14 Dec 2020, 18:23
Forum: IFRS-related topics
Topic: Current or non-current loan
Replies: 52
Views: 271

Re: Current or non-current loan

I agree, I really don't like the outcome. And it was pretty obvious a number of the Committee Members didn't either. So it now comes down to people providing feedback to the tentative agenda decision.
by exIFRS
14 Dec 2020, 17:36
Forum: IFRS-related topics
Topic: Current or non-current loan
Replies: 52
Views: 271

Re: Current or non-current loan

Well the IFRIC Update is out, and it confirms that at report date, for a debt to be classified as non-current you must also comply with covenants that will only be tested in the future (up to 12 months presumably). The discussion went for quite some time, so the conclusion perhaps wasn't quite as cu...
by exIFRS
10 Dec 2020, 10:17
Forum: General accounting and financial reporting discussion
Topic: Article: ThinkSmart and AfterPay: the price is wrong
Replies: 2
Views: 52

Article: ThinkSmart and AfterPay: the price is wrong

Interesting discussion in today's FT about the vaguries of valuation. With two companies valuing the same financial item very differently. I have seen this a few times, along with inconsistencies over who really controls (or doesn't) a jointly owned subsidiary. So that’s a gap of around £101m betwee...
by exIFRS
10 Dec 2020, 09:44
Forum: IFRS-related topics
Topic: Contingency commitments for rent
Replies: 2
Views: 35

Re: Contingency commitments for rent

No. IAS 37.10 defines a contingent liability as: (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non‑occurrence of one or more uncertain future events not wholly within the control of the entity; or (b) [doesn't apply here] The k...