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 …
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 …
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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 …