Inhoudsopgave
1 01.2 IAS 1 (Revised) Presentation of Financial Statements.......................................6
1.1 Introduction to IAS (R)...................................................................................6
1.2 Scope...........................................................................................................6
1.3 Definitions.....................................................................................................6
1.4 Elements of financial statements......................................................................7
1.4.1 What is included?.....................................................................................7
1.4.2 Overall considerations of IAS (R)................................................................8
1.5 Structure and content.....................................................................................9
1.5.1 Identification............................................................................................9
1.5.2 Statement of Financial position.................................................................10
1.5.3 Statement of comprehensive income.........................................................11
1.5.4 Statement of cash flows..........................................................................11
1.5.5 Notes....................................................................................................11
1.6 Overview.....................................................................................................12
2 (01.3) IAS 2 Inventories.....................................................................................13
2.1 Scope.........................................................................................................13
2.2 Definitions...................................................................................................13
2.3 Measurement...............................................................................................14
2.3.1 Cost of inventories..................................................................................14
2.3.2 Net present value...................................................................................17
2.4 Recognition as an expense............................................................................17
2.5 Disclose......................................................................................................17
3 Basics – 01.4 IAS 16 Part A.................................................................................18
3.1 Introduction & scope.....................................................................................18
3.1.1 Introduction...........................................................................................18
3.1.2 Scope....................................................................................................18
3.2 Definitions...................................................................................................19
3.2.1 Property, plant and equipment (PPE).........................................................19
3.2.2 Initial measurement................................................................................19
3.2.3 Elements of cost.....................................................................................19
3.2.4 Other issues associated with initial recognition and measurement.................20
3.3 Subsequent measurement.............................................................................22
3.3.1 Cost model............................................................................................23
3.3.2 Revaluation model..................................................................................23
3.4 Subsequent costs.........................................................................................24
3.5 Depreciation................................................................................................24
3.5.1 Definitions [IAS 16.6]..............................................................................24
3.5.2 Components...........................................................................................25
1
, 3.5.3 When does an entity depreciate PPE?........................................................25
3.5.4 Deciding useful life (≠ economic life).........................................................26
3.5.5 Depreciation method...............................................................................26
3.5.6 Where is depreciation recognized?............................................................26
3.6 Impairment (≠ depreciation).........................................................................27
3.7 Derecognition..............................................................................................27
4 01.5. IFRS 16 Leases.........................................................................................28
4.1 Introduction.................................................................................................28
4.1.1 Scope....................................................................................................28
4.1.2 New items on financial statements for lessees with operating leases.............28
4.1.3 Impact on financial statements for lessees with operating leases..................28
4.1.4 Consequential effects – wider considerations..............................................29
4.2 IFRS 16.......................................................................................................29
4.2.1 Lessee accounting model (IASB)...............................................................29
5 (05) IAS 7 cash flow statement...........................................................................32
5.1 Scope.........................................................................................................32
5.2 Definitions...................................................................................................32
5.3 Cash flow statement.....................................................................................32
5.3.1 CF from operating activities......................................................................33
5.3.2 Investing and financing activities..............................................................34
5.4 Central points..............................................................................................35
6 (04) IAS 12 Income taxes...................................................................................36
6.1 Current taxes assets and liabilities (2 types of assets)......................................36
6.1.1 Definition...............................................................................................36
6.1.2 Recognition............................................................................................36
6.1.3 Calculation of current tax expense............................................................37
6.1.4 Comparative Income Statements..............................................................37
6.1.5 Journal Entries.......................................................................................38
6.2 Deferred tax................................................................................................39
6.2.1 Measurement.........................................................................................39
6.2.2 Temporary differences.............................................................................39
6.2.3 Recognition............................................................................................40
6.2.4 4 steps calculation..................................................................................41
6.2.5 Presentation...........................................................................................41
6.2.6 The main Rules.......................................................................................42
6.2.7 Typical examples....................................................................................42
6.2.8 Conclusion.............................................................................................43
7 (09) IAS 37 Provisions, contingent liabilities and contingent assets..........................44
7.1 Scope.........................................................................................................44
7.2 Definitions...................................................................................................44
7.3 Recognition.................................................................................................44
2
