Search found 296 matches

by JRSB
01 Sep 2020, 21:04
Forum: IFRS-related topics
Topic: IAS 20 Government Grants
Replies: 9
Views: 123

Re: IAS 20 Government Grants

Presumably the government supports the customers by paying money to the company, unless the government regulates the tariff and has reduced it accordingly (unlikely I'd speculate)
by JRSB
01 Sep 2020, 14:07
Forum: IFRS-related topics
Topic: Inventory Sale and repurchase...de-recognition?
Replies: 42
Views: 181

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

What do the company's auditors say?
by JRSB
28 Aug 2020, 16:06
Forum: IFRS-related topics
Topic: IFRS16-Lease
Replies: 6
Views: 61

Re: IFRS16-Lease

I assumed there was a wrong date somewhere in the question!
by JRSB
28 Aug 2020, 16:05
Forum: IFRS-related topics
Topic: Investment in Subsidiaries at no consideration
Replies: 12
Views: 102

Re: Investment in Subsidiaries at no consideration

Yes, in UK all corporate tax returns are entity only (which can mean a lot of returns for very large groups!).
by JRSB
28 Aug 2020, 10:42
Forum: IFRS-related topics
Topic: Investment in Subsidiaries at no consideration
Replies: 12
Views: 102

Re: Investment in Subsidiaries at no consideration

well, for tax it was most useful to have 'market value' = fair value, no issues. Just disclose the basis recorded, no IFRS references.
by JRSB
28 Aug 2020, 09:06
Forum: IFRS-related topics
Topic: Investment in Subsidiaries at no consideration
Replies: 12
Views: 102

Re: Investment in Subsidiaries at no consideration

Yes, we have done this driven by local tax to avoid mismatch., eg in the event of calculating a future gain on disposal (I suppose deferred tax could equally address).
by JRSB
27 Aug 2020, 22:35
Forum: IFRS-related topics
Topic: Investment in Subsidiaries at no consideration
Replies: 12
Views: 102

Re: Investment in Subsidiaries at no consideration

So it was previously owned by Company X's parent company?
by JRSB
27 Aug 2020, 13:05
Forum: IFRS-related topics
Topic: Interpretations Committee agenda decisions
Replies: 13
Views: 89

Re: Interpretations Committee agenda decisions

yes same I like books - actually it's the same areas of them I go back to a lot.. - you could argue it's faster access than through ifrs.org at any given moment
by JRSB
27 Aug 2020, 12:45
Forum: IFRS-related topics
Topic: Interpretations Committee agenda decisions
Replies: 13
Views: 89

Re: Interpretations Committee agenda decisions

Nice if you can afford the posh versions :lol:

Since I've had to work from home I don't have the posh book versions and just work off ifrs.org basic - don't have the paid access :o
by JRSB
27 Aug 2020, 09:54
Forum: IFRS-related topics
Topic: Cost or decreased revenue?
Replies: 4
Views: 62

Re: Cost or decreased revenue?

Yes, although I guess that wouldn't be normally be described as 'loans'. I wonder if sophiazz can say a bit more about the circumstances?
by JRSB
26 Aug 2020, 21:46
Forum: IFRS-related topics
Topic: Cost or decreased revenue?
Replies: 4
Views: 62

Re: Cost or decreased revenue?

What kinds of businesses are giving free loans? Do you mean free credit associated with buying a TV etc?
by JRSB
26 Aug 2020, 21:44
Forum: IFRS-related topics
Topic: Interpretations Committee agenda decisions
Replies: 13
Views: 89

Re: Interpretations Committee agenda decisions

It seemed to me that the ADs answer a question which isn't sufficiently clear in the Standards themselves, or not clear-cut through application of the Conceptual Framework. Therefore they are clearly fundamental 'grey areas'. I don't understand why they are not implemented directly into the Standard...
by JRSB
19 Aug 2020, 23:25
Forum: IFRS-related topics
Topic: Different approaches to recycling of FV gains/losses in IFRS 9
Replies: 32
Views: 338

Re: Different approaches to recycling of FV gains/losses in IFRS 9

Occasionally I come across one of the IASB members at certain events - I'll keep a question up my sleeve for the next occasion..
by JRSB
19 Aug 2020, 16:11
Forum: IFRS-related topics
Topic: Different approaches to recycling of FV gains/losses in IFRS 9
Replies: 32
Views: 338

Re: Different approaches to recycling of FV gains/losses in IFRS 9

Does anyone know the US situation (in the expectation that IFRS will go that way eventually)
by JRSB
18 Aug 2020, 14:31
Forum: After hours
Topic: Questions to refresh oneself
Replies: 9
Views: 676

Re: Questions to refresh oneself

(PS, I have it :lol: )
by JRSB
18 Aug 2020, 14:30
Forum: After hours
Topic: Certified Fraud Examiner vs CISA for InfoTech Audit?
Replies: 2
Views: 125

Re: Certified Fraud Examiner vs CISA for InfoTech Audit?

