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398 Introduction to IFRS – Chapter 15 of the write down. When an intangible asset is retired from use, it will still be amortised, unless the retirement can be equated to derecognition, as discussed above. Gains or losses arising from changes in the fair values of investment properties are included in the profit or loss section of the statement of profit or loss and other comprehensive income in the year in which they arise. No deferred tax will be recognised. Using the above, the implicit interest rate is: (PV = – (100 000 + 5 000); N = 3; PMT = 40 211; FV = O; comp I = 7, 274%) Using this interest rate, it can be established that the unearned finance income on the transaction is the following: R Gross investment (R40 211 × 3) 120 633 Net investment (N = 3; I = 7, 274%; PMT = 40 211; FV = 0; comp PV =) (105 000) Unearned finance income (SFP) (amort 1-3). Note: In rare cases, it is not clear that there is a present obligation. 15 MB · 3, 677 Downloads. Introduction to ifrs 7th edition pdf book. 1: Identification of components A company with a 31 December year end has one asset, a helicopter. 1 Purchasing costs These costs include the following: purchase price of finished goods or raw materials; import duties and other taxes, other than those subsequently recoverable from the taxing authorities, such as VAT if the buyer is registered for VAT purposes; transport costs; handling costs; and other costs directly attributable to the acquisition of the inventories. 187 4 488 5 100 567. 17 Financial instruments IFRS 9; IAS 32; IFRS 7 Contents 1 2.
2 Consistency of accounting policies. An example of such changed circumstances is when the composition of the management of an entity changes, thereby changing its expectations regarding future taxable profit. 3 Units of production method The units of production method results in a charge based on the expected use or output of the assets, called production units. The fair value of the property on 1 April 20. Based on the company's past experience, it is clear that approximately 15% of the alarms sold are returned with defects to be repaired. Introduction to IFRS Eighth Edition. Some employment benefits even include benefits paid to either employees or their dependants. 2 Risk Under defined benefit plans both the risk that benefits will cost more than expected (actuarial risk) and the risk that assets invested will be insufficient to meet expected benefits (investment risk) fall on the employer. 1 Obligation Many obligations are established by contract, legislation or similar means and are legally enforceable by the party to whom they are owned. 2 The cost constraint on useful financial reporting. 19 as it has an assessed tax loss. Introduction to ifrs 7th edition pdf answers. The large measure of judgement involved in the calculations may result in numerous practical problems arising from the allocation of fixed overhead production costs.
A further implication of this classification is that such dividends would need to be accrued over time by using the effective interest rate method, in the same manner as interest. 1 Applying the enhancing qualitative characteristics. 20) will be R1, 44 million (17, 995 × 0, 08). 13: Transaction date Inventories (SFP) Creditor (SFP) [FC100 000 × R7, 10] Recognise inventories and creditor at spot rate on transaction date 31 May 20. Refer to Regulation 26 of the Companies Act for the requirements for independently and internally compiled). Introduction to ifrs 7th edition pdf document. 176 Introduction to IFRS – Chapter 7 sufficient taxable temporary differences relating to the same tax authority and the same taxable entity reverse in the periods in which a tax loss arising from the deferred tax asset can be carried forward. 9: Measurement of a provision using expected values values The Truth, a newspaper with a daily circulation of 500 000 copies, publishes an article in which it is alleged that a prominent politician is having an improper extramarital affair with the wife of an opposition politician. In this instance, the licence would be recognised at R400 000 (R200 000 × 2).
The entity estimates that the components will be replaced every three years. Investor Relations Information. 12 – R57 800) Finished goods (20. 170 000 (188 000) 35 000 (8 750) 15 000 14 000 (20 000) (25 000). There are two types of interest rates, not defined in IFRS, relevant to this chapter: coupon, the interest rate stipulated in an instrument (for example a bond) and can be either a fixed or a variable rate; and market, the interest rate that market participants require from an instrument given its remaining life and its risk.
Accrual basis of accounting requires that entities recognise the elements of financial statements when they satisfy the definitions and recognition criteria in the Conceptual Framework. Buildings are depreciated at 5% per annum on a straight-line basis. 7: Defined contribution plan Bledo Ltd paid the following in respect of staff costs during the year ended 31 December 20. The costs incurred by service providers are measured at the costs of their production, which usually consist of labour and other costs of personnel directly engaged in providing the service. Internally generated intangible assets. Assessed tax loss Journal entri entries ries. Ratio% 90, 20* * 9, 80 100. Cautionary Statement (Disclaimer). This method aims to allocate the finance income earned by the lessor on a systematic and rational basis over the lease term. Recover cost and interest. Under-/over-allocation of fixed production overheads. If the revaluation model is used, an impairment loss may be recognised in the revaluation surplus if such a surplus exists for the asset. 18: 18: Exemption from recognis recognising a deferred tax liability Tango Ltd is a manufacturing entity.