, 7.4 Measurement...............................................................................................45
7.5 Application..................................................................................................45
7.6 Disclosure (requirements).............................................................................46
7.7 Conclusion: little room for accounting arbitrage................................................48
8 (10) IAS 8 Accounting Policies , Changes in Accounting Estimates and Errors............49
8.1 Objectives and scope....................................................................................49
8.2 Selection of accounting policies......................................................................49
8.3 Exceptional items.........................................................................................49
8.4 Two alternative ways of presenting exceptional items.......................................49
8.5 3 type of issues............................................................................................50
8.5.1 Changes in accounting estimates..............................................................50
8.5.2 Changes in accounting policies.................................................................50
8.5.3 Errors....................................................................................................51
8.6 Impracticability - Issues................................................................................52
8.7 Accounting policies, changes in accounting policies and errors...........................52
9 (11) IFRS 9 Financial instruments........................................................................53
9.1 Background & introduction............................................................................53
9.2 Classification & measurement of financial assets..............................................53
9.2.1 Amortized costs......................................................................................54
9.2.2 FVTOCI for debt......................................................................................55
9.2.3 FVTOCI for equities.................................................................................55
9.2.4 Financial assets at fair value through profit or loss......................................55
9.3 Classification and measurement of financial liabilities........................................55
9.4 Impairment.................................................................................................56
9.4.1 Background............................................................................................56
9.4.2 Overview of the ECL model......................................................................56
10 (08) IAS 10 Events after the reporting period......................................................58
10.1 Objectives and scope..................................................................................58
10.2 Events after the reporting period..................................................................58
10.2.1 Adjusting and non-adjusting events.........................................................58
10.2.2 Dividends and going concern..................................................................58
10.3 Disclosure..................................................................................................58
10.4 Central points............................................................................................59
11 (07) IFRS 15 Revenue from contracts with customers...........................................60
11.1 Introduction...............................................................................................60
11.1.1 Scope – exclusions................................................................................60
11.1.2 Definitions............................................................................................60
11.1.3 Approach of IFRS 15..............................................................................61
11.2 Five step model..........................................................................................61
11.2.1 Step 1. Identify the contract...................................................................61
11.2.2 Step 2. Identify separate performance obligations.....................................62
3
, 11.2.3 Determine the transaction price..............................................................63
11.2.4 Step 4. Allocate the transaction price to the performance obligations...........64
11.2.5 Recognize revenue as each performance obligation is satisfied...................64
11.3 Disclosures................................................................................................66
12 (10) IAS 36 Impairment of assets......................................................................67
12.1 Introduction & scope...................................................................................67
12.1.1 Introduction.........................................................................................67
12.1.2 Scope..................................................................................................67
12.2 Definitions.................................................................................................67
12.3 Identifying in asset that may be impaired (step 1)..........................................68
12.3.1 When to test an asset for impairment......................................................68
12.3.2 Mandatory impairment testing................................................................68
12.3.3 When to test an asset for impairment......................................................69
12.3.4 Collecting evidence on impairment..........................................................69
12.3.5 Determine level at which impairment testing is required............................69
12.4 How to measure the recoverable amount.......................................................69
12.4.1 Testing carrying amount for impairment..................................................69
12.4.2 How to determine the recoverable amount...............................................70
12.4.3 Testing carrying amount for impairment..................................................70
12.5 Determining the carrying amount.................................................................71
12.5.1 What’s the carrying amount?..................................................................71
12.5.2 Allocating corporate assets.....................................................................72
12.6 Fair value less costs of disposal....................................................................73
12.6.1 Definition.............................................................................................73
12.6.2 What are costs of disposal......................................................................73
12.6.3 Fair value under IFRS 13........................................................................73
12.7 Value in use...............................................................................................74
12.8 Recognizing & measuring an impairment loss.................................................75
12.8.1 When is an impairment loss recognized?..................................................75
12.8.2 How is an impairment loss allocated,.......................................................75
12.9 Goodwill & cash-generating units..................................................................76
12.9.1 The goodwill lifecycle.............................................................................76
12.9.2 What’s a cash generating unit.................................................................76
12.10 Reversing an impairment loss.....................................................................77
12.10.1 When to reverse a previous impairment loss?.........................................77
12.11 Disclosure................................................................................................77
12.11.1 Required disclosure IAS 36...................................................................77
12.11.2 Required disclosure IAS 1.....................................................................78
13 (12) IFRS 13 Fair value accounting.....................................................................80
13.1 Essentials of fair value accounting................................................................80
13.1.1 Why a specific standard?........................................................................80
