Search found 3276 matches
- 01 Mar 2024, 16:15
- Forum: IFRS-related topics
- Topic: Fair Value of Investment Property
- Replies: 6
- Views: 540
Re: Fair Value of Investment Property
Fair value only reflects market conditions, meaning your company's financial issues shouldn't affect land valuation. Unless these issues stem directly from the land, like challenges in securing building permits etc. In such cases, these challenges should be reflected in both income and market valuat...
- 29 Feb 2024, 16:59
- Forum: IFRS-related topics
- Topic: Contra revenue vs expense
- Replies: 13
- Views: 1020
Re: Contra revenue vs expense
Nothing specific really. I'd say that, in IFRS 15 terms, you need to determine whether your company acts as an agent between the stationery seller and your client, by applying this guidance: https://ifrscommunity.com/knowledge-bas ... ss-vs-net/
- 29 Feb 2024, 16:56
- Forum: IFRS-related topics
- Topic: IAS 16 - PPE transfer to Inventory
- Replies: 7
- Views: 629
Re: IAS 16 - PPE transfer to Inventory
I see, so some scrap parts are being repurposed. This isn't covered by IFRS, and I'd suggest estimating the proportion of these rods in the total carrying amount of PP&E, and then reclassifying this amount to inventory.
- 29 Feb 2024, 16:53
- Forum: General accounting and financial reporting discussion
- Topic: Depreciation of Diagnostic Laboratory Equipment
- Replies: 8
- Views: 687
Re: Depreciation of Diagnostic Laboratory Equipment
Tax depreciation rates differ from IFRS depreciation rates in their purpose, so don't depend heavily on tax rates. I doubt that this specific asset class has been analysed in terms of accounting depreciation rates. But you need to estimate an entity-specific useful life anyway. For example, a luxury...
- 29 Feb 2024, 10:35
- Forum: General accounting and financial reporting discussion
- Topic: Depreciation of Diagnostic Laboratory Equipment
- Replies: 8
- Views: 687
Re: Depreciation of Diagnostic Laboratory Equipment
I've moved this topic to 'General accounting and financial reporting discussion'. Please don't post general questions under 'IFRS-related topics', thanks!
- 28 Feb 2024, 19:43
- Forum: IFRS-related topics
- Topic: Client Money Question
- Replies: 3
- Views: 436
Re: Client Money Question
I'm reconsidering my position Given that money is fungible, I agree with DJP's view. You should recognise these funds as cash for a day. The accounting would likely be DR Cash / CR Liabilities upon receipt, followed by DR Liabilities / CR Cash when routing them to client accounts.
- 28 Feb 2024, 19:32
- Forum: IFRS-related topics
- Topic: Contra revenue vs expense
- Replies: 13
- Views: 1020
Re: Contra revenue vs expense
No, it's simply an expense incurred in providing the service.
- 28 Feb 2024, 19:30
- Forum: IFRS-related topics
- Topic: Client Money Question
- Replies: 3
- Views: 436
Re: Client Money Question
If the use of these funds is contractually predetermined and they are transferred to client accounts within a day, it seems there's no control or benefit for the corporation.
- 28 Feb 2024, 19:11
- Forum: IFRS-related topics
- Topic: IAS 16 - PPE transfer to Inventory
- Replies: 7
- Views: 629
Re: IAS 16 - PPE transfer to Inventory
Could you clarify what is meant by 'change in nature of use'? Classifying it as inventory may not be accurate. It could be more appropriate to consider it as an asset held for sale as per IFRS 5, or as an investment property in line with IAS 40.
- 28 Feb 2024, 19:08
- Forum: IFRS-related topics
- Topic: Direct equity investment - transaction price & fair value
- Replies: 10
- Views: 826
Re: Direct equity investment - transaction price & fair value
If AIM is considered an active market, then IFRS 13.80 applies, so you wouldn't be able to use Level 2/3 inputs.
- 28 Feb 2024, 19:05
- Forum: IFRS-related topics
- Topic: Conversion of loan to equity
- Replies: 1
- Views: 303
- 28 Feb 2024, 19:03
- Forum: IFRS-related topics
- Topic: IFRS 16- Lease Modification
- Replies: 1
- Views: 306
Re: IFRS 16- Lease Modification
Depending on the specific circumstances, lease modifications can either be accounted for as a new lease or an adjustment to the pre-existing lease. See https://ifrscommunity.com/knowledge-bas ... fications/
- 27 Feb 2024, 16:40
- Forum: IFRS-related topics
- Topic: Definition of ' Related Party'
- Replies: 7
- Views: 637
Re: Definition of ' Related Party'
Children and spouses are close family members under IAS 24.9
- 26 Feb 2024, 17:15
- Forum: IFRS-related topics
- Topic: Contra revenue vs expense
- Replies: 13
- Views: 1020
Re: Contra revenue vs expense
Can you provide more details on the nature of the arrangement and recharged expenses, Nowim?
- 26 Feb 2024, 17:13
- Forum: IFRS-related topics
- Topic: Direct equity investment - transaction price & fair value
- Replies: 10
- Views: 826
Re: Direct equity investment - transaction price & fair value
Do either of you know if AIM is regarded as an active market? I.e. 'a market in which transactions for the asset take place with sufficient frequency and volume to provide pricing information on an ongoing basis.'
