What is a period of time under IFRS 16? The term ‘period of time’ should not be interpreted too literally. An amount of use of the underlying asset, such as the number of production units that an item of equipment …
The acquisition method’s overall principles can be summarised in the following steps: Step -1: Identifying the acquirer. Step 2: Determining the acquisition date. Step 3: Recognising and measuring the consideration transferred for the acquiree, including any previously held interest, and …
Stapling transaction and Dual-listed entities under IFRS 3 A stapling arrangement (that is, one that combines separate entities and businesses by the unification of ownership and voting interests in the combining entities) is a business combination. The formation of dual …
What is CGU……. We have heard a lot of times that impairment should be carried at the individual CGU levels. now, what is this CGU… Here is what we have discussed some of the excerpts; A cash-generating unit is “the …
Do we know that valuation techniques under IFRS 13, The valuation technique should be consistent with the objective of estimating the price at which an orderly transaction to sell the asset, or to transfer the liability, would take place between …
Inventories – What are they? Inventories are assets that are a) Held for sale in the ordinary course of business b) In the process of production for such sale; or c) In the form of materials or supplies to be consumed …
IAS 7 – STATEMENT OF CASH FLOWS Cash flows information of an entity is useful in providing users of financial statements with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilise those …
Scope This Standard shall be applied in accounting for the impairment of all assets, other than: inventories; contract assets and assets arising from costs to obtain or fulfil a contract that are recognized in accordance with IFRS 15 Revenue from Contracts with …
IFRS 15 – Revenue from contracts with customers. The core principle of IFRS 15 (the revenue standard) requires an entity to recognise revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration …
Link between power and variable returns – Principal and agent [ Appendix A] IFRS 10 contains explicit guidance on how to assess whether a decision maker is an agent (acting on behalf of others) or a principal (acting on its …