By IT audit do you mean 'under the bonnet' testing of IT systems and controls, or "CAATs" as Big 4 would say? there will almost certainly be job adverts within Big 4 for that - they can't get enough as I understand it!
by JRSB
18 Aug 2020, 14:13
Forum: IFRS-related topics
Topic: IFRS 16 Covid rent concessions
Replies: 20
Views: 213

Re: IFRS 16 Covid rent concessions

It's interesting because it opens the door for a de facto alternative IFRS regime so long as the regulator says it's not going to 'prosecute' incorrect reporting.

What about auditors signing off that accounts are properly prepared under IFRS?
by JRSB
18 Aug 2020, 14:09
Forum: IFRS-related topics
Topic: Different approaches to recycling of FV gains/losses in IFRS 9
Replies: 32
Views: 338

Re: Different approaches to recycling of FV gains/losses in IFRS 9

Pub - at the start you mentioned this as a key difference between IFRS and your GAAP. Is that US?

Does US GAAP have a similar arrangement, or is this another 'sticking point' in harmonisation?
by JRSB
18 Aug 2020, 13:23
Forum: IFRS-related topics
Topic: Different approaches to recycling of FV gains/losses in IFRS 9
Replies: 32
Views: 338

Re: Different approaches to recycling of FV gains/losses in IFRS 9

A conceptual statement somewhere for those new to IFRS would really assist I think. Even just to explain that certain income and expenses are felt to be outside the entity's operational performance (in some cases permenantly) and are therefore recorded separately. or something to that effect.
by JRSB
17 Aug 2020, 17:47
Forum: IFRS-related topics
Topic: IAS 37 Provisions
Replies: 9
Views: 102

Re: IAS 37 Provisions

Are you thinking that the prior year provision being too high was a prior period error caused by incorrect inputs (based on info known at the time), or simply an estimation error that wasn't revealed until information was received this year?
by JRSB
17 Aug 2020, 17:44
Forum: IFRS-related topics
Topic: Contribution to joint operation
Replies: 20
Views: 151

Re: Contribution to joint operation

Yes I think it would be arguing from substance, because the JV agreement is varied so it's never actually the other party's share in the first place - it's just the variation has the effect of reducing the borrower's profit share initially. The fact that it is varied by reference to recouping the in...
by JRSB
17 Aug 2020, 17:29
Forum: IFRS-related topics
Topic: Contribution to joint operation
Replies: 20
Views: 151

Re: Contribution to joint operation

thanks, that sounds sensible. But does it meet the definition of a financial asset? The relevant definition would be: "A contractual right to receive cash...from another entity". There's no contractual right to receive anything, although I suppose the great share of earnings could be considered that...
by JRSB
17 Aug 2020, 16:16
Forum: IFRS-related topics
Topic: Contribution to joint operation
Replies: 20
Views: 151

Contribution to joint operation

Two parties agree a new joint operation, so each control their own assets and incur own costs, but agree a share of earnings. At inception, one party pays the other an up front cash amount to incentivise the deal and to help them cover their initial operational costs. It's not repayable, not a loan,...
by JRSB
17 Aug 2020, 14:30
Forum: IFRS-related topics
Topic: Loss-making contract IFRS 15
Replies: 8
Views: 69

Re: Loss-making contract IFRS 15

If it's still in negotiation, presumably the project will be declined if expected to be loss making? Or other factors at play, related party?
by JRSB
16 Aug 2020, 21:51
Forum: IFRS-related topics
Topic: "Accounting mismatch" IFRS 9
Replies: 2
Views: 59

"Accounting mismatch" IFRS 9

Hi, regarding the below, is there a specific/real world example that is useful to illustrate this? (perhaps someone has asked about one as a forum question?) . Much appreciated. https://ifrscommunity.com/knowledge-base/ifrs-9-classification-of-financial-assets-and-financial-liabilities/#link-account...
by JRSB
15 Aug 2020, 23:21
Forum: IFRS-related topics
Topic: Accounting for a call option relating to purchase of property
Replies: 9
Views: 142

Re: Accounting for a call option relating to purchase of property

Hi Porus - it's a interesting one - would be good to hear your thoughts in light of the above!
by JRSB
14 Aug 2020, 18:36
Forum: IFRS-related topics
Topic: IFRS 1- associates and JV
Replies: 3
Views: 60

Re: IFRS 1- associates and JV

In practice you often see subsidiaries report under local GAAP and all the IFRS adjustments are made by group management for consolidation purposes (or review sufficiently to check no material differences).
by JRSB
13 Aug 2020, 22:05
Forum: IFRS-related topics
Topic: Accounting for a call option relating to purchase of property
Replies: 9
Views: 142

Re: Accounting for a call option relating to purchase of property

Is $520,000 the market value of the apartment, throughout?