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End User License Agreement
by Ernst & Young LLP
International GAAP 2020
Cover
About this book
Preface
Abbreviations
Authoritative literature
Volume 1: Chapters 1 to 22
Chapter 1: International GAAP
1 WHY INTERNATIONAL FINANCIAL REPORTING STANDARDS MATTER
2 THE IFRS FOUNDATION AND THE IASB
3 THE IASB'S TECHNICAL AGENDA AND CONVERGENCE WITH US GAAP
4 THE ADOPTION OF IFRS AROUND THE WORLD
5 CONSISTENCY IN APPLICATION OF IFRS
6 SUMMARY
REFERENCES
Chapter 2: The IASB's Conceptual Framework
1 INTRODUCTION
2 DEVELOPMENT OF THE IASB'S CONCEPTUAL FRAMEWORK AND EFFECTIVE DATE
3 CONTENTS, PURPOSE AND SCOPE OF THE IASB'S CONCEPTUAL FRAMEWORK
4 CHAPTER 1: THE OBJECTIVE OF GENERAL PURPOSE FINANCIAL REPORTING
5 CHAPTER 2: QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATION
6 CHAPTER 3: FINANCIAL STATEMENTS AND THE REPORTING ENTITY
7 CHAPTER 4: THE ELEMENTS OF FINANCIAL STATEMENTS
8 CHAPTER 5: RECOGNITION AND DERECOGNITION
9 CHAPTER 6: MEASUREMENT
10 CHAPTER 7: PRESENTATION AND DISCLOSURE
11 CHAPTER 8: CONCEPTS OF CAPITAL AND CAPITAL MAINTENANCE
12 MANAGEMENT COMMENTARY
REFERENCES
Chapter 3: Presentation of financial statements and accounting policies
1 INTRODUCTION
2 THE PURPOSE AND COMPOSITION OF FINANCIAL STATEMENTS
3 THE STRUCTURE OF FINANCIAL STATEMENTS
4 ACCOUNTING POLICIES
5 DISCLOSURE REQUIREMENTS
6 FUTURE DEVELOPMENTS
REFERENCES
Chapter 4: Non-current assets held for sale and discontinued operations
1 OBJECTIVE AND SCOPE OF IFRS 5
2 NON-CURRENT ASSETS (AND DISPOSAL GROUPS) HELD FOR SALE OR HELD FOR DISTRIBUTION TO OWNERS
3 DISCONTINUED OPERATIONS
4 COMPARATIVE INFORMATION
5 DISCLOSURE REQUIREMENTS
6 POSSIBLE FUTURE DEVELOPMENTS
REFERENCES
Chapter 5: First-time adoption
1 INTRODUCTION
2 WHO IS A FIRST-TIME ADOPTER?
3 OPENING IFRS STATEMENT OF FINANCIAL POSITION
4 EXCEPTIONS TO THE RETROSPECTIVE APPLICATION OF OTHER IFRSs
5 OPTIONAL EXEMPTIONS FROM THE REQUIREMENTS OF CERTAIN IFRSs
6 PRESENTATION AND DISCLOSURE
7 ACCOUNTING POLICIES AND PRACTICAL APPLICATION ISSUES
8 REGULATORY ISSUES
REFERENCES
Chapter 6: Consolidated financial statements
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IFRS 10
3 CONTROL
4 POWER OVER AN INVESTEE
5 EXPOSURE TO VARIABLE RETURNS
6 LINK BETWEEN POWER AND RETURNS: PRINCIPAL-AGENCY SITUATIONS
7 RELATED PARTIES AND DE FACTO AGENTS
8 CONTROL OF SPECIFIED ASSETS
9 CONTINUOUS ASSESSMENT
10 INVESTMENT ENTITIES
11 FUTURE DEVELOPMENTS
REFERENCES
Chapter 7: Consolidation procedures and non-controlling interests
1 INTRODUCTION
2 CONSOLIDATION PROCEDURES
3 CHANGES IN CONTROL
4 CHANGES IN OWNERSHIP INTEREST WITHOUT A LOSS OF CONTROL
5 NON-CONTROLLING INTERESTS
6 CALL AND PUT OPTIONS OVER NON-CONTROLLING INTERESTS
