Search found 199 matches

by exIFRS
02 Aug 2021, 13:14
Forum: IFRS-related topics
Topic: IFRS for SMEs - IFRS 16
Replies: 1
Views: 3257

Re: IFRS for SMEs - IFRS 16

No. Paragraph P17 of the IFRS for SMEs specifically addresses this (emphasis added): The IFRS for SMEs is a stand-alone document. SMEs shall not anticipate or apply changes made in full IFRS before those changes are incorporated into the IFRS for SMEs unless, in the absence of specific guidance in t...
by exIFRS
07 May 2021, 18:37
Forum: IFRS-related topics
Topic: Stock warrants to Broker
Replies: 6
Views: 1066

Re: Stock warrants to Broker

Thanks that helps my understanding a lot. Basically the broker only gets paid if the share price rises, and effectively we have a formula to determine the payment to the broker. Again, all the same warnings as earlier, and hopefully someone more knowledgeable will jump in soon, but this feels much m...
by exIFRS
07 May 2021, 17:45
Forum: IFRS-related topics
Topic: Stock warrants to Broker
Replies: 6
Views: 1066

Re: Stock warrants to Broker

I try to steer clear of Financial Instruments when I can, so take this for what it is worth, hopefully one of the more experience contributors will jump in. But my thoughts. So yes normally warrants or shares issued to a broker are captured by IFRS 2 as a payment for service. I have seen this freque...
by exIFRS
07 May 2021, 17:28
Forum: IFRS-related topics
Topic: Property
Replies: 3
Views: 704

Re: Property

Yes absolutely. This is simply PPE, which we often term leasehold improvements. There was a recent IFRIC related to these kinds of costs and specifically the period over which to depreciate them: https://www.ifrs.org/content/dam/ifrs/supporting-implementation/agenda-decisions/ifrs-16-ias-16-lease-te...
by exIFRS
06 May 2021, 09:04
Forum: IFRS-related topics
Topic: IFRS 6
Replies: 10
Views: 1408

Re: IFRS 6

It doesn't sound like IFRS 6 really applies? You seem to be beyond the E&E phase? IFRS 6 Para 5: An entity shall not apply the IFRS to expenditures incurred... after the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. and before we say, ahh at th...
by exIFRS
05 May 2021, 09:03
Forum: IFRS-related topics
Topic: IFRS 6
Replies: 10
Views: 1408

Re: IFRS 6

What is the nature of your right? Did you lease the land then have to get regulatory approval to extract the minerals or did you lease the rights to extract the minerals?
by exIFRS
20 Mar 2021, 18:08
Forum: IFRS-related topics
Topic: IFRS 1: Internally generated intangible assets
Replies: 5
Views: 1213

Re: IFRS 1: Internally generated intangible assets

I agree, I don't necessarily think the drafting is easy here. If I had a client (or country) on a long transition to IFRS I think then you might advise that this is something they should do (ie document internally generated intangible assets). So it wouldn't be retrospective as such, but it requires...
by exIFRS
20 Mar 2021, 17:30
Forum: IFRS-related topics
Topic: IFRS 1: Internally generated intangible assets
Replies: 5
Views: 1213

Re: IFRS 1: Internally generated intangible assets

I think you have to read IFRS 1. IG47 in tandem with IG46, which states: "In accordance with paragraphs 65 and 71 of IAS 38, an entity capitalises the costs of creating internally generated intangible assets prospectively from the date when the recognition criteria are met. IAS 38 does not perm...
by exIFRS
16 Mar 2021, 11:59
Forum: IFRS-related topics
Topic: Forex exchange gain/loss IAS 21
Replies: 28
Views: 2342

Re: Forex exchange gain/loss IAS 21

Then I think IAS21.26 comes in to play: When several exchange rates are available, the rate used is that at which the future cash flows represented by the transaction or balance could have been settled if those cash flows had occurred at the measurement date. If exchangeability between two currencie...
by exIFRS
16 Mar 2021, 11:25
Forum: IFRS-related topics
Topic: IFRS3 - Measurement period
Replies: 7
Views: 1633

Re: IFRS3 - Measurement period

Yeah, funny when you read it quickly you can miss the key bit, my eyes just skipped over the open vs closed difference. I agree that the application is as you outline for each hypothesis.
by exIFRS
16 Mar 2021, 09:50
Forum: IFRS-related topics
Topic: IFRS3 - Measurement period
Replies: 7
Views: 1633

Re: IFRS3 - Measurement period

Final note the BC to IFRS 3 (BC392) states: The boards decided to place constraints on the period for which it is deemed reasonable to be seeking information necessary to complete the accounting for a business combination. The measurement period ends as soon as the acquirer receives the necessary in...
by exIFRS
16 Mar 2021, 09:49
Forum: IFRS-related topics
Topic: IFRS3 - Measurement period
Replies: 7
Views: 1633

Re: IFRS3 - Measurement period

Where it gets interesting is if instead your year end was say 30 June, you have prepared your 30 June 2020 accounts and then you find the cupboard these intangibles are hiding in later in the year. Note that IFRS3.B67 comes into play: To meet the objective in paragraph 61, the acquirer shall disclos...
by exIFRS
16 Mar 2021, 09:48
Forum: IFRS-related topics
Topic: IFRS3 - Measurement period
Replies: 7
Views: 1633

