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wow - congratulations to any SME accountant who studies all 35 modules!

Not that I can think of. Companies generally apply IFRS or FRS 102. FRS 102 is adapted from IFRS for SMEs. But there's also FRS 101 (but that applies IFRS principles) and FRS 105 (for micro entities that don't consolidate anyway).

I read the other day that UK company law permits a group to exclude subsidiaries if there is undue difficulty or delay in obtaining the information.

But it's not permitted under IFRS or UK GAAP, so in practice it's impossible to apply!

I would agree that it's not clear cut. I've certainly seen some quite specific purchases that can only be done on a LoC basis.

Para 11 says all directly attributable costs so if that facility was obtained solely to acquire inventory then I'd say so.

It wouldn't seem to fall into para 16.

oh - not sure what the article we be then - the IFRIC is only 3 pages...

Are AASBs exact cut-and-paste copies of IFRSs?

Why don't they just adopt IFRS?

I've encountered the issue twice. In one case the question was about the treatment of subsequent change to the variable consideration (non- business combination scenario). In this case it was credited to P&L. In another scenario the question was whether it was correct to recognise at all, and if...

I guess you mean you'd like IFRIC 23 to be reflected in the tax sections of the knowledge base?

In it's own books the parent is a lessor.

From a group perspective, it's just an item of PPE (assuming they own the asset and don't lease themselves?) - yes consol journal as the subsidiary doesn't have a RoU asset/liability at consol level.

PS I've just read in the IASB February update that the IASB is ready to prepare a discussion paper on business combinations under common control so we may see some interesting insights soon ;) Did we see anything further on this? I'm still waiting to see more regarding variable consideration on acq...

Is it worth having a tag assigned to each thread, that tag being the standard in question? then you can look at all previous threads on that standard (and discover perhaps the query already answered).

KR

Oops - missed para 68B:

If the amount the taxation authorities will permit as a deduction in future periods is not known at the end of the period, it shall be estimated, based on information available at the end of the period

KR!

In the UK, and leaving certain assumptions aside, let's say a tax deduction is only taken regarding employee share options when they are exercised. The tax deduction is the difference between exercise price and the market value at exercise date. (Ie potentially much smaller than the initial share ba...

Asset dismantlement, removal and restoration costs BC13 The previous version of IAS 16 provided that in initially measuring an item of property, plant and equipment at its cost, an entity would include the cost of dismantling and removing that item and restoring the site on which it is located to th...

You may wish to delve in to the 'basis for conclusions' ,but it's the same principle as amortised cost isn't it, spreading the directly attributable costs over the life of the asset, the same as if you had the initial costs as a prepayment. If you've got a cost model that doesn't reflect the value b...

Every taxpayer in the UK reports for the period 6 April to following 5 April.

For monthly earnings you can use the full month of March and end there.

But if you dispose of an asset on 3 April it falls in that year.

https://www.ebs.ltd.uk/news/why-does-th ... 5th-april/

my post on 1/3 was referring to undistributed profits held in the subsidiary, IAS 12 para 38 (a). I wonder if anyone has ever made an accounting entry for this.... :| Temporary differences arise when the carrying amount of investments in subsidiaries, branches and associates or interests in joint ar...

There's quite a lot of judgement in there - you're not in a position to dispute that the sale is 'highly probable?

Interesting example that they use in para 53, "an unusually severe influenza season".

Powerful, but not free.

No because they're designed around the principle of not causing undue cost.

If they are buying shares at a market rate then it's not a payment - might be disclosed as a related party transaction though if they are key management personnel?

In this scenario the question of credit impairment is very subjective indeed, because you can't just look at recent contractual cash flows etc (there aren't any). so a judgement needs to be made about the ability of the issuer the pay the redemption, a long time in the future. It's very feasible tha...

12 Rules for Life Jordan Peterson

https://www.iaseminars.com/topics/ifrs/1011/ifrs-fundamentals-comprehensive-workshop-5-days-55188 Webinars. This chap charges £4k for a week's training which you could probably deliver by just reading from this website... https://www.wconsulting.co.za/financial.html Consulting - just need find peopl...

Sounds like they want to know the total 'People' costs// People/Human Resource/Workforce etc?

I always read that aspect of the CF to mean that this is a concept bourne in mind when setting the standards - ie they might think that a certain accounting treatment gives the best information but if that method requires undue time or analysis then a second best option could give better value/cost ...

That's not an IFRS question, but one for local country law regarding audit opinions, alongside the auditing standards used.

However it sounds like a disclaimer of opinion to me - how can an auditor sign off that they are properly prepared under IFRS.....