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1 01.2 IAS 1 (Revised) Presentation of Financial Statements.......................................6
1.1 Introduction to IAS (R)...................................................................................6
1.2 Scope...........................................................................................................6
1.3 Definitions.....................................................................................................6
1.4 Elements of financial statements......................................................................7
1.4.1 What is included?.....................................................................................7
1.4.2 Overall considerations of IAS (R)................................................................8
1.5 Structure and content.....................................................................................9
1.5.1 Identification............................................................................................9
1.5.2 Statement of Financial position.................................................................10
1.5.3 Statement of comprehensive income.........................................................11
1.5.4 Statement of cash flows..........................................................................11
1.5.5 Notes....................................................................................................11
1.6 Overview.....................................................................................................12
2 (01.3) IAS 2 Inventories.....................................................................................13
2.1 Scope.........................................................................................................13
2.2 Definitions...................................................................................................13
2.3 Measurement...............................................................................................14
2.3.1 Cost of inventories..................................................................................14
2.3.2 Net present value...................................................................................17
2.4 Recognition as an expense............................................................................17
2.5 Disclose......................................................................................................17
3 Basics – 01.4 IAS 16 Part A.................................................................................18
3.1 Introduction & scope.....................................................................................18
3.1.1 Introduction...........................................................................................18
3.1.2 Scope....................................................................................................18
3.2 Definitions...................................................................................................19
3.2.1 Property, plant and equipment (PPE).........................................................19
3.2.2 Initial measurement................................................................................19
3.2.3 Elements of cost.....................................................................................19
3.2.4 Other issues associated with initial recognition and measurement.................20
3.3 Subsequent measurement.............................................................................22
3.3.1 Cost model............................................................................................23
3.3.2 Revaluation model..................................................................................23
3.4 Subsequent costs.........................................................................................24
3.5 Depreciation................................................................................................24
3.5.1 Definitions [IAS 16.6]..............................................................................24
3.5.2 Components...........................................................................................25
1
, 3.5.3 When does an entity depreciate PPE?........................................................25
3.5.4 Deciding useful life (≠ economic life).........................................................26
3.5.5 Depreciation method...............................................................................26
3.5.6 Where is depreciation recognized?............................................................26
3.6 Impairment (≠ depreciation).........................................................................27
3.7 Derecognition..............................................................................................27
4 01.5. IFRS 16 Leases.........................................................................................28
4.1 Introduction.................................................................................................28
4.1.1 Scope....................................................................................................28
4.1.2 New items on financial statements for lessees with operating leases.............28
4.1.3 Impact on financial statements for lessees with operating leases..................28
4.1.4 Consequential effects – wider considerations..............................................29
4.2 IFRS 16.......................................................................................................29
4.2.1 Lessee accounting model (IASB)...............................................................29
5 (05) IAS 7 cash flow statement...........................................................................32
5.1 Scope.........................................................................................................32
5.2 Definitions...................................................................................................32
5.3 Cash flow statement.....................................................................................32
5.3.1 CF from operating activities......................................................................33
5.3.2 Investing and financing activities..............................................................34
5.4 Central points..............................................................................................35
6 (04) IAS 12 Income taxes...................................................................................36
6.1 Current taxes assets and liabilities (2 types of assets)......................................36
6.1.1 Definition...............................................................................................36
6.1.2 Recognition............................................................................................36
6.1.3 Calculation of current tax expense............................................................37
6.1.4 Comparative Income Statements..............................................................37
6.1.5 Journal Entries.......................................................................................38
6.2 Deferred tax................................................................................................39
6.2.1 Measurement.........................................................................................39
6.2.2 Temporary differences.............................................................................39
6.2.3 Recognition............................................................................................40
6.2.4 4 steps calculation..................................................................................41
6.2.5 Presentation...........................................................................................41
6.2.6 The main Rules.......................................................................................42
6.2.7 Typical examples....................................................................................42
6.2.8 Conclusion.............................................................................................43
7 (09) IAS 37 Provisions, contingent liabilities and contingent assets..........................44
7.1 Scope.........................................................................................................44
7.2 Definitions...................................................................................................44
7.3 Recognition.................................................................................................44
2
