Have you ever wondered what is the definition of reasonable certainty under IFRS 16. An entity shall determine the lease term as the non-cancellable period of a lease, together with both:- a. periods covered by an option to extend the …
Lessees Almost all leases are recognised in the statement of financial position as a ‘right-of-use’ asset and a lease liability. There are narrow exceptions to this recognition principle for leases where the underlying asset is of low-value and for short-term …
Learn on your pace Anywhere, anytime. Start learning today! Join our online courses to enhance your experience and learning. The bespoke courses focus on the key topics which are relevant in the professional world and mostly asked in exams. Our …
We offer tailor-made templates, Performa Financials, Ready-made notes. We keep our approach both professional and casual so as not to overburden you with some of the confusing and boring accounting concepts. The accounting kit is being developed by professionals and …
Choose from our flexible plans which shall best suit your preferences for the content you need to pick. Our experts have hand-picked the content and have placed in the respective plans based on the fact that most of the queries …
Overview IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current …
About IFRS 15 International Financial Reporting Standard (IFRS) 15: Revenue from Contracts with Customers was introduced by the International Accounting Standards Board to provide one comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across …
Q&A. 1: Is a perpetual period a ‘period of time’? In order to qualify as a lease, an arrangement must convey a right to use an identified asset for a ‘period of time’. However, some contracts such as certain land …
Objective This prescribes the basis for the presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the …