7 FUTURE DEVELOPMENTS
REFERENCES
Chapter 8: Separate and individual financial statements
1 SEPARATE AND INDIVIDUAL FINANCIAL STATEMENTS
2 REQUIREMENTS OF SEPARATE FINANCIAL STATEMENTS
3 DISCLOSURE
4 COMMON CONTROL OR GROUP TRANSACTIONS IN INDIVIDUAL OR SEPARATE FINANCIAL STATEMENTS
REFERENCES
Chapter 9: Business combinations
1 INTRODUCTION
2 SCOPE OF IFRS 3
3 IDENTIFYING A BUSINESS COMBINATION
4 ACQUISITION METHOD OF ACCOUNTING
5 RECOGNITION AND MEASUREMENT OF ASSETS ACQUIRED, LIABILITIES ASSUMED AND NON-CONTROLLING INTERESTS
6 RECOGNISING AND MEASURING GOODWILL OR A GAIN IN A BARGAIN PURCHASE
7 CONSIDERATION TRANSFERRED
8 RECOGNISING AND MEASURING NON-CONTROLLING INTERESTS
9 BUSINESS COMBINATIONS ACHIEVED IN STAGES (‘STEP ACQUISITIONS’)
10 BARGAIN PURCHASE TRANSACTIONS
11 ASSESSING WHAT IS PART OF THE EXCHANGE FOR THE ACQUIREE
12 MEASUREMENT PERIOD
13 SUBSEQUENT MEASUREMENT AND ACCOUNTING
14 REVERSE ACQUISITIONS
15 PUSH DOWN ACCOUNTING
16 DISCLOSURES
REFERENCES
Chapter 10: Business combinations under common control
1 INTRODUCTION
2 THE IFRS 3 SCOPE EXCLUSION
3 ACCOUNTING FOR BUSINESS COMBINATIONS INVOLVING ENTITIES OR BUSINESSES UNDER COMMON CONTROL
4 ACCOUNTING FOR TRANSACTIONS UNDER COMMON CONTROL (OR OWNERSHIP) INVOLVING A NEWCO
5 ACCOUNTING FOR TRANSFERS OF ASSOCIATES OR JOINT VENTURES UNDER COMMON CONTROL
6 FUTURE DEVELOPMENTS
REFERENCES
Chapter 11: Investments in associates and joint ventures
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IAS 28
3 DEFINITIONS
4 SIGNIFICANT INFLUENCE
5 EXEMPTIONS FROM APPLYING THE EQUITY METHOD
6 CLASSIFICATION AS HELD FOR SALE (IFRS 5)
7 APPLICATION OF THE EQUITY METHOD
8 IMPAIRMENT LOSSES
9 SEPARATE FINANCIAL STATEMENTS
10 PRESENTATION AND DISCLOSURES
11 FUTURE DEVELOPMENTS
REFERENCES
Chapter 12: Joint arrangements
1 INTRODUCTION
2 EFFECTIVE DATE, OBJECTIVE AND SCOPE OF IFRS 11
3 JOINT ARRANGEMENT
4 JOINT CONTROL
5 CLASSIFICATION OF A JOINT ARRANGEMENT: JOINT OPERATIONS AND JOINT VENTURES
6 ACCOUNTING FOR JOINT OPERATIONS
7 ACCOUNTING FOR JOINT VENTURES
8 CONTINUOUS ASSESSMENT
9 DISCLOSURES
REFERENCES
Chapter 13: Disclosure of interests in other entities
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IFRS 12
3 DISCLOSURE OF SIGNIFICANT ESTIMATES AND JUDGEMENTS
4 DISCLOSURE OF INTERESTS IN SUBSIDIARIES
5 DISCLOSURE OF INTERESTS IN JOINT ARRANGEMENTS AND ASSOCIATES
6 DISCLOSURE OF INTERESTS IN UNCONSOLIDATED STRUCTURED ENTITIES
REFERENCES
Chapter 14: Fair value measurement
1 INTRODUCTION AND BACKGROUND
2 SCOPE
3 DEFINITIONS
4 THE FAIR VALUE FRAMEWORK
5 THE ASSET OR LIABILITY
6 THE PRINCIPAL (OR MOST ADVANTAGEOUS) MARKET
7 MARKET PARTICIPANTS
8 THE TRANSACTION
9 THE PRICE
10 APPLICATION TO NON-FINANCIAL ASSETS