- 26 Feb 2024, 17:09
- Forum: IFRS-related topics
- Topic: Common Control Business Combination?
- Replies: 4
- Views: 730
Re: Common Control Business Combination?
The best resource IMO: https://www.ifrs.org/content/dam/ifrs/p ... r-2020.pdf
- 26 Feb 2024, 17:07
- Forum: After hours
- Topic: Congratulations
- Replies: 5
- Views: 10349
Re: Congratulations
Hi Hassen, looking forward to your contributions to the community
- 23 Feb 2024, 19:21
- Forum: IFRS-related topics
- Topic: Definition of ' Related Party'
- Replies: 7
- Views: 637
Re: Definition of ' Related Party'
These companies are related, because Mr Y controls B and his close family member is a member of the key management personnel of A (IAS 24.9(b)(vii)).
- 23 Feb 2024, 11:12
- Forum: IFRS-related topics
- Topic: IAS 40 Land and buildings
- Replies: 5
- Views: 549
Re: IAS 40 Land and buildings
yes:
https://ifrscommunity.com/knowledge-bas ... -buildings
PS. Please use more descriptive topic titles, 'IAS 40' was too generic!
https://ifrscommunity.com/knowledge-bas ... -buildings
PS. Please use more descriptive topic titles, 'IAS 40' was too generic!
- 22 Feb 2024, 18:03
- Forum: IFRS-related topics
- Topic: Definition of ' Related Party'
- Replies: 7
- Views: 637
- 22 Feb 2024, 18:02
- Forum: IFRS-related topics
- Topic: IAS 12 - Deferred taxes on investment value (consolidated FS)
- Replies: 12
- Views: 859
Re: IAS 12 - Deferred taxes on investment value (consolidated FS)
How do you think the parent will realise the DTA arising on its investment in the subsidiary?
- 21 Feb 2024, 17:35
- Forum: IFRS-related topics
- Topic: Assessing who has discretion over the redemtpion of the preference shares
- Replies: 3
- Views: 397
Re: Assessing who has discretion over the redemtpion of the preference shares
The FICE ED aims to address this types of scenarios:
https://www.ifrs.org/content/dam/ifrs/p ... df#page=14
https://www.ifrs.org/content/dam/ifrs/p ... df#page=14
- 21 Feb 2024, 17:31
- Forum: IFRS-related topics
- Topic: IAS 12 - Deferred taxes on investment value (consolidated FS)
- Replies: 12
- Views: 859
Re: IAS 12 - Deferred taxes on investment value (consolidated FS)
It seems that you're confusing realisation of deferred tax assets (DTA) by the subsidiary and the parent. It's the *parent* that potentially recognises DTA for the temporary difference arising on the investment, so you should be looking at: - availability of taxable income of the *parent*, and - whe...
- 20 Feb 2024, 23:41
- Forum: IFRS-related topics
- Topic: Revenue recognition under IFRS 15
- Replies: 7
- Views: 565
Re: Revenue recognition under IFRS 15
I find the scenario confusing to be honest. B acquires A, but we don't know from whom. And as part of consideration, A (the acquiree!) provides services to B (the acquirer)...
- 20 Feb 2024, 17:50
- Forum: IFRS-related topics
- Topic: Revenue recognition under IFRS 15
- Replies: 7
- Views: 565
Re: Revenue recognition under IFRS 15
For this transaction to be in scope of IFRS 15, there also must be a customer which is defined as a party that enters into a contract with an entity to obtain goods or services resulting from the entity’s ordinary activities, in return for a consideration (IFRS 15.6).
- 19 Feb 2024, 23:52
- Forum: IFRS-related topics
- Topic: IAS 12 - Deferred taxes on investment value (consolidated FS)
- Replies: 12
- Views: 859
Re: IAS 12 - Deferred taxes on investment value (consolidated FS)
Just had a quick look, but please have a look at the section below, does it answer the question?
https://ifrscommunity.com/knowledge-bas ... rangements
https://ifrscommunity.com/knowledge-bas ... rangements
- 19 Feb 2024, 23:49
- Forum: IFRS-related topics
- Topic: Classification of Golf Course
- Replies: 4
- Views: 399
Re: Classification of Golf Course
IAS 16 for sure, you're running a golf course business
- 19 Feb 2024, 22:50
- Forum: General accounting and financial reporting discussion
- Topic: Differences in Amendments ASC 842 Vs IFRS 16
- Replies: 2
- Views: 270
Re: Differences in Amendments ASC 842 Vs IFRS 16
Moving to appropriate forum
- 19 Feb 2024, 22:49
- Forum: IFRS-related topics
- Topic: IAS 8 - Change in capitalisation threshold
- Replies: 2
- Views: 317
Re: IAS 8 - Change in capitalisation threshold
It is a change in accounting policy but its impact must be immaterial by definition and hence applied prospectively. If the impact isn't immaterial, then you shouldn't have this policy in the first place because IAS 16 / IAS 38 don't have any practical expedient regading capitalisation threshold.
- 19 Feb 2024, 22:45
- Forum: IFRS-related topics
- Topic: Leases in service areas
- Replies: 5
- Views: 457
Re: Leases in service areas
Not really