Restate to spot rate on reporting date. This transfer would usually occur upon derecognition of the financial instrument. Costs); FV = 1 000 000; n = 5; PMT = 80 000 (8% × 1 000 000) Compute i = 9, 724% Carrying amount at 31 December 20. Internally generated goodwill Does not meet definition and recognition criteria. If something is not considered relevant then the view taken is that the item does not really need to be disclosed, perhaps regardless of whether it can be faithfully represented. The rest of the content of the Companies Act does not fall within the scope of this chapter. 5 Qualitative characteristics of useful financial information To achieve the above-mentioned objectives of financial reporting, the information contained in the financial reports must have certain qualitative characteristics. Consequently, comparative information should be structured in such a way that the usefulness of the financial statements is enhanced. Calculation of balances: Accumulated depreciation closing balance: (200 000 + 100 000 + 90 000 – 30 000) 360 000 Cost: closing balance: (1 600 000 – 160 000) 1 440 000 Depreciation – change in accounting estimate Old method [(2 375 000 + 135 000)/19] = R132 105 New method = R100 400 Difference (current year) (132 105 – 100 400) = R31 705 decrease Difference (future years): There is no residual value, therefore the carrying amount at year end represents the depreciable amount of future years. Items with shared characteristics will be aggregated and also separated from items with different characteristics. The use of estimates is an essential part of the preparation of financial information. 13 would increase, as Mr Y did not use his annual leave, but had it carried forward to the next year. The entity has the ability to use or sell the intangible asset.
The objective of IAS 2 is to prescribe: how the cost of inventories is determined; and which useful and understandable information is provided in the financial statements. Should the cost exceed the NRV, it implies that the inventories are expected to be sold for an estimated loss. Comment: Comment Goodwill is not an allowable deduction for tax purposes and consequently the tax base of the goodwill is Rnil. This additional statement of financial position is only required if the application, restatement or reclassification is considered to have a material effect on the information included in the statement of financial position at the beginning of the preceding period. For a comprehensive discussion on impairment, refer to the paragraph in the chapter on IAS 36 dealing with, amongst others, intangible assets with an indefinite useful life and intangible assets not yet available for use. 14 as well as the full annual leave accumu ulated during 20. 17: 17: Classification as finance or operating lease Chelsea Ltd (lessor) leased a manufacturing machine to Zoe Ltd (lessee). Property, plant and equipment – IAS 16......................................... 199. Internally generated brands, newspaper mastheads, publishing titles, customer lists and items similar in substance are not recognised as other internally generated intangible assets; instead, they form part of internally generated goodwill. Employee not entitled to cash payment upon leaving the entity. The Conceptual Framework suggests the following steps as the most efficient and effective process when applying the fundamental qualitative characteristics: Step 1: identify an economic phenomenon, information about which has the potential to be useful to users; Step 2: identify the type of information about that phenomena that would be most relevant; Step 3: determine whether that information is available and can be faithfully represented. Amount R. 31 December December Fair value adjustment Balance c/f [7 200 + 800]. 29(a) to (c) and are similar to those listed in respect of property, plant and equipment. 18 (after two years since the commencement of the lease), Peglarea Ltd estimated that the amount payable under the residual value guarantee decreased to R1 000 000 (and not R2 000 000 any longer).
A lessor shall classify each of its leases as either an operating lease or a finance lease. The reversal is limited to the carrying amount on reporting date as if no previous impairment had occurred. If the financial asset is classified as measured at fair value through other comprehensive income, the loss allowance account is presented in equity through other comprehensive income as an "expected credit loss reserve". 3 Capital disclosure.
Foreign exchange difference (P/L) Creditor (SFP) (FC200 000/FC0, 8 – R200 000) 31 December December 20. Such information can enable users to make more accurate forecasts about specific events, or can supply feedback on previous expectations. Managing director (executive). 50 000 – 50 000 1 111 810. 1 Defined contribution plans Accounting for defined contribution plans is straightforward, as the obligation of the reporting entity for each period is determined by the amounts to be contributed for that period. To finance and fund the benefits agreed upon, the entity uses assets set aside for this purpose from contributions by the employer and employees as well as investment returns on those accumulated contributions (in aggregate called plan assets). 22: At fair value through profit or loss (held for trading) (continued) Notes: Notes N6 On derecognition of a financial asset, the difference between the carrying amount (measured measured at the date of derecognition) derecognition and the consideration received shall be recognised in profit or loss.
Note that IAS 1 does not specifically require quantification of externally-imposed capital requirements. 8: Allocation of overheads (continued) (2) Cost of inventories calculation if actual production is 40 000 units per year Cost per unit Raw material Direct labour Variable production overheads Fixed production overheads (980 000/50 000). 6 Other long-term employee benefits. 12 relating to the design of the machine R19 500 Non-refundable deposit paid on 26 May 20.
On route to Gauteng, an attempt was made to hijack the delivery truck, and one of the desks was irreparably damaged. 1 Relevance Relevant information is information that is useful and has the ability to make a difference in the decisions made by users by helping them to evaluate past, present or future events, or confirming or correcting their past evaluations. 15: Change in depreciation methods (continued) (continued) Comment: Comment The change in the depreciation method is treated and disclosed as a change in estimate in terms of IAS 8, if material. 21: Statement of profit or loss and other comprehensive income classification follows statement of financial position classification A Ltd issued 2 000 000 mandatorily redeemable preference shares at R2 000 000 bearing a compulsory dividend of R0, 08 per share per annum.