, 7.4 Measurement...............................................................................................45
7.5 Application..................................................................................................45
7.6 Disclosure (requirements).............................................................................46
7.7 Conclusion: little room for accounting arbitrage................................................48
8 (10) IAS 8 Accounting Policies , Changes in Accounting Estimates and Errors............49
8.1 Objectives and scope....................................................................................49
8.2 Selection of accounting policies......................................................................49
8.3 Exceptional items.........................................................................................49
8.4 Two alternative ways of presenting exceptional items.......................................49
8.5 3 type of issues............................................................................................50
8.5.1 Changes in accounting estimates..............................................................50
8.5.2 Changes in accounting policies.................................................................50
8.5.3 Errors....................................................................................................51
8.6 Impracticability - Issues................................................................................52
8.7 Accounting policies, changes in accounting policies and errors...........................52
9 (11) IFRS 9 Financial instruments........................................................................53
9.1 Background & introduction............................................................................53
9.2 Classification & measurement of financial assets..............................................53
9.2.1 Amortized costs......................................................................................54
9.2.2 FVTOCI for debt......................................................................................55
9.2.3 FVTOCI for equities.................................................................................55
9.2.4 Financial assets at fair value through profit or loss......................................55
9.3 Classification and measurement of financial liabilities........................................55
9.4 Impairment.................................................................................................56
9.4.1 Background............................................................................................56
9.4.2 Overview of the ECL model......................................................................56
10 (08) IAS 10 Events after the reporting period......................................................58
10.1 Objectives and scope..................................................................................58
10.2 Events after the reporting period..................................................................58
10.2.1 Adjusting and non-adjusting events.........................................................58
10.2.2 Dividends and going concern..................................................................58
10.3 Disclosure..................................................................................................58
10.4 Central points............................................................................................59
11 (07) IFRS 15 Revenue from contracts with customers...........................................60
11.1 Introduction...............................................................................................60
11.1.1 Scope – exclusions................................................................................60
11.1.2 Definitions............................................................................................60
11.1.3 Approach of IFRS 15..............................................................................61
11.2 Five step model..........................................................................................61
11.2.1 Step 1. Identify the contract...................................................................61
11.2.2 Step 2. Identify separate performance obligations.....................................62
3
, 11.2.3 Determine the transaction price..............................................................63
11.2.4 Step 4. Allocate the transaction price to the performance obligations...........64
11.2.5 Recognize revenue as each performance obligation is satisfied...................64
11.3 Disclosures................................................................................................66
12 (10) IAS 36 Impairment of assets......................................................................67
12.1 Introduction & scope...................................................................................67
12.1.1 Introduction.........................................................................................67
12.1.2 Scope..................................................................................................67
12.2 Definitions.................................................................................................67
12.3 Identifying in asset that may be impaired (step 1)..........................................68
12.3.1 When to test an asset for impairment......................................................68
12.3.2 Mandatory impairment testing................................................................68
12.3.3 When to test an asset for impairment......................................................69
12.3.4 Collecting evidence on impairment..........................................................69
12.3.5 Determine level at which impairment testing is required............................69
12.4 How to measure the recoverable amount.......................................................69
12.4.1 Testing carrying amount for impairment..................................................69
12.4.2 How to determine the recoverable amount...............................................70
12.4.3 Testing carrying amount for impairment..................................................70
12.5 Determining the carrying amount.................................................................71
12.5.1 What’s the carrying amount?..................................................................71
12.5.2 Allocating corporate assets.....................................................................72
12.6 Fair value less costs of disposal....................................................................73
12.6.1 Definition.............................................................................................73
12.6.2 What are costs of disposal......................................................................73
12.6.3 Fair value under IFRS 13........................................................................73
12.7 Value in use...............................................................................................74
12.8 Recognizing & measuring an impairment loss.................................................75
12.8.1 When is an impairment loss recognized?..................................................75
12.8.2 How is an impairment loss allocated,.......................................................75
12.9 Goodwill & cash-generating units..................................................................76
12.9.1 The goodwill lifecycle.............................................................................76
12.9.2 What’s a cash generating unit.................................................................76
12.10 Reversing an impairment loss.....................................................................77
12.10.1 When to reverse a previous impairment loss?.........................................77
12.11 Disclosure................................................................................................77
12.11.1 Required disclosure IAS 36...................................................................77
12.11.2 Required disclosure IAS 1.....................................................................78
13 (12) IFRS 13 Fair value accounting.....................................................................80
13.1 Essentials of fair value accounting................................................................80
13.1.1 Why a specific standard?........................................................................80
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