11 APPLICATION TO LIABILITIES AND AN ENTITY'S OWN EQUITY
12 FINANCIAL ASSETS AND LIABILITIES WITH OFFSETTING POSITIONS
13 FAIR VALUE AT INITIAL RECOGNITION
14 VALUATION TECHNIQUES
15 INPUTS TO VALUATION TECHNIQUES
16 THE FAIR VALUE HIERARCHY
17 LEVEL 1 INPUTS
18 LEVEL 2 INPUTS
19 LEVEL 3 INPUTS
20 DISCLOSURES
21 APPLICATION GUIDANCE – PRESENT VALUE TECHNIQUES
22 EFFECTIVE DATE AND TRANSITION
23 CONVERGENCE WITH US GAAP
REFERENCES
Chapter 15: Foreign exchange
1 INTRODUCTION
2 IAS 21: OBJECTIVE, SCOPE AND DEFINITIONS
3 SUMMARY OF THE APPROACH REQUIRED BY IAS 21
4 DETERMINATION OF AN ENTITY'S FUNCTIONAL CURRENCY
5 REPORTING FOREIGN CURRENCY TRANSACTIONS IN THE FUNCTIONAL CURRENCY OF AN ENTITY
6 USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY
7 CHANGE OF PRESENTATION CURRENCY
8 INTRODUCTION OF THE EURO
9 TAX EFFECTS OF ALL EXCHANGE DIFFERENCES
10 DISCLOSURE REQUIREMENTS
11 FUTURE DEVELOPMENTS
REFERENCES
Chapter 16: Hyperinflation
1 INTRODUCTION
2 THE REQUIREMENTS OF IAS 29
3 SELECTION OF A GENERAL PRICE INDEX
4 ANALYSIS AND RESTATEMENT OF THE STATEMENT OF FINANCIAL POSITION
5 RESTATEMENT OF THE STATEMENT OF CHANGES IN EQUITY
6 RESTATEMENT OF THE STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
7 RESTATEMENT OF THE STATEMENT OF CASH FLOWS
8 RESTATEMENT OF COMPARATIVE FIGURES
9 INTERIM REPORTING
10 TRANSITION
11 TRANSLATION TO A DIFFERENT PRESENTATION CURRENCY
12 DISCLOSURES
13 FUTURE DEVELOPMENTS
REFERENCES
Chapter 17: Intangible assets
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IAS 38
3 RECOGNITION AND MEASUREMENT
4 SEPARATE ACQUISITION
5 ACQUISITION AS PART OF A BUSINESS COMBINATION
6 INTERNALLY GENERATED INTANGIBLE ASSETS
7 RECOGNITION OF AN EXPENSE
8 MEASUREMENT AFTER INITIAL RECOGNITION
9 AMORTISATION OF INTANGIBLE ASSETS
10 DISCLOSURE
11 SPECIFIC ISSUES REGARDING INTANGIBLE ASSETS
REFERENCES
Chapter 18: Property, plant and equipment
1 INTRODUCTION
2 THE REQUIREMENTS OF IAS 16
3 RECOGNITION
4 MEASUREMENT AT RECOGNITION
5 MEASUREMENT AFTER RECOGNITION: COST MODEL
6 MEASUREMENT AFTER RECOGNITION: REVALUATION MODEL
7 DERECOGNITION AND DISPOSAL
8 IAS 16 DISCLOSURE REQUIREMENTS
REFERENCES
Chapter 19: Investment property
1 INTRODUCTION
2 DEFINITIONS AND SCOPE
3 RECOGNITION
4 INITIAL MEASUREMENT
5 MEASUREMENT AFTER INITIAL RECOGNITION
6 THE FAIR VALUE MODEL
7 THE COST MODEL
8 IFRS 5 AND INVESTMENT PROPERTY
9 TRANSFER OF ASSETS TO OR FROM INVESTMENT PROPERTY
10 DISPOSAL OF INVESTMENT PROPERTY
11 INTERIM REPORTING AND IAS 40
12 THE DISCLOSURE REQUIREMENTS OF IAS 40
13 FUTURE DEVELOPMENTS
REFERENCES
Chapter 20: Impairment of fixed assets and goodwill
1 INTRODUCTION
2 WHEN AN IMPAIRMENT TEST IS REQUIRED
3 DIVIDING THE ENTITY INTO CASH-GENERATING UNITS (CGUS)
