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Cryptocurrencies definition: 2cz Lernen beginnen
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VIRTUAL CURRENCIES that provide the holder with various rights.| They are not issued by a central authority and so exist OUTSIDE OF GOVERNMENT CONTROL.
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AT* of cryptocurrency is unclear. Cryptocurrency is not: 3 + 3(supplementary) Lernen beginnen
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not Cash.| not a Cash equivalent.| or another type of financial instrument. not readily exchangeable for goods or services.| risk of value change is significant.| No contractual right to receive cash
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Cryptocurrency potentially falls within scope of IAS... Lernen beginnen
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Cryptocurrency potentially falls within scope of IAS 38 IA. However this standard requires... Lernen beginnen
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requires income or expenses arising from FV remeasurement to be presented in OCI rather than PoL. It may be that entities need to apply the Conceptual Framework to develop appropriate policy.
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Natural disasters' financial reporting consequences. # Lernen beginnen
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Provisions for restructuring.| GC disclosures.| Insurance proceeds and contingent assets.| Impairment of assets. | Inventory valuation. PG III
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Exposure draft ED/2018/1 Accounting Policy Changes content: 3cz Lernen beginnen
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Accounting policy change resulting from an agenda decision should be implemented retrospectively unless: It is Impractical to do so (due to lack of data) | or the Cost of working out the effect of change exceeds the benefits to the users of the FSs.
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agenda decisions are made by: Lernen beginnen
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by the IFRS Interpretations Committee.
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agenda decisions provide information about... Lernen beginnen
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about the best way to apply an ACCOUNTING POLICY.
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The item is material if... 2cz Lernen beginnen
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omitting, misstating or obscuring | it would influence the economic decisions of FSs users. Materiality judgements are required throughout the process of preparing FSs.
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Materiality judgements process. 4 steps Lernen beginnen
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1. Identify information that could be material. | 2. Assess whether that information is material. | 3. Implement the information in the draft FSs. | 4. Review the draft FSs.
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When assessing whether information is material, an entity should consider two types of factors: 2 Lernen beginnen
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Quantitative factors. | Qualitative factors. Measures of revenue, profit, assets and CFs. | Related party transactions, unusual transactions, geography and wider economic uncertainty.
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Quantitative factors examples. materiality judgements in context of FSs preparation Lernen beginnen
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Measures of revenue, profit, assets and CFs.
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Qualitative factors examples. 3 materiality judgements in context of FSs preparation Lernen beginnen
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Related party transactions, | Unusual transactions, | Geography and wider economic uncertainty.
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An entity only needs to apply the recognition, measurement and disclosure criteria in an IFRS Standard when the effects are... Lernen beginnen
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IAS 1 Presentation of FSs requires entities to disclose 'SIGNIFICANT accounting policies'. However, these disclosures tend to be: 2 Lernen beginnen
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GENERIC rather than equity specific. | DUPLICATION of the contents of IFRS Standards. This information is not useful and it adds clutter to FSs.
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Generic disclosures causes that: Lernen beginnen
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that information is NOT USEFUL | and ADDS CLUTTER to FSs.
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In the Exposure Draft ED 2019/6 Disclosure of Accounting Polices, the board propose: 2 Lernen beginnen
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Amendments to IAS 1 to require entities to disclosure 'material accounting policies'.* | Guidance to help entities determine if an accounting policy is material. The Board proposed that an accounting policy is likely to be material if it relates to a material transaction and [additional 5 points].
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The Board proposed that an accounting policy is likely to be material if it relates to a material transaction and: # Lernen beginnen
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It was CHANGED during the period. | The standards offered an accounting policy CHOICE. | Significant JUDGEMENT was required. | Standards requirements were applied in ENTITY-SPECIFIC ways. | NO standard explicitly applied. ChCh-JEN
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The Board amended IAS 19 to clarify that the entity must determine the Current Service Cost for the reminder of the reporting period after a plan amendment, settlement or curtailment using the actuarial assumptions used to... IAS 19 Employee benefits. Lernen beginnen
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to remeasure the net defined benefit liability. The Board amended IAS 19 to clarify that the entity must determine the Current Service Cost for the reminder of the reporting period after a plan amendment, settlement or curtailment using the...
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The Board amended IAS 19 to clarify that the entity must determine Net interest for the remainder of the reporting period after a plan amendment, settlement or curtailment using... 2 Lernen beginnen
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the remeasured defined benefit deficit | and the discount rate used to remeasure it.
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Management Commentary provides users with... 3cz Lernen beginnen
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with context | through which interpret | the financial position and financial performance of an entity.
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Management commentary is not mandatory. However the Board has produced... 2cz Lernen beginnen
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a Practice Statement | that provides guidance when producing management commentary.
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Management commentary should include information about: # Lernen beginnen
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Nature of business. | Objectives and strategies for meeting them. | Resources, risks and relationships. | KPMs | Operations results and prospects. NORKO *Key performance measures used by management to evaluate the entity's performance.
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A sustainability report details the entity's... 4cz Lernen beginnen
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economic, | social | and environmental | effects. ESEE
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Sustainable reporting initiatives: 3 Lernen beginnen
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The UN Global Compact. | The Global Reporting Initiative. | The International Integrated Reporting Framework. United Nations = ONZ The variety of reporting initiatives makes it difficult to compare sustainability reports.
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Applying IAS 32 can be problematic. In a discussion paper (DP/2018/1), the Board propose that a financial instrument should be classified as a financial liability if it exhibits one of the following characteristics: 2 "IAS 32 Financial Instruments: Presentation" says that financial liability is a contractual obligation (3 types). Distinguishing financial liabilities from equity is important: liabilities are riskier than equity as they require mandatory repayments. Lernen beginnen
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'An unavoidable contractual obligation to transfer financial asset at a specified time other than liquidation' | or 'An unavoidable contractual obligation for an amount independent of the entity's available economic resources'
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The recognition exemption* means that deferred tax cannot be... 3cz *IAS 12 Income Taxes prohibits the recognition of deferred tax if: the temporary difference arises from a transaction that is not a business combination | and does not affect accounting profit or taxable profit at the time of the transaction. Lernen beginnen
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cannot be recognised by lessees | in jurisdictions where tax relief is received | in respect of lease liabilities.
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In a Exposure Draft ED/2019/5 'Deferred Tax Related to Assets and Liabilities Arising from a Single Transactions', the Board propose to amend... Lernen beginnen
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deferred tax recognition exemption.
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If a transaction is not a business combination and effects neither accounting nor taxable profits but equals amounts of deductible and taxable difference are created, the Board propose that a Deferred Tax ASSET is recognised in relation... 2cz Exposure Draft ED/2019/5 "Deferred Tax Related to Assets and Liabilities Arising from a Single Transactions" Lernen beginnen
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to the deductible temporary differences | to the extent that future profits will be available against which the difference can be utilised.
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If a transaction is not a business combination and effects neither accounting nor taxable profits but equals amounts of deductible and taxable difference are created, the Board propose that a Deferred Tax LIABILITY is recognised for... 2cz Exposure Draft ED/2019/5 "Deferred Tax Related to Assets and Liabilities Arising from a Single Transactions" Lernen beginnen
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for the taxable temporary difference | but must not exceed the amount of deferred tax asset recognised above.
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