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). 27 IPSAS 1 IPSAS 1, “Presentation of Financial Statements” (IPSAS 1) is set out in paragraphs PUBLIC SECTOR 1−155 and Appendices A−B. Contract – An agreement between two or more parties that creates enforceable rights and obligations. Its aims are: 1. >> Onerous Contracts - Cost of Fulfilling a Contract (paragraph 68A) (BC1-BC21) BC1; The cost of fulfilling a contract (paras. All the paragraphs have equal authority. The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. Its identifiable net assets at 31 March 2010 are $500. Illustrative Examples These Illustrative Examples accompany, but are not part of, IFRIC 22. The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. 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The table below outlines the overall requirements and guidance provided in IAS 7, as well as other related guidance: Table A.1 – IAS 7 at a glance: IAS 7 (or related IFRS) reference Scope (IAS 7.3) (IAS 1.10-11) Presentation (IAS 7.1) (IAS 7.21-24) Benefits of cash flow information (IAS 7.3-4) Requirements Scenario 1 $ Net assets included in the consolidated statement of financial position 500 At the year-end, the trade receivable would be stated at $7m, which would give an exchange gain of $1m that would be reported in profit or loss. h�ėmo�8���>n�z��w`��m�;��]��6nj M��=��~�l'��N�md)z!i�!E�g��,V�y��c4֞I�Ιrk���p�%3��s�j�&��ذԠDŽ�(@2�U)� ��AM � 'iHbC6�@T&���P��^��1��T`��g����`2�*��,ŤE�_Sz����*�xT�)z. endobj ���1�@7cv6�o�Q��;��[�Хj2��zj�Kxz(����7˘�˴RA$��n��� /Contents 3 0 R << In these Illustrative Examples, foreign currency amounts are ‘Foreign Currency’ (FC) and functional currency amounts are ‘Local Currency’ (LC). disclosure checklist and IAS 34 application guidance. Solution Example 2 Per paragraph 11 of IAS 10, this is a non-adjusting event. Schedule 1. H�O%�k,7��?�n���M�O��K�-��ț��U�����j��`���y����O�Y��>��)����\ ��z\�6��������ZM�kz!j�p#ܢT�ˋ�߿�߬;�Vpwb:��s�Һ�2z0��)H�� The %%EOF IAS 40 Investment Property, defines and sets out rules on accounting for Investment Property.In summary Investment Property differs from other property, which is used in the production or supply of goods or for administrative proposes or held for sale in ordinary course of business. Onerous Contracts - Cost of Fulfilling a Contract (paragraph 68A) (BC1-BC21) BC1; The cost of fulfilling a contract (paras. Illustrative examples. Chapter 7 – Illustrative example of IAS 29 B. >> %���� However, these terms are not mandatory and different titles are permitted. used in IAS 36, Impairment of Assets when calculating the impairment of goodwill of a cash generating unit (CGU) where there is a non-controlling interest. IAS 21 does not specify where exchange gains and losses should be shown in the statement of comprehensive income. The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. Examples of material non-adjusting events include: 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. 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. {�J��4�05�k��E�Y+��oolf�Q��O�Q;�ւP�Л`�Z�%��v�>ְ��@@;���BRh3z���/ʽ?�\����9��qV�-ӹ�;�^���ſ��lI������>��_k"� �f���}�M�Ҟ��7�inLm��Ӭ� View IAS 10 Examples 2020.pdf from FRK 221 at University of Pretoria. /Filter /FlateDecode s����˯��=��3oXڌC�~�%��ω�f�������a+=�(l�ؼ^���".7̲������K4��*�S������t.�d���鑢2�KK���� =���V4,b#Ǩ�;�~� ���(�6-j�f�����翶��N ���c�T��=����L��l�s�[,9)!�ɶ�HZ*���q��k�E���w-t/�T�pN�^ 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. Practical Example - 1 An entity, with the dollar as its functional currency, purchases plant from a foreign entity for 18m on 31 May 2008 when the exchange rate was 2 to $1. To give a definitive indication of the areas students will need to be aware of in relation to IAS for future CIE examinations. 58-65) Approval by the Board of Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) issued in June 2014; IAS 41: Basis for Conclusions BC17) Scope (paras. BC14-16) Interaction with requirements for impaired assets (para. ����y�LH�e�$Q��\.H�e�� These examples are based on illustrative examples from IAS 1. 5-9) Recognition and measurement (paras. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. h�b```�%�\�� �����@N�b���Y� ۮ100V��s����֎�����dU(&A0�:� C��O� � �s������^{��zxgG����e�D/'K�!ؕ-pyXf�� Q"� Reflects standards issued up to 31 March 2009. BC17) Scope (paras. Earlier application is encouraged. Early application is permitted. The illustrative examples, together with the explanatory notes, are not intended to be seen as a complete and exhaustive summary of all disclosure requirements that are applicable under IFRS. /Length 3984 The illustrative examples, together with the explanatory notes, are not intended to be seen as a complete and exhaustive summary of all disclosure requirements that are applicable under IFRS. year in which it adopts IFRS 16 with a date of initial application of 1 January 2019. The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. 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 11 defines construction contract as: “… a contract specifically negotiated for the construction of an asset or a combination of assets …” Examples of construction contracts include those negotiated for the construction of highways, buildings, oil rigs, industrial units, pipelines, airlines and other similar assets. Scope (paras. 1 0 obj >> Accounting rules and principles IAS 10.21 Where non-adjusting events occurring after … View IAS 10 Examples 2020.pdf from FRK 221 at University of Pretoria. A complete set of financial statements includes: IAS 32 is followed by both an application guidance (AG’s) which is integral to the standard, as well as illustrative examples (IE). 