4 IDENTIFYING THE CARRYING AMOUNT OF CGU ASSETS
5 RECOVERABLE AMOUNT
6 FAIR VALUE LESS COSTS OF DISPOSAL
7 DETERMINING VALUE IN USE (VIU)
8 IMPAIRMENT OF GOODWILL
9 NON-CONTROLLING INTERESTS – THE IMPACT ON GOODWILL IMPAIRMENT TESTING
10 IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE
11 RECOGNISING AND REVERSING IMPAIRMENT LOSSES
12 GROUP AND SEPARATE FINANCIAL STATEMENT ISSUES
13 DISCLOSURES REQUIRED BY IAS 36
14 DEVELOPMENTS
REFERENCES
Chapter 21: Capitalisation of borrowing costs
1 INTRODUCTION
2 THE REQUIREMENTS OF IAS 23
3 QUALIFYING ASSETS
4 DEFINITION OF BORROWING COSTS
5 BORROWING COSTS ELIGIBLE FOR CAPITALISATION
6 COMMENCEMENT, SUSPENSION AND CESSATION OF CAPITALISATION
7 DISCLOSURE REQUIREMENTS
REFERENCES
Chapter 22: Inventories
1 INTRODUCTION
2 IAS 2: OBJECTIVE, SCOPE AND DEFINITIONS
3 MEASUREMENT
4 REAL ESTATE INVENTORY
5 RECOGNITION IN PROFIT OR LOSS
6 DISCLOSURE REQUIREMENTS OF IAS 2
REFERENCES
Volume 2: Chapters 23 to 43
Chapter 23: Leases
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IFRS 16
3 WHAT IS A LEASE?
4 KEY CONCEPTS
5 LESSEE ACCOUNTING
6 LESSOR ACCOUNTING
7 SUBLEASES
8 SALE AND LEASEBACK TRANSACTIONS
9 BUSINESS COMBINATIONS
10 EFFECTIVE DATE AND TRANSITION
REFERENCES
Chapter 24: Government grants
1 INTRODUCTION
2 SCOPE OF IAS 20
3 RECOGNITION AND MEASUREMENT
4 PRESENTATION OF GRANTS
5 GOVERNMENT GRANTS RELATED TO BIOLOGICAL ASSETS IN THE SCOPE OF IAS 41
6 DISCLOSURES
REFERENCES
Chapter 25: Service concession arrangements
1 INTRODUCTION
2 SCOPE OF IFRIC 12
3 THE CONTROL MODEL
4 ACCOUNTING BY THE CONCESSION OPERATOR: THE FINANCIAL ASSET AND INTANGIBLE ASSET MODELS
5 REVENUE AND EXPENDITURE DURING THE OPERATIONS PHASE OF THE CONCESSION AGREEMENT
6 FURTHER EXAMPLES ILLUSTRATING THE APPLICATION OF IFRIC 12 AND INTERACTIONS WITH IFRS 15 AND IFRS 9
7 DISCLOSURE REQUIREMENTS: SIC‑29
REFERENCES
Chapter 26: Provisions, contingent liabilities and contingent assets
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IAS 37
3 RECOGNITION
4 MEASUREMENT
5 CASES IN WHICH NO PROVISION SHOULD BE RECOGNISED
6 SPECIFIC EXAMPLES OF PROVISIONS AND CONTINGENCIES
7 DISCLOSURE REQUIREMENTS
REFERENCES
Chapter 27: Revenue
1 INTRODUCTION
2 IFRS 15 – OBJECTIVE, EFFECTIVE DATE AND TRANSITION
3 IFRS 15 – SCOPE
4 OTHER INCOME AND OTHER REVENUE
REFERENCES
Chapter 28: Revenue
1 INTRODUCTION
2 IDENTIFY THE CONTRACT WITH THE CUSTOMER
3 IDENTIFY THE PERFORMANCE OBLIGATIONS IN THE CONTRACT
REFERENCES
Chapter 29: Revenue
1 INTRODUCTION
2 DETERMINE THE TRANSACTION PRICE
3 ALLOCATE THE TRANSACTION PRICE TO THE PERFORMANCE OBLIGATIONS
REFERENCES
Chapter 30: Revenue
1 INTRODUCTION
2 PERFORMANCE OBLIGATIONS SATISFIED OVER TIME
3 MEASURING PROGRESS OVER TIME
