/Length 3984 IFRS 15 Revenue from Contracts with Customers 2 Defined terms IFRS 15 defines the following terms that form an integral part of this IFRS. Scenario 1 $ Net assets included in the consolidated statement of financial position 500 eXample 2 Parent owns 80% of Subsidiary (a CGU). A complete set of financial statements includes: Illustrative examples. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material). To give a definitive indication of the areas students will need to be aware of in relation to IAS for future CIE examinations. IAS 21 does not specify where exchange gains and losses should be shown in the statement of comprehensive income. The decline in fair value does not BC17) Scope (paras. This Standard provides guidance for the accounting treatment of the events, which take place after the reporting period, but before the date of authorization of financial statements for issue, related disclosur… The illustrative examples that are pertinent to you include IE 1 to IE 31 (examples 1 to 6). IAS 10.21 Where non-adjusting events occurring after … ; It defines both adjusting and non-adjusting events. This document is designed to help centres in their delivery of International Accounting Standards (IAS) to students. Illustrative Examples These Illustrative Examples accompany, but are not part of, IFRIC 22. IAS 10 contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. Reflects standards issued up to 31 March 2009. s����˯��=��3oXڌC�~�%��ω�f�������a+=�(l�ؼ^���".7̲������K4��*�S������t.�d���鑢2�KK���� =���V4,b#Ǩ�;�~� ���(�6-j�f�����翶��N ���c�T��=����L��l�s�[,9)!�ɶ�HZ*���q��k�E���w-t/�T�pN�^ This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions. Reflects standards issued up to 31 March 2009. To give a definitive indication of the areas students will need to be aware of in relation to IAS for future CIE examinations. The corporation is a lessee in most of its leases but also acts as a lessor occasionally, and owns a property that it classifies as investment property. The illustrative examples that are pertinent to you include IE 1 to IE 31 (examples 1 to 6). Chapter 7 – Illustrative example of IAS 29 B. IAS 11 defines construction contract as: “… a contract specifically negotiated for the construction of an asset or a combination of assets …” Examples of construction contracts include those negotiated for the construction of highways, buildings, oil rigs, industrial units, pipelines, airlines and other similar assets. /Resources 2 0 R Date de création : 05/02/08 Dernière mise à jour : 16/10/08 09:58 Cas 2 - IAS 16 et IAS 36 - Immobilisations corporelles (EXERCICES-CORRIGES IAS et IFRS) amortissements, depreciations, Ias 16, Ias 36, immobilisations corporelles Cas 02 - IAS 16 et IAS 36 - … disclosure checklist and IAS 34 application guidance. Source: IFRS - IAS 36 Illustrative Examples Example 2 Calculation of value in use and recognition of an impairment los Background and calculation of value in use At the end of 20X0, entity T acquires entity M for CU 10,000. a�u|�i(��u���@����Y���I�1� ���h�@̬{&`{�ö�����l���\jf�r��V4'�#GhTf���8�=4����'�4*��\b�:�$��;���+����*k�䓏MZ� "�(���8�Ź#��q��A����C ��O�trW�t1�ow��oe� M�N�%W�g��pa�����ZO�P��R�.�z# N�=�f��Ǹ��w�H�uѿM����Y�9���9���BJ >PU�"�~H`�"b�e육4~č�MaA�C��p�kg���*�c�0i�s��W�Y�C�ݵ�Cи�`���bw�~���ȕ�]3�Q����+ ���[:��1��9�/�.�� IAS 38 Intangible Assets – Summary with Examples – PDF October 1, 2019 IAS 10 Events after the Reporting Period (VIDEO) October 1, 2019 IAS 7 Statement of Cash Flows – Summary – PDF … The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. Example III-1—An entity that is not a regulated financial institution 23 Example III-2—An entity that has not complied with externally imposed capital requirements 25 AMENDMENTS TO ILLUSTRATIVE EXAMPLES ACCOMPANYING IAS 7 STATEMENT OF CASH FLOWS 26 A COMPARISON OF PROPOSALS WITH REQUIREMENTS IN IAS 1 PRESENTATION OF FINANCIAL STATEMENTS 34. 173 0 obj <> endobj Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material). Scope (paras. IAS 1.10, 11, 38-38B, 40A-40D IAS 1.10 Key principles There is no prescribed format for the financial statements but there are minimum presentation and disclosure requirements. References: IAS 1.10, IAS 1.113, IAS 1.54, IAS 1.60, IAS 1.61, IAS 1.78, IFRS 4.36, IFRS 4.37 Reference: IAS 1.54 2011 2010 January 1, 2010 IAS 1.54 Assets Cash $ xxx xxx xxx Investments (Note 4) xxx xxx xxx Investment income accrued xxx xxx xxx Due from reinsurers (Note 7) … BC14-16) Interaction with requirements for impaired assets (para. IFRS 10 Consolidated Financial Statements 2 IFRS 10 - effective date IFRS 10 shall be applied for annual periods beginning on or after 1 January 2013. replaces IAS 10 Events After the Balance Sheet Date (revised in 1999) and should be applied for annual periods beginning on or after 1 January 2005. equity or as liabilities). Do not worry about Example 7 and 8 (IE 32-33) or about examples 10 … Additional Historical Information Required for IAS 29 Restatement B.I Property, Plant and Equipment Property, plant and equipment is comprised of: (all amounts expressed in HCU) 2002 2003 Gross book value (GBV) 58,600 79,200 Accumulated depreciation (15,263) (25,037) Net book value (NBV) 43,337 54,163 ICAEW guides and support Factsheets. /Parent 4 0 R used in IAS 36, Impairment of Assets when calculating the impairment of goodwill of a cash generating unit (CGU) where there is a non-controlling interest. The table below outlines the overall requirements and guidance provided in IAS 7, as well as other related guidance: Table A.1 – IAS 7 at a glance: IAS 7 (or related IFRS) reference Scope (IAS 7.3) (IAS 1.10-11) Presentation (IAS 7.1) (IAS 7.21-24) Benefits of cash flow information (IAS 7.3-4) Requirements ) to students $ net assets at 31 March 2010 are $ 500 Conclusions Comparison with IAS 1 contains examples! 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