Variable Consideration IFRS 15 REFERS to the portion of the ‘transaction price’ that depends on uncertain future events, i.e. Performance Obligations, Warranties, Discounts, and Other Incentives that May AFFECT the final payment received by the seller. IFRS 15 [Revenue from Contracts with Customers] ESTABLISHES the criteria of ‘Revenue Recognition‘, effective from … Read More
The ‘OBJECTIVE’ of IFRS 7 is to Require entities to provide disclosures in their Financial Statements that enable users to evaluate: IFRS 7 Effective Date An entity shall apply this IFRS for annual periods beginning on or after 1 January 2007. Earlier application is ‘ENCOURAGED’. If an entity applies this IFRS … Read More
The Concept Example of Core Competencies STATES these are activities, processes and abilities that give the entity a capability of Meeting the Critical Success Factors (CSF’s) for products or services and achieving competitive advantage. What are Competences? (Types) 1. Threshold Competences These are the activities, processes and abilities that provide … Read More
The ‘CORE PRINCIPLE’ of IFRS 8 is that an entity shall Disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environment(s) in which it operates. IFRS 8 Effective Date An entity shall … Read More
The ‘OBJECTIVE’ of IFRS 6 is to Specify the financial reporting for the Exploration for and Evaluation of Mineral Resources. In particular, the IFRS requires: IFRS 6 Effective Date An entity shall apply this IFRS for annual periods beginning on or after 1 January 2006. Earlier application is ‘ENCOURAGED’. If … Read More
The ‘OBJECTIVE’ of IFRS 5 is to specify the ‘accounting‘ for Assets Held for Sale and the ‘presentation and disclosure‘ of Discontinued Operations. In particular, the IFRS requires: IFRS 5 Effective Date An entity shall apply this IFRS for annual periods beginning on or after 1 January 2005. Earlier application … Read More
The ‘OBJECTIVE’ of IFRS 3 is to Improve the relevance, reliability and comparability of the information that a reporting entity provides in its ‘Financial Statements’ about a business combination and its effects. To accomplish that, this IFRS establishes principles and requirements for how the acquirer: IFRS 3 Effective Date This … Read More
The ‘OBJECTIVE’ of IFRS 2 is to Specify the ‘financial reporting’ by an entity when it undertakes a share‑based payment transaction. In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share‑based payment transactions, INCLUDING expenses associated with transactions in which ‘share options‘ are … Read More
The ‘OBJECTIVE’ of IFRS 1 is to Ensure that an Entity’s first IFRS financial statements, and its Interim financial reports for part of the period covered by those ‘Financial Statements‘, contain high quality information that: IFRS 1 Effective Date An entity shall apply this IFRS if its first financial statements are for … Read More
The Concept PESTEL Analysis Example(s) STATES it is a ‘structured approach‘ to analyzing the External Environment of an entity. The influences (current influences and possible future influences) of the environment on the entity are grouped into categories. PESTEL Analysis There are SIX categories of environmental influence: PESTEL Analysis Example(s) – … Read More