1-4) Definitions (paras. << 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. Illustrative IFRS corporate consolidated financial statements for 2009 year ends Illustrative set of consolidated financial statements for an existing preparer of IFRS. Implementation Guidance – Illustrative Financial Statement Structure Basis for Conclusions Comparison with IAS 1 . � ǵ�N�d�p��N�u+v2��B��- 232 0 obj <>stream Chapter 7 – Illustrative example of IAS 29 B. used in IAS 36, Impairment of Assets when calculating the impairment of goodwill of a cash generating unit (CGU) where there is a non-controlling interest. To provided illustrative examples for students and tutors. /Parent 4 0 R 2. equity or as liabilities). 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). Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. replaces IAS 10 Events After the Balance Sheet Date (revised in 1999) and should be applied for annual periods beginning on or after 1 January 2005. The decline in fair value does not 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. 2. 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 This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions. 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? ; There are 4 main types of material events after the reporting period: Example 2 Ding Dong Limited has an investment worth €1,000,000 in its financial statements at 31 December 2013. As part of the business world, it is normal that some events may take place after the reporting period, but before the date of authorization of financial statements for issue, and which might reflect some information that needs to be considered before the financial statements are authorized for issue. The table below outlines the overall requirements and guidance provided in IAS 7, as well as other related guidance: Table A.1 – IAS 7 at a glance: IAS 7 (or related IFRS) reference Scope (IAS 7.3) (IAS 1.10-11) Presentation (IAS 7.1) (IAS 7.21-24) Benefits of cash flow information (IAS 7.3-4) Requirements disclosure checklist and IAS 34 application guidance. The illustrative examples that are pertinent to you include IE 1 to IE 31 (examples 1 to 6). ; It defines both adjusting and non-adjusting events. /I true To give a definitive indication of the areas students will need to be aware of in relation to IAS for future CIE examinations. ICAEW guides and support Factsheets. equity or as liabilities). Its identifiable net assets at 31 March 2010 are $500. Earlier application is encouraged. 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 The example disclosures in this supplement relate to a listed corporation in the . BC2-BC13) Examples (paras. 10-33) Government grants (paras. Illustrative IFRS corporate consolidated financial statements for 2009 year ends Illustrative set of consolidated financial statements for an existing preparer of IFRS. 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). �R� %z���ewj The decline in fair value does not IAS 40 Investment Property Overview. These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. 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 IAS 32 is followed by both an application guidance (AG’s) which is integral to the standard, as well as illustrative examples (IE). 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… Reflects standards issued up to 31 March 2009. - Part I explains IAS 34 Interim Financial Reporting and provides technical guidance. - Part I explains IAS 34 Interim Financial Reporting and provides technical guidance. Solution Example 2 Per paragraph 11 of IAS 10, this is a non-adjusting event. Date de création : 05/02/08 Dernière mise à jour : 16/10/08 09:58 Cas 2 - IAS 16 et IAS 36 - Immobilisations corporelles (EXERCICES-CORRIGES IAS et IFRS) amortissements, depreciations, Ias 16, Ias 36, immobilisations corporelles Cas 02 - IAS 16 et IAS 36 - … 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. The illustrative examples that are pertinent to you include IE 1 to IE 31 (examples 1 to 6). Source: IFRS - IAS 36 Illustrative Examples C – Single product entity Background Entity M produces a single product and owns plants A, B and C. Each plant is located in a different continent. Practical Example - 1 The entity will record a sale and trade receivable of $6m. 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) … Due to the continuing recession, the investment reduced in value to €900,000 by 15 January 2014. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. IAS 10 Events after the Reporting Period 2017 - 07 2 Recognition and measurement Presentation and disclosure An entity shall present and disclose information that enables users of the financial statements to evaluate the effects of events after reporting period: In the Notes to the financial statement: This publication is presented in two parts. /Resources 2 0 R IE1 The objective of these examples … 0 a�u|�i(��u���@����Y���I�1� ���h�@̬{&`{�ö�����l���\jf�r��V4'�#GhTf���8�=4����'�4*��\b�:�$��;���+����*k�䓏MZ� "�(���8�Ź#��q��A����C ��O�trW�t1�ow��oe� M�N�%W�g��pa�����ZO�P��R�.�z# N�=�f��Ǹ��w�H�uѿM����Y�9���9���BJ >PU�"�~H`�"b�e육4~č�MaA�C��p�kg���*�c�0i�s��W�Y�C�ݵ�Cи�`���bw�~���ȕ�]3�Q����+ ���[:��1��9�/�.�� In these Illustrative Examples, foreign currency amounts are ‘Foreign Currency’ (FC) and functional currency amounts are ‘Local Currency’ (LC). Illustrative examples. Its aims are: 1. ǻ�|�,qW��ZW��� �f�6� पG������V���˵��iߙ� ��*z�q����b X]�Lj�%��[���Pb�mr>r�(�٥�r�g�)���^��. Due to the continuing recession, the investment reduced in value to €900,000 by 15 January 2014. IAS 37: Implementation Guidance; IAS