4 CONTROL TRANSFERRED AT A POINTIN TIME
5 REPURCHASE AGREEMENTS
6 CONSIGNMENT ARRANGEMENTS
7 BILL-AND-HOLD ARRANGEMENTS
8 RECOGNISING REVENUE FOR LICENCES OF INTELLECTUAL PROPERTY
9 RECOGNISING REVENUE WHEN A RIGHT OF RETURN EXISTS
10 RECOGNISING REVENUE FOR CUSTOMER OPTIONS FOR ADDITIONAL GOODS OR SERVICES
11 BREAKAGE AND PREPAYMENTS FOR FUTURE GOODS OR SERVICES
REFERENCES
Chapter 31: Revenue: licences, warranties and contract costs
1 INTRODUCTION
2 LICENCES OF INTELLECTUAL PROPERTY
3 WARRANTIES
4 ONEROUS CONTRACTS
5 CONTRACT COSTS
REFERENCES
Chapter 32: Revenue: presentation and disclosure
1 INTRODUCTION
2 PRESENTATION
3 DISCLOSURES IN ANNUAL FINANCIAL STATEMENTS
4 DISCLOSURES IN INTERIM FINANCIAL STATEMENTS
REFERENCES
Chapter 33: Income taxes
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IAS 12
3 DEFINITIONS
4 SCOPE
5 CURRENT TAX
6 DEFERRED TAX – TAX BASES AND TEMPORARY DIFFERENCES
7 DEFERRED TAX – RECOGNITION
8 DEFERRED TAX – MEASUREMENT
9 UNCERTAIN TAX TREATMENTS
10 ALLOCATION OF TAX CHARGE OR CREDIT
11 CONSOLIDATED TAX RETURNS AND OFFSET OF TAXABLE PROFITS AND LOSSES WITHIN GROUPS
12 BUSINESS COMBINATIONS
13 PRESENTATION
14 DISCLOSURE
REFERENCES
Chapter 34: Share-based payment
1 INTRODUCTION
2 THE OBJECTIVE AND SCOPE OF IFRS 2
3 GENERAL RECOGNITION PRINCIPLES
4 EQUITY-SETTLED TRANSACTIONS – OVERVIEW
5 EQUITY-SETTLED TRANSACTIONS – COST OF AWARDS
6 EQUITY-SETTLED TRANSACTIONS – ALLOCATION OF EXPENSE
7 EQUITY-SETTLED TRANSACTIONS – MODIFICATION, CANCELLATION AND SETTLEMENT
8 EQUITY-SETTLED TRANSACTIONS – VALUATION
9 CASH-SETTLED TRANSACTIONS
10 TRANSACTIONS WITH EQUITY AND CASH ALTERNATIVES
11 REPLACEMENT SHARE-BASED PAYMENT AWARDS ISSUED IN A BUSINESS COMBINATION
12 GROUP SHARE SCHEMES
13 DISCLOSURES
14 TAXES RELATED TO SHARE-BASED PAYMENT TRANSACTIONS
15 OTHER PRACTICAL ISSUES
16 FIRST-TIME ADOPTION AND TRANSITIONAL PROVISIONS
REFERENCES
Chapter 35: Employee benefits
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IAS 19
3 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS – DEFINED CONTRIBUTION AND DEFINED BENEFIT PLANS
4 DEFINED CONTRIBUTION PLANS
5 DEFINED BENEFIT PLANS – GENERAL
6 DEFINED BENEFIT PLANS – PLAN ASSETS
7 DEFINED BENEFIT PLANS – PLAN LIABILITIES
8 DEFINED BENEFIT PLANS – TREATMENT OF THE PLAN SURPLUS OR DEFICIT IN THE STATEMENT OF FINANCIAL POSITION
9 DEFINED BENEFIT PLANS – PRESENTATION OF THE NET DEFINED BENEFIT LIABILITY (ASSET)
10 DEFINED BENEFIT PLANS – TREATMENT IN PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
11 DEFINED BENEFIT PLANS – COSTS OF ADMINISTERING EMPLOYEE BENEFIT PLANS
12 SHORT-TERM EMPLOYEE BENEFITS
13 LONG-TERM EMPLOYEE BENEFITS OTHER THAN POST-EMPLOYMENT BENEFITS
14 TERMINATION BENEFITS