Re: IFRS3 - Measurement period

I have to confess to being a little lost in your hypotheses, but the measurement period ended on the 31/01/2021. As you can see from the quote below the period relates to when the information is received. That being said, I would be tempted to find evidence that we knew about this before the end of ...
by exIFRS
16 Mar 2021, 09:09
Forum: IFRS-related topics
Topic: Forex exchange gain/loss IAS 21
Replies: 28
Views: 2342

Re: Forex exchange gain/loss IAS 21

I interpreted the issue as a little broader than bid-ask spread, but if that is all we are talking about I would probably use the guidance in IFRS 13 as appropriate by analogy: Para 71: This IFRS does not preclude the use of mid-market pricing or other pricing conventions that are used by market par...
by exIFRS
15 Mar 2021, 09:18
Forum: IFRS-related topics
Topic: Inventory Sale and repurchase...de-recognition?
Replies: 50
Views: 5179

Re: Inventory Sale and repurchase...de-recognition?

Yeah I have been following along too. If you want some entertainment around this share lurking around this bulletin board is... educational: https://www.lse.co.uk/SharePrice.asp?sh ... pplyme-Cap
by exIFRS
15 Mar 2021, 09:14
Forum: IFRS-related topics
Topic: Forex exchange gain/loss IAS 21
Replies: 28
Views: 2342

Re: Forex exchange gain/loss IAS 21

The IFRIC dealt with a kind of related issue a couple of years ago: https://cdn.ifrs.org/-/media/project/determination-of-the-exchange-rate-when-there-is-a-long-term-lack-of-exchangeability/ad-determination-of-the-exchange-rate-when-there-is-a-long-term-lack-of-exchangeability-sept-18.pdf . Though t...
by exIFRS
11 Mar 2021, 16:29
Forum: IFRS-related topics
Topic: Partial year depreciation conventions
Replies: 12
Views: 1850

Re: Partial year depreciation conventions

My experience is it depends on the sophistication of the system used to record assets. Some good ones will go to the day, but to the nearest month is not uncommon.
by exIFRS
08 Mar 2021, 13:50
Forum: IFRS-related topics
Topic: IFRS 16 - VAT
Replies: 10
Views: 4838

Re: IFRS 16 - VAT

The IFRIC don't want to get swamped with minor details I guess, and they definitely don't want to become a "help desk". So unless they see a significant problem they tend to stay out. I have sat in meetings where they have concluded a submission is clearly wrong, but still decided not to s...
by exIFRS
08 Mar 2021, 13:27
Forum: IFRS-related topics
Topic: IFRS 16 - VAT
Replies: 10
Views: 4838

Re: IFRS 16 - VAT

I think for me the difference is pages 12 - 17 were provided by the submitter, not produced by the IFRIC. So the two views were the two views of the submitter, the IFRIC found little evidence of diversity, most entities use only one approach and the IFRIC choose not to say this was wrong. So certain...
by exIFRS
08 Mar 2021, 12:49
Forum: IFRS-related topics
Topic: IFRS 16 - VAT
Replies: 10
Views: 4838

Re: IFRS 16 - VAT

I read the paper slightly differently, or at least, to say there are different approaches might lead people to think there is diversity in practice when there really isn't. Para 17 of the paper states that: "Almost all respondents said lessees do not—or generally do not—include non-refundable V...
by exIFRS
04 Mar 2021, 22:46
Forum: IFRS-related topics
Topic: IFRS10 the choice to not consolidate
Replies: 6
Views: 1285

Re: IFRS10 the choice to not consolidate

There is no choice I am afraid. IFRS 10 is clear a parent shall (read must) prepare consolidated financial statements incorporating all controlled entities, with the one exception of investment entities.
by exIFRS
03 Mar 2021, 21:19
Forum: IFRS-related topics
Topic: IAS 32 Compound Instrument - Debit balance in equity
Replies: 10
Views: 1392

Re: IAS 32 Compound Instrument - Debit balance in equity

Surely you can't have a negative equity component, as this would imply that an equity holder is expecting to have to pay more to the firm, but that would be a liability not equity. This is why you never see a share with a negative value. One of the things about being an equity holder is that only yo...
by exIFRS
03 Mar 2021, 09:32
Forum: IFRS-related topics
Topic: IFRS -15
Replies: 11
Views: 1440

Re: IFRS -15

I think this is a really interesting question. And it might need some thought (then again there might be something really obvious I am missing). For me the first question is does IFRS 15 apply? This hinges on one key question, is the parent a "customer". Paragraph 6 (emphasis added): An en...
by exIFRS
02 Mar 2021, 09:22
Forum: IFRS-related topics
Topic: IAS8 change of policy from revaluation model to cost model
Replies: 4
Views: 805

Re: IAS8 change of policy from revaluation model to cost model

Note that IAS8.17 specifically deals with a move TO revaluation, not back from it. Also it is generally considered that a move from revaluation to cost fails the test in IAS8.14(b) as it will never(?) provide more relevant information to users of the financial statements.
by exIFRS
05 Jan 2021, 15:21
Forum: IFRS-related topics
Topic: Capitalising movement in FV liability
Replies: 16
Views: 1980

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: 3692

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: 3692

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: 1388

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: 3692

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: 1600

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...