Recognition of biological assets The recognition criteria are very similar to those for other assets, in that animals or plants should be recognised as assets in the following circumstances.
Part cancellation An item may appear in the statements of financial position of a parent company and its subsidiary, but not at the same amounts.
We include comments from the examination team to show you where students struggled or performed well in.
The calculation of diluted EPS should be based on the assumption that such a conversion actually took place on 1 January 20X4.
It is thought that users of accounts can readily understand cash flows, as opposed to income statements and balance sheets which are subject to manipulation by the use of different accounting policies.
IFRS 9 allows the option to initially measure a financial asset at fair value through profit or loss where a mismatch would otherwise arise between the asset and a related liability.
Explain the relationship of national standard setters to the IASB in respect of the standard setting process.
Fair value adjustment calculations Until now we have calculated goodwill as the difference between the consideration transferred and the book value of net assets acquired by the group.
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At the end of September 20X3 there is an uncompleted contract on the books, details of which are as follows.
The IASB is exploring ways in which to integrate its due process more closely with national due process.
The key to consolidation questions in the examination is to adopt a logical approach and to practise as many questions as possible.
Financial instruments are initially measured at the fair value of the consideration given or received (ie, cost) plus (or minus in the case of financial liabilities) transaction costs that are directly attributable to the acquisition or issue of the financial instrument.
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Presentation Contracts with customers will be presented in an entity's statement of financial position as a contract liability, a contract asset or a receivable, depending on the relationship between the entity's performance and the customer's payment.
Comprehensive example Below are the balance sheets for Thorstved Co at 31 December 20X7 and 31 December 20X8 and the income statement for the year ended 31 December 20X8.
It is only the shares deemed to have been issued for no consideration which are added to the number of shares in issue when calculating diluted EPS (shares issued at full market price have no dilutive effect).
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Example: contract profits P Co has the following contract in progress: Total contract price Costs incurred to date Estimated costs to completion Payments invoiced and received.
The bidder would take over the responsibility (and costs) for dismantling and removing the platform at the end of its life.
Such items will be classed as current liabilities even where they are due to be settled more than 12 months after the end of the reporting period.
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IAS 23 allows the average carrying amount of the asset during a period (including borrowing costs previously capitalised) to be used as a reasonable approximation of the expenditure to which the capitalisation rate is applied in the period.