15 DISCLOSURE REQUIREMENTS
16 POSSIBLE FUTURE DEVELOPMENTS
REFERENCES
Chapter 36: Operating segments
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IFRS 8
3 IDENTIFYING A SINGLE SET OF OPERATING SEGMENTS
4 MEASUREMENT
5 INFORMATION TO BE DISCLOSED ABOUT REPORTABLE SEGMENTS
6 ENTITY-WIDE DISCLOSURES FOR ALL ENTITIES
REFERENCES
Chapter 37: Earnings per share
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IAS 33
3 THE BASIC EPS
4 CHANGES IN OUTSTANDING ORDINARY SHARES
5 MATTERS AFFECTING THE NUMERATOR
6 DILUTED EARNINGS PER SHARE
7 PRESENTATION, RESTATEMENT AND DISCLOSURE
8 APPENDIX
REFERENCES
Chapter 38: Events after the reporting period
1 INTRODUCTION
2 REQUIREMENTS OF IAS 10
3 PRACTICAL ISSUES
REFERENCES
Chapter 39: Related party disclosures
1 INTRODUCTION
2 REQUIREMENTS OF IAS 24
REFERENCES
Chapter 40: Statement of cash flows
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IAS 7
3 CASH AND CASH EQUIVALENTS
4 CLASSIFICATION IN THE STATEMENT OF CASH FLOWS
5 OTHER CASH FLOW PRESENTATION ISSUES
6 ADDITIONAL IAS 7 CONSIDERATIONS FOR GROUPS
7 ADDITIONAL IAS 7 CONSIDERATIONS FOR FINANCIAL INSTITUTIONS
8 REQUIREMENTS OF OTHER STANDARDS
REFERENCES
Chapter 41: Interim financial reporting
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF IAS 34
3 COMPONENTS, FORM AND CONTENT OF AN INTERIM FINANCIAL REPORT UNDER IAS 34
4 DISCLOSURES IN CONDENSED FINANCIAL STATEMENTS
5 PERIODS FOR WHICH INTERIM FINANCIAL STATEMENTS ARE REQUIRED TO BE PRESENTED
6 MATERIALITY
7 DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS
8 RECOGNITION AND MEASUREMENT
9 EXAMPLES OF THE RECOGNITION AND MEASUREMENT PRINCIPLES
10 USE OF ESTIMATES
11 EFFECTIVE DATES AND TRANSITIONAL RULES
REFERENCES
Chapter 42: Agriculture
1 INTRODUCTION
2 OBJECTIVE, DEFINITIONS AND SCOPE
3 RECOGNITION AND MEASUREMENT PRINCIPLES
4 MEASURING FAIR VALUE LESS COSTS TO SELL
5 DISCLOSURE
REFERENCES
Chapter 43: Extractive industries
1 INTRODUCTION AND BACKGROUND
2 MINERAL RESERVES AND RESOURCES
3 IFRS 6 – EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES
4 UNIT OF ACCOUNT
5 LEGAL RIGHTS TO EXPLORE FOR, DEVELOP AND PRODUCE MINERAL PROPERTIES
6 RISK-SHARING ARRANGEMENTS
7 INVESTMENTS IN THE EXTRACTIVE INDUSTRIES
8 ACQUISITIONS
9 FUNCTIONAL CURRENCY
10 DECOMMISSIONING AND RESTORATION/REHABILITATION
11 IMPAIRMENT OF ASSETS
12 REVENUE RECOGNITION
13 FINANCIAL INSTRUMENTS
14 INVENTORIES
15 PROPERTY, PLANT AND EQUIPMENT
16 DEPRECIATION, DEPLETION AND AMORTISATION (DD&A)
17 IFRS 16 – LEASES
18 INTERACTION OF IFRS 16 – LEASES – AND IFRS 11 – AND IFRS 11 – JOINT ARRANGEMENTS
19 LONG-TERM CONTRACTS AND LEASES
20 TOLLING ARRANGEMENTS
21 TAXATION
22 EVENTS AFTER THE REPORTING PERIOD
23 GLOSSARY
REFERENCES
Volume 3: Chapters 44 to 56
