Search found 334 matches

by JRSB
27 Nov 2020, 10:01
Forum: General accounting and financial reporting discussion
Topic: ESEF (European Single Electronic Format)
Replies: 9
Views: 44

Re: ESEF (European Single Electronic Format)

No one yet. Everyone who applies EU IFRS now will use UK IFRS for periods starting 1 Jan 20.
Everyone else (almost), yes, UK GAAP which is based on IFRS for SMEs but amended to cater for people used to the old UK GAAP (eg goodwill is amortised). Called FRS 102.
by JRSB
27 Nov 2020, 09:55
Forum: General accounting and financial reporting discussion
Topic: ESEF (European Single Electronic Format)
Replies: 9
Views: 44

Re: ESEF (European Single Electronic Format)

EU IFRS and UK IFRS are exactly the same at 1 Jan 2020. But then we adopt at our own pace and requirement. There could also be divergence of who must apply IFRS. One assumes it would be foolish to change who applies it on a mandatory basis (unless we increase the base).
by JRSB
26 Nov 2020, 22:54
Forum: IFRS-related topics
Topic: Disposal of Subsidiary
Replies: 4
Views: 31

Re: Disposal of Subsidiary

Did you set up the subsidiary from scratch. If not what was the retained earnings at acquisition.
by JRSB
26 Nov 2020, 22:50
Forum: General accounting and financial reporting discussion
Topic: ESEF (European Single Electronic Format)
Replies: 9
Views: 44

Re: ESEF (European Single Electronic Format)

Does Brexit affect this? The FCA is implementing the requirement in the UK and has added DTR 4.1.14 to the Handbook. The digitisation of financial statements is a global trend and we are not surprised at the level of interest ESEF is generating in the UK. Will the auditors be checking the new taggin...
by JRSB
26 Nov 2020, 19:05
Forum: IFRS-related topics
Topic: Current or non-current loan
Replies: 34
Views: 176

Re: Current or non-current loan

PS I took it to mean 'equal to or above'
by JRSB
26 Nov 2020, 18:10
Forum: IFRS-related topics
Topic: Current or non-current loan
Replies: 34
Views: 176

Re: Current or non-current loan

It seems the covenants are not breached so it's NC?
by JRSB
25 Nov 2020, 15:29
Forum: IFRS-related topics
Topic: IAS 41
Replies: 6
Views: 48

Re: IAS 41

Are your 'development costs' equivalent to installing and setting up PPE?
by JRSB
24 Nov 2020, 14:50
Forum: IFRS-related topics
Topic: Novation derivate swap
Replies: 7
Views: 81

Re: Novation derivate swap

I turned to jelly just reading the topic :o
by JRSB
22 Nov 2020, 20:55
Forum: IFRS-related topics
Topic: Free Subsidiary from controlling shareholder
Replies: 3
Views: 42

Re: Free Subsidiary from controlling shareholder

I agree with Marek.

Several auditors? Sounds problematic
by JRSB
22 Nov 2020, 20:52
Forum: IFRS-related topics
Topic: Acquisition Method Vs Book Value Method
Replies: 5
Views: 46

Re: Acquisition Method Vs Book Value Method

Yes I'd say it's a merger.
by JRSB
21 Nov 2020, 17:31
Forum: IFRS-related topics
Topic: Interest Free Loan
Replies: 3
Views: 34

Re: Interest Free Loan

Yes very common.
And in the other direction potentially a distribution.
Classic trick is to set terms as flexible so can be presented as current and therefore no discounting.
by JRSB
20 Nov 2020, 10:06
Forum: IFRS-related topics
Topic: Measurement of a hybrid financial asset
Replies: 4
Views: 45

Re: Measurement of a hybrid financial asset

Well you invested €1m so that's a marker, are other people actively buying or selling their interests? Can you get a quote to sell your interest? If not you may need to look at projected cash flows
by JRSB
19 Nov 2020, 23:16
Forum: IFRS-related topics
Topic: Hedging with options
Replies: 5
Views: 66

Re: Hedging with options

What have you hedged using your option?
by JRSB
19 Nov 2020, 22:48
Forum: IFRS-related topics
Topic: IFRS 16 - SEVERAL COMPANIES LEASE THE SAME OFFICES
Replies: 11
Views: 76

