; There are 4 main types of material events after the reporting period: 2. 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… Do not worry about Example 7 and 8 (IE 32-33) or about examples 10 … 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. Interests in Other Entities Financial Reporting Faculty, 30 January 2017 In May 2011, the IASB published a ‘package of five’ new and revised standards providing updated guidance on the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates: IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). IAS 32 is followed by both an application guidance (AG’s) which is integral to the standard, as well as illustrative examples (IE). The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. IAS 10.21 Where non-adjusting events occurring after … 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). Example 2 Ding Dong Limited has an investment worth €1,000,000 in its financial statements at 31 December 2013. BC18-BC19) BC17) Scope (paras. The entity also sells goods to a foreign customer for 10.5m on 30 September 2008, when the exchange rate was 1.75 to $1. Chapter 7 – Illustrative example of IAS 29 B. - Part I explains IAS 34 Interim Financial Reporting and provides technical guidance. 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 … 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) … However, these terms are not mandatory and different titles are permitted. Solution Example 2 Per paragraph 11 of IAS 10, this is a non-adjusting event. F.6.3 Illustrative example of applying the approach in Question F.6.2 F.6.4 Hedge accounting: premium or discount on forward exchange contract F.6.5 IAS 39 and IAS 21 Fair value hedge of asset measured at cost SECTION G OTHER G.1 Disclosure of changes in fair value G.2 IAS 39 and IAS 7 Hedge accounting: statements of cash flows This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions. 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. %���� >> F.6.3 Illustrative example of applying the approach in Question F.6.2 F.6.4 Hedge accounting: premium or discount on forward exchange contract F.6.5 IAS 39 and IAS 21 Fair value hedge of asset measured at cost SECTION G OTHER G.1 Disclosure of changes in fair value G.2 IAS 39 and IAS 7 Hedge accounting: statements of cash flows ICAEW guides and support Factsheets. Illustrative IFRS corporate consolidated financial statements for 2009 year ends Illustrative set of consolidated financial statements for an existing preparer of IFRS. IAS 10 BC International Accounting Standard 10 Events after the Reporting Period Objective 1 The objective of this Standard is to prescribe: (a) when an entity should adjust its financial statements for events after the reporting period; and (b) the disclosures that an entity should give about the date when the financial statements were eXample 2 Parent owns 80% of Subsidiary (a CGU). 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. Do not worry about Example 7 and 8 (IE 32-33) or about examples 10 … The example disclosures in this supplement relate to a listed corporation in the . ; It defines both adjusting and non-adjusting events. 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. At the year-end, the trade receivable would be stated at $7m, which would give an exchange gain of $1m that would be reported in profit or loss. 0 Earlier application is encouraged. The decline in fair value does not BC2-BC13) Examples (paras. 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 Interests in Other Entities Financial Reporting Faculty, 30 January 2017 In May 2011, the IASB published a ‘package of five’ new and revised standards providing updated guidance on the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates: IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). 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 … IAS 10.19 If the entity received information after the reporting period about conditions that existed at the end of the reporting period, has it updated disclosures that relate to those conditions, in the light of the new information? BC14-16) Interaction with requirements for impaired assets (para. 173 0 obj <> endobj 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. IAS 37 outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Scenario 1 $ Net assets included in the consolidated statement of financial position 500 Onerous Contracts - Cost of Fulfilling a Contract (paragraph 68A) (BC1-BC21) BC1; The cost of fulfilling a contract (paras. This publication is presented in two parts. 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). Schedule 1. Contract – An agreement between two or more parties that creates enforceable rights and obligations. 34-38) Disclosure (paras. 194 0 obj <>/Filter/FlateDecode/ID[<4DEEA7395CF7D2409A6BA2A700AD1E4B>]/Index[173 60]/Info 172 0 R/Length 104/Prev 301671/Root 174 0 R/Size 233/Type/XRef/W[1 3 1]>>stream year in which it adopts IFRS 16 with a date of initial application of 1 January 2019. - Part II includes an illustrative example of a … IAS 10 Events after the reporting period FRK 221: Learning Area 1 A quick recap Events after the reporting /Type /Page 58-65) Approval by the Board of Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) issued in June 2014; IAS 41: Basis for Conclusions BC17) Scope (paras. The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. /Filter /FlateDecode IAS 10 contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. << eXample 2 Parent owns 80% of Subsidiary (a CGU). 1-4) Definitions (paras. disclosure checklist and IAS 34 application guidance. Accounting rules and principles Its identifiable net assets at 31 March 2010 are $500. Implementation Guidance – Illustrative Financial Statement Structure Basis for Conclusions Comparison with IAS 1 . Due to the continuing recession, the investment reduced in value to €900,000 by 15 January 2014. Reflects standards issued up to 31 March 2009. 3 0 obj >> Example 2 Ding Dong Limited has an investment worth €1,000,000 in its financial statements at 31 December 2013. : consolidated and Separate statements of financial statements for 2009 year ends illustrative set of financial Position 500 illustrative of. 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