Chapter 44: Financial instruments: Introduction
1 STANDARDS APPLYING TO FINANCIAL INSTRUMENTS
2 ADOPTION OF IFRS IN THE EUROPEAN UNION
REFERENCES
Chapter 45: Financial instruments: Definitions and scope
1 INTRODUCTION
2 WHAT IS A FINANCIAL INSTRUMENT?
3 SCOPE
4 CONTRACTS TO BUY OR SELL COMMODITIES AND OTHER NON-FINANCIAL ITEMS
REFERENCES
Chapter 46: Financial instruments: Derivatives and embedded derivatives
1 INTRODUCTION
2 DEFINITION OF A DERIVATIVE
3 EXAMPLES OF DERIVATIVES
4 EMBEDDED DERIVATIVES
5 EMBEDDED DERIVATIVES: THE MEANING OF ‘CLOSELY RELATED’
6 IDENTIFYING THE TERMS OF EMBEDDED DERIVATIVES AND HOST CONTRACTS
7 REASSESSMENT OF EMBEDDED DERIVATIVES
8 LINKED AND SEPARATE TRANSACTIONS AND ‘SYNTHETIC’ INSTRUMENTS
REFERENCES
Chapter 47: Financial instruments: Financial liabilities and equity
1 INTRODUCTION
2 OBJECTIVE AND SCOPE
3 DEFINITIONS
4 CLASSIFICATION OF INSTRUMENTS
5 CONTRACTS SETTLED BY DELIVERY OF THE ENTITY'S OWN EQUITY INSTRUMENTS
6 COMPOUND FINANCIAL INSTRUMENTS
7 SETTLEMENT OF FINANCIAL LIABILITY WITH EQUITY INSTRUMENT
8 INTEREST, DIVIDENDS, GAINS AND LOSSES
9 TREASURY SHARES
10 ‘HEDGING’ OF INSTRUMENTS CLASSIFIED AS EQUITY
11 DERIVATIVES OVER OWN EQUITY INSTRUMENTS
12 POSSIBLE FUTURE DEVELOPMENTS
REFERENCES
Chapter 48: Financial instruments: Classification
1 INTRODUCTION
2 CLASSIFYING FINANCIAL ASSETS: AN OVERVIEW
3 CLASSIFYING FINANCIAL LIABILITIES
4 FINANCIAL ASSETS AND FINANCIAL LIABILITIES HELD FOR TRADING
5 FINANCIAL ASSETS: THE ‘BUSINESS MODEL’ ASSESSMENT
6 CHARACTERISTICS OF THE CONTRACTUAL CASH FLOWS OF THE INSTRUMENT
7 DESIGNATION AT FAIR VALUE THROUGH PROFIT OR LOSS
8 DESIGNATION OF NON-DERIVATIVE EQUITY INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
9 RECLASSIFICATION OF FINANCIAL ASSETS
10 FUTURE DEVELOPMENTS
REFERENCES
Chapter 49: Financial instruments: Recognition and initial measurement
1 INTRODUCTION
2 RECOGNITION
3 INITIAL MEASUREMENT
REFERENCES
Chapter 50: Financial instruments: Subsequent measurement
1 INTRODUCTION
2 SUBSEQUENT MEASUREMENT AND RECOGNITION OF GAINS AND LOSSES
3 AMORTISED COST AND THE EFFECTIVE INTEREST METHOD
4 FOREIGN CURRENCIES
5 EFFECTIVE DATE AND TRANSITION
REFERENCES
Chapter 51: Financial instruments: Impairment
1 INTRODUCTION
2 SCOPE
3 APPROACHES
4 IMPAIRMENT FOR CORPORATES
5 MEASUREMENT OF EXPECTED CREDIT LOSSES
6 GENERAL APPROACH: DETERMINING SIGNIFICANT INCREASES IN CREDIT RISK
7 OTHER MATTERS AND ISSUES IN RELATION TO THE EXPECTED CREDIT LOSS CALCULATIONS
8 MODIFIED FINANCIAL ASSETS
9 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
10 TRADE RECEIVABLES, CONTRACT ASSETS AND LEASE RECEIVABLES
11 LOAN COMMITMENTS AND FINANCIAL GUARANTEE CONTRACTS
12 REVOLVING CREDIT FACILITIES
