Search found 3226 matches
- 22 Feb 2024, 18:02
- Forum: IFRS-related topics
- Topic: IAS 12 - Deferred taxes on investment value (consolidated FS)
- Replies: 12
- Views: 722
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: 331
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: 722
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: 471
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: 471
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: 722
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: 330
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: 195
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: 259
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: 364
Re: Leases in service areas
Not really
- 19 Feb 2024, 22:43
- Forum: After hours
- Topic: Excel Vlookup function
- Replies: 9
- Views: 284
Re: Excel Vlookup function
Which solution worked best for you then?
- 16 Feb 2024, 20:44
- Forum: IFRS-related topics
- Topic: Equity investments held at cost?
- Replies: 6
- Views: 293
Re: Equity investments held at cost?
When applying this exception, Level 3 disclosures aren't necessary since there's no fair value measurement recognised at the reporting date. Regarding the convertible instruments you're considering, would it be reasonable to assume that their cost approximates their fair value even after 12 months?
- 16 Feb 2024, 20:40
- Forum: General accounting and financial reporting discussion
- Topic: Date of Authorization for Issue
- Replies: 11
- Views: 183
Re: Date of Authorization for Issue
I'm not saying that this isn't the commonly accepted practice. In the case of public companies, it's different because their final results are deemed market-sensitive information. My focus was more on the audits of privately owned companies.
- 16 Feb 2024, 20:36
- Forum: After hours
- Topic: Excel Vlookup function
- Replies: 9
- Views: 284
Re: Excel Vlookup function
For sure there is an automatic solution. But I'm not entirely clear on your question. Could you elaborate a bit more? Using example terms like 'customer' and 'outstanding balance' would help clarify your request.
- 16 Feb 2024, 11:08
- Forum: IFRS-related topics
- Topic: IFSR 16 - Prepayments
- Replies: 10
- Views: 1669
Re: IFSR 16 - Prepayments
@ramica - please start a new topic, describe the scenario, and explain what you're trying to achieve
- 15 Feb 2024, 20:39
- Forum: IFRS-related topics
- Topic: Equity investments held at cost?
- Replies: 6
- Views: 293
Re: Equity investments held at cost?
I don't think specific disclosure requirements exist for such cases. Making up these disclosures wouldn't make sense. Instead, I'd disclose that you used cost as an approximation of fair value and provide the rationale behind this decision.
- 15 Feb 2024, 20:34
- Forum: General accounting and financial reporting discussion
- Topic: Date of Authorization for Issue
- Replies: 11
- Views: 183
Re: Date of Authorization for Issue
I guess it's better to identify any issues during the brief period when the financial statements are 'frozen', rather than missing them entirely. Just to clarify, I'm not thinking about edge cases where the auditor is involved only after the financial statements are authorised. I'm talking about a s...
- 15 Feb 2024, 20:02
- Forum: IFRS-related topics
- Topic: Equity investments held at cost?
- Replies: 6
- Views: 293
Re: Equity investments held at cost?
This could stem from practices before implementation of IFRS 9. Under IAS 39 there was a clear exception allowing equity investments whose fair value couldn't be reliably measured to be carried at cost. IFRS 9 is stricter, but still offers a bit of flexibility (see IFRS 9.B5.2.3-B5.2.6)
- 15 Feb 2024, 19:19
- Forum: General accounting and financial reporting discussion
- Topic: Date of Authorization for Issue
- Replies: 11
- Views: 183
Re: Date of Authorization for Issue
In terms of adjusting events, or errors in the financial statements?
- 15 Feb 2024, 18:50
- Forum: IFRS-related topics
- Topic: Queries on Subleasing
- Replies: 4
- Views: 282
Re: Queries on Subleasing
Provide more details about the transaction, please
- 15 Feb 2024, 18:46
- Forum: IFRS-related topics
- Topic: Equity method - convertible preference shares
- Replies: 10
- Views: 407
Re: Equity method - convertible preference shares
Well, there must be a reason why you haven't converted into ordinary shares yet. For example, to what extent does the yield on these preference shares depend on investee's results? What are the current voting rights attaching to them? What are the conversion terms?
- 15 Feb 2024, 18:42
- Forum: General accounting and financial reporting discussion
- Topic: Date of Authorization for Issue
- Replies: 11
- Views: 183
Re: Date of Authorization for Issue
These questions assume that the same day sign-off is the default way to go. In my early days as a trainee auditor, I was struck by the expectation for same-day sign-offs. It seemed more logical to allow auditors several days with the finalised financial statements. This would enable a thorough final...
- 14 Feb 2024, 17:54
- Forum: IFRS-related topics
- Topic: Merger between a parent and its subsidiary in separate financial statements
- Replies: 7
- Views: 2266
Re: Merger between a parent and its subsidiary in separate financial statements
Retained earnings of some specific merger reserve
- 14 Feb 2024, 17:13
- Forum: IFRS-related topics
- Topic: Equity method - convertible preference shares
- Replies: 10
- Views: 407
Re: Equity method - convertible preference shares
Leo, you don't understand the question being asked I'm afraid...
- 14 Feb 2024, 17:09
- Forum: IFRS-related topics
- Topic: Equity method exemptions
- Replies: 18
- Views: 1108
Re: Equity method exemptions
Well, this approach may have worked until like 19th century when there were no complex financial instruments...
- 14 Feb 2024, 17:08
- Forum: IFRS-related topics
- Topic: Employee Benefits- current service costs
- Replies: 3
- Views: 266
Re: Employee Benefits- current service costs
You can also add curtailments and settlements to this equation, and current service cost of course
- 14 Feb 2024, 17:06
- Forum: IFRS-related topics
- Topic: Equity method - convertible preference shares
- Replies: 10
- Views: 407
Re: Equity method - convertible preference shares
Tough judgement to make! I'd also refer to IAS 28.12 which says the interest in an associate is determined solely on the basis of existing ownership interests and does not reflect the possible exercise or conversion of potential voting rights. It appears that these convertible preference shares don'...
- 14 Feb 2024, 16:57
- Forum: IFRS-related topics
- Topic: Leases in service areas
- Replies: 5
- Views: 364
Re: Leases in service areas
I'd check if the infrastructure assets are clearly identified and if you're acquiring their full capacity. If these conditions aren't met, it's likely not a lease, see https://ifrscommunity.com/knowledge-bas ... -of-assets
- 14 Feb 2024, 16:52
- Forum: IFRS-related topics
- Topic: Equity method exemptions
- Replies: 18
- Views: 1108
Re: Equity method exemptions
So you keep derivatives off balance sheet, for example?
- 14 Feb 2024, 16:43
- Forum: IFRS-related topics
- Topic: IAS 36 Decision tree in the Knowledge Base
- Replies: 8
- Views: 341
Re: IAS 36 Decision tree in the Knowledge Base
Does the leased ('underlying') asset generate independent cash inflows?