Re: IFRS 16 - SEVERAL COMPANIES LEASE THE SAME OFFICES

Maybe it's not a mess but a clever solution which seems to achieve a desired outcome?? :mrgreen:

So at group level it's PPE since it's owned and occupied.
by JRSB
19 Nov 2020, 22:44
Forum: IFRS-related topics
Topic: EBITDA in P&L
Replies: 8
Views: 60

Re: EBITDA in P&L

Yes I see that occasionally. I assume it's not a big audit firm? There's a huge amount of variation and subtotals (isn't there a project to better co-ordinate disclosures and reconciliations around this?)
by JRSB
17 Nov 2020, 20:07
Forum: IFRS-related topics
Topic: Amortisation of Goodwill
Replies: 12
Views: 65

Re: Amortisation of Goodwill

On the original question, for what it's worth I don't agree with the consultation letter submitted from IFRScommunity.com, but I think that debate was had on a thread at the time..
by JRSB
17 Nov 2020, 16:36
Forum: IFRS-related topics
Topic: Amortisation of Goodwill
Replies: 12
Views: 65

Re: Amortisation of Goodwill

Yes, at least once a minute :shock: :shock: :shock: :shock:
by JRSB
16 Nov 2020, 22:58
Forum: IFRS-related topics
Topic: Acquire 100% of company
Replies: 3
Views: 35

Re: Acquire 100% of company

If nothing else identified, is goodwill impaired anyway?
by JRSB
15 Nov 2020, 22:42
Forum: IFRS-related topics
Topic: IFRS 16 - components
Replies: 26
Views: 184

Re: IFRS 16 - components

What's the question? :idea: :arrow:
by JRSB
15 Nov 2020, 15:34
Forum: IFRS-related topics
Topic: Revenue IFRS 15
Replies: 6
Views: 33

Re: Revenue IFRS 15

PS I don't think the issue of the payment arrangements is anything to do with revenue.
by JRSB
15 Nov 2020, 15:33
Forum: IFRS-related topics
Topic: Revenue IFRS 15
Replies: 6
Views: 33

Re: Revenue IFRS 15

Ok well at it's simplest, X recognizes revenue because it has a contract and it has fulfilled it. Y has expenses. X has effectively received payment and made a loan to Z. Either that or the debt has formally been transferred to Z. Depends what the paperwork/minutes/documents say. Otherwise, there ar...
by JRSB
15 Nov 2020, 15:25
Forum: IFRS-related topics
Topic: Revenue IFRS 15
Replies: 6
Views: 33

Re: Revenue IFRS 15

Is there a parent company above XY and Z, or just the individual owning all 3?
by JRSB
15 Nov 2020, 14:17
Forum: IFRS-related topics
Topic: Exchange differences arising on translation of associates
Replies: 34
Views: 222

Re: Exchange differences arising on translation of associates

Can you clarify where the gain/loss arises? So you have your equity accounted associate reporting in foreign currency. Translate the share of loss at average if appropriate, then use that to report share of gain/loss split between PL and OCI as per associate. ?
by JRSB
15 Nov 2020, 14:14
Forum: IFRS-related topics
Topic: IFRS 16 - components
Replies: 26
Views: 184

Re: IFRS 16 - components

In their categories of variable payments which are in-substance fixed lease payments I don't think they're getting at these kinds of peripheral charges not directly associated with regular payments for the asset. The more indirect you get, the more you can imagine that people would capitalise as bei...
by JRSB
15 Nov 2020, 14:11
Forum: IFRS-related topics
Topic: Revenue IFRS 15
Replies: 6
Views: 33

Re: Revenue IFRS 15

Is X the parent company of Z?
by JRSB
15 Nov 2020, 14:09
Forum: IFRS-related topics
Topic: Income vs Revenue
Replies: 2
Views: 28

Re: Income vs Revenue

There's room for lots of different P&L presentations in terms of wording and categorisation; the starting point is to determine what the main trade/operations are, and then what would constitute revenue for that business. In your example I would expect everything to be revenue except for interest on...
by JRSB
15 Nov 2020, 14:06
Forum: IFRS-related topics
Topic: IFRS 13 and IFRS 9
Replies: 3
Views: 55

Re: IFRS 13 and IFRS 9

It's come up a few times on the forum which is that deferral is possible if there is some basis for it, but there isn't explicit guidance