13 INTERCOMPANY LOANS
14 PRESENTATION OF EXPECTED CREDIT LOSSES IN THE STATEMENT OF FINANCIAL POSITION
15 DISCLOSURES
REFERENCES
Chapter 52: Financial instruments: Derecognition
1 INTRODUCTION
2 DEVELOPMENT OF IFRS
3 DERECOGNITION – FINANCIAL ASSETS
4 PRACTICAL APPLICATION OF THE DERECOGNITION CRITERIA
5 ACCOUNTING TREATMENT
6 DERECOGNITION – FINANCIAL LIABILITIES
7 CUSIP ‘NETTING’
8 FUTURE DEVELOPMENTS
REFERENCES
Chapter 53: Financial instruments: Hedge accounting
1 INTRODUCTION
2 HEDGED ITEMS
3 HEDGING INSTRUMENTS
4 INTERNAL HEDGES AND OTHER GROUP ACCOUNTING ISSUES
5 TYPES OF HEDGING RELATIONSHIPS
6 QUALIFYING CRITERIA
7 ACCOUNTING FOR EFFECTIVE HEDGES
8 SUBSEQUENT ASSESSMENT OF EFFECTIVENESS, REBALANCING AND DISCONTINUATION
9 PRESENTATION
10 MACRO HEDGING
11 ALTERNATIVES TO HEDGE ACCOUNTING
12 EFFECTIVE DATE AND TRANSITION
13 MAIN DIFFERENCES BETWEEN IFRS 9 AND IAS 39 HEDGE ACCOUNTING REQUIREMENTS
REFERENCES
Chapter 54: Financial instruments: Presentation and disclosure
1 INTRODUCTION
2 SCOPE OF IFRS 7
3 STRUCTURING THE DISCLOSURES
4 SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR AN ENTITY'S FINANCIAL POSITION AND PERFORMANCE
5 NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
6 TRANSFERS OF FINANCIAL ASSETS
7 PRESENTATION ON THE FACE OF THE FINANCIAL STATEMENTS AND RELATED DISCLOSURES
8 EFFECTIVE DATES AND TRANSITIONAL PROVISIONS
9 FUTURE DEVELOPMENTS
REFERENCES
Chapter 55: Insurance contracts (IFRS 4)
1 INTRODUCTION
2 THE OBJECTIVES AND SCOPE OF IFRS 4
3 THE DEFINITION OF AN INSURANCE CONTRACT
4 EMBEDDED DERIVATIVES
5 UNBUNDLING OF DEPOSIT COMPONENTS
6 DISCRETIONARY PARTICIPATION FEATURES
7 SELECTION OF ACCOUNTING POLICIES
8 CHANGES IN ACCOUNTING POLICIES
9 INSURANCE CONTRACTS ACQUIRED IN BUSINESS COMBINATIONS AND PORTFOLIO TRANSFERS
10 APPLYING IFRS 9 WITH IFRS 4
11 DISCLOSURE
12 FUTURE DEVELOPMENTS
REFERENCES
Chapter 56: Insurance contracts (IFRS 17)
1 INTRODUCTION
2 THE OBJECTIVE, DEFINITIONS AND SCOPE OF IFRS 17
3 THE DEFINITION OF AN INSURANCE CONTRACT
4 SEPARATING COMPONENTS FROM AN INSURANCE CONTRACT
5 LEVEL OF AGGREGATION
6 INITIAL RECOGNITION
7 MEASUREMENT – OVERVIEW
8 MEASUREMENT – GENERAL MODEL
9 MEASUREMENT – PREMIUM ALLOCATION APPROACH
10 MEASUREMENT – REINSURANCE CONTRACTS HELD
11 MEASUREMENT – CONTRACTS WITH PARTICIPATION FEATURES
12 MODIFICATION AND DERECOGNITION
13 ACQUISITIONS OF INSURANCE CONTRACTS
14 PRESENTATION IN THE STATEMENT OF FINANCIAL POSITION
15 PRESENTATION IN THE STATEMENT OF FINANCIAL PERFORMANCE
16 DISCLOSURE
17 EFFECTIVE DATE AND TRANSITION
18 FUTURE DEVELOPMENTS
REFERENCES
Index of extracts from financial statements
Index of standards
Index
End User License Agreement
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