Search found 3296 matches
- 23 Sep 2019, 12:49
- Forum: IFRS-related topics
- Topic: Inventory in IFRS 3 Business Combinations
- Replies: 5
- Views: 1522
Re: Inventory in IFRS 3 Business Combinations
If the difference is immaterial you can carry on with the historical cost and treat it as a sufficient approximation of fair value
- 22 Sep 2019, 09:18
- Forum: IFRS-related topics
- Topic: Inventory in IFRS 3 Business Combinations
- Replies: 5
- Views: 1522
Re: Inventory in IFRS 3 Business Combinations
Well, many audit partners are, so to say, not IFRS experts
But I'm surprised that this is even an issue. What are these raw materials? It's unusual that the difference between historical cost (adjusted for NRV) and fair value is material.
But I'm surprised that this is even an issue. What are these raw materials? It's unusual that the difference between historical cost (adjusted for NRV) and fair value is material.
- 21 Sep 2019, 10:31
- Forum: General accounting and financial reporting discussion
- Topic: Gifts to Company
- Replies: 4
- Views: 3285
Re: Gifts to Company
Right, so I agree with your analogy to IAS 20 and the journal entries that you've given.
And I've learnt some Portuguese
And I've learnt some Portuguese
- 20 Sep 2019, 20:23
- Forum: General accounting and financial reporting discussion
- Topic: Gifts to Company
- Replies: 4
- Views: 3285
Re: Gifts to Company
Hi, I assume the giving party is not government and you're not in the scope of IAS 20? I think that you don't have any basis to defer that income. You received that asset and it's fully yours right away, so there should be immediate recognition of income. But the commercial substance is important he...
- 20 Sep 2019, 11:02
- Forum: IFRS-related topics
- Topic: Inventory in IFRS 3 Business Combinations
- Replies: 5
- Views: 1522
Re: Inventory in IFRS 3 Business Combinations
Hi,
I'm 99.9% sure there is no such exception in IFRS. All inventories should be measured at fair value at business combination date
I'm 99.9% sure there is no such exception in IFRS. All inventories should be measured at fair value at business combination date
- 19 Sep 2019, 12:02
- Forum: IFRS-related topics
- Topic: IFRS 15 Transfer of Control
- Replies: 3
- Views: 1143
Re: IFRS 15 Transfer of Control
No guidance can specifically address a complex scenario :) What I meant is that the first assessment against this guidance be yours - don't be afraid to have a go a post back what you arrive at ;) For example , I would like to understand what are the economics of the contract, what are the cash flow...
- 19 Sep 2019, 09:46
- Forum: IFRS-related topics
- Topic: Contingent consideration - IFRS 15
- Replies: 4
- Views: 1719
Re: Contingent consideration - IFRS 15
IAS 18 was very general and did not have such specific provisions, but in practice revenue recognition would look the same in your case
- 18 Sep 2019, 18:57
- Forum: IFRS-related topics
- Topic: IFRS 15 Transfer of Control
- Replies: 3
- Views: 1143
Re: IFRS 15 Transfer of Control
Hi,
an interesting arrangement
see this part of our knowledge base linked below and let us know how you see it applied to your case ok?
https://ifrscommunity.com/knowledge-bas ... nt-in-time
an interesting arrangement
see this part of our knowledge base linked below and let us know how you see it applied to your case ok?
https://ifrscommunity.com/knowledge-bas ... nt-in-time
- 18 Sep 2019, 18:52
- Forum: IFRS-related topics
- Topic: Contingent consideration - IFRS 15
- Replies: 4
- Views: 1719
Re: Contingent consideration - IFRS 15
Hi,
I agree with your analysis. IFRS 15 allows using the expected value approach to estimate variable consideration (para. 53). The variable part will be presented as a contract asset
I agree with your analysis. IFRS 15 allows using the expected value approach to estimate variable consideration (para. 53). The variable part will be presented as a contract asset
- 18 Sep 2019, 18:48
- Forum: IFRS-related topics
- Topic: Classification of Planting Costs
- Replies: 3
- Views: 1134
Re: Classification of Planting Costs
To me, it's clearly a one-off expense in P/L. It won't enhance the operation of your company. One could argue that this action will bring more customers to your products, but then it is a marketing expense, which are immediately recognised in P/L as well what is your opinion? PS. there is no need to...
- 18 Sep 2019, 14:23
- Forum: IFRS-related topics
- Topic: Classification of Planting Costs
- Replies: 3
- Views: 1134
Re: Classification of Planting Costs
Hi,
What is the reason you planted these trees? Decorative? Or will you use them in production of chemicals?
What is the reason you planted these trees? Decorative? Or will you use them in production of chemicals?
- 18 Sep 2019, 11:33
- Forum: IFRS-related topics
- Topic: IFRS 16 - Modified Retropsective Approach
- Replies: 4
- Views: 2049
Re: IFRS 16 - Modified Retropsective Approach
I guess it's just a matter of starting at the same point. Let's say that the rent free period expense and accrual recognised before 1/1/2019 amounts to 100, and the payments after 1/1/2019 amount to 500. Then at 1/1/2019 you have a total liability of 600, but the RoU amounts to 500 only, as the 100 ...
- 17 Sep 2019, 18:14
- Forum: IFRS-related topics
- Topic: IAS12/ IAS 19
- Replies: 3
- Views: 1096
Re: IAS12/ IAS 19
Yes, 7.5 goes to OCI. But the remaining balance of -15 is not a balancing figure, it can be broken down as well. The contributions made of 100 are a current income tax expense, right? So a corresponding change in def tax of 30 goes to P/L so that the net impact of contributions on income tax expense...
- 17 Sep 2019, 17:09
- Forum: IFRS-related topics
- Topic: IFRS 16
- Replies: 3
- Views: 1065
Re: IFRS 16
subleasing is not using the asset
if the lease contract grants you exclusive right to use the floor, then the condition of having right to obtain economic benefits from use is definitely met
if the lease contract grants you exclusive right to use the floor, then the condition of having right to obtain economic benefits from use is definitely met
- 17 Sep 2019, 16:36
- Forum: IFRS-related topics
- Topic: IAS12/ IAS 19
- Replies: 3
- Views: 1096
Re: IAS12/ IAS 19
the same way as you separate expenses between P/L and OCI deferred tax relating to items charged to P/L goes to P/L and so on
- 17 Sep 2019, 16:34
- Forum: IFRS-related topics
- Topic: IFRS 16
- Replies: 3
- Views: 1065
Re: IFRS 16
Hi,
see this very useful page of our knowledge base, do your analysis and we'll see where it gets you ok?
https://ifrscommunity.com/knowledge-bas ... g-a-lease/
see this very useful page of our knowledge base, do your analysis and we'll see where it gets you ok?
https://ifrscommunity.com/knowledge-bas ... g-a-lease/
- 16 Sep 2019, 16:40
- Forum: IFRS-related topics
- Topic: IFRS 16 - lease term
- Replies: 4
- Views: 1225
Re: IFRS 16 - lease term
RoU and lease liability relate to lease contract. You will have to pay until 2025 irrespective of the permit right? If so, the lease liability is recognised for payments until 2025. The risk relating to the permit may trigger an impairment of the RoU. If this period is covered by an extension option...
- 16 Sep 2019, 15:56
- Forum: IFRS-related topics
- Topic: IFRS 16 - lease term
- Replies: 4
- Views: 1225
Re: IFRS 16 - lease term
Hi, as I understand, it's either 15 or 25 as the option is for 10 years after 15 years , right?
The lease contract is with the local authority which also gives permits to use the asset subject to the lease?
The lease contract is with the local authority which also gives permits to use the asset subject to the lease?
- 16 Sep 2019, 15:52
- Forum: IFRS-related topics
- Topic: IFRS 16 - accruals as of reporting date
- Replies: 10
- Views: 2193
Re: IFRS 16 - accruals as of reporting date
Hi, I'm not sure what exactly are you struggling with, please be more specific with your question
- 15 Sep 2019, 18:40
- Forum: IFRS-related topics
- Topic: IFRS 16 - Modified Retropsective Approach
- Replies: 4
- Views: 2049
Re: IFRS 16 - Modified Retropsective Approach
Hi, By accrual you mean a liability relating to operating lease periods before the transition date right? If so, you do nothing, as it relates to periods prior to IFRS 16 adoption. You just pay it when it's due, so the entry will look like this: CR cash DR accrued liability If you prepaid for period...
- 13 Sep 2019, 12:23
- Forum: IFRS-related topics
- Topic: Interest / Commission income split
- Replies: 1
- Views: 767
Re: Interest / Commission income split
Hi, so you propose to treat this commission/fee as revenue recognised under IFRS 15? Think about it this way, i.e. if not interest income under IFRS 9, then revenue under IFRS 15? I think that the auditor is right. For example, banks usually charge additional fees when providing loans, but it is all...
- 11 Sep 2019, 22:17
- Forum: IFRS-related topics
- Topic: Can we capitalize first time road tax, fuel and insurance when buying vehicle
- Replies: 2
- Views: 3078
Re: Can we capitalize first time road tax, fuel and insurance when buying vehicle
Hi, I would expense immediately in P/L any recurring taxes/fees and fuel,
and capitalise payments that are made only once on acquisition.
Insurance is a service that you receive (i.e. insurance coverage) , so you can treat it as a prepaid expense
and capitalise payments that are made only once on acquisition.
Insurance is a service that you receive (i.e. insurance coverage) , so you can treat it as a prepaid expense
- 06 Sep 2019, 10:26
- Forum: IFRS-related topics
- Topic: IFRS 16 - Lessor accounting
- Replies: 1
- Views: 892
Re: IFRS 16 - Lessor accounting
Hi, you need to accrue interest since the commencement of the lease
https://ifrscommunity.com/knowledge-bas ... nce-income
https://ifrscommunity.com/knowledge-bas ... nce-income
- 05 Sep 2019, 21:11
- Forum: IFRS-related topics
- Topic: IFRS 16 Security Refundable Deposit
- Replies: 5
- Views: 7693
Re: IFRS 16 Security Refundable Deposit
hi, a separate asset
- 05 Sep 2019, 14:32
- Forum: IFRS-related topics
- Topic: IFRS 16 - Initiation date to use as present value
- Replies: 2
- Views: 970
Re: IFRS 16 - Initiation date to use as present value
Hi, all RoU assets and lease liabilities must be calculated as at 01/01/2019, you will need to disclose the impact of IFRS 16 on opening balance in financial statements
- 04 Sep 2019, 18:22
- Forum: IFRS-related topics
- Topic: Guarantees
- Replies: 6
- Views: 4512
Re: Guarantees
I see, my second thought is that IAS 37 doesn't apply here as this is a contractual agreement, so probably the last resort is to treat it as a derivative under IFRS 9. It seems to be an interesting topic, I will look into it in the near future and add it to the knowledge base
- 04 Sep 2019, 10:18
- Forum: IFRS-related topics
- Topic: Guarantees
- Replies: 6
- Views: 4512
Re: Guarantees
The first question to ask is whether these are financial guarantee contracts as defined by IFRS 9: ‘A contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due …” As I understand, a performance ...
- 03 Sep 2019, 21:58
- Forum: IFRS-related topics
- Topic: Guarantees
- Replies: 6
- Views: 4512
Re: Guarantees
Please provide more details about these guarantees
- 03 Sep 2019, 11:46
- Forum: IFRS-related topics
- Topic: FV HEDGE ACCOUNTIG - Par Asset Swap
- Replies: 2
- Views: 1167
Re: FV HEDGE ACCOUNTIG - Par Asset Swap
Hi, I don’t understand your question. Please illustrate it with a numeric example
- 01 Sep 2019, 22:53
- Forum: IFRS-related topics
- Topic: Classification and Reclassification of Assets IFRS9
- Replies: 10
- Views: 7816
Re: Classification and Reclassification of Assets IFRS9
So, if I understand your correctly you meant that I can treat IBMSTOCK with FVTPL and APPLESTOCK with FVOCI at the same time correct Can I classify an equity/bond instrument for this financial reporting period as FVTPL and then FVOCI/HTM for the next financial year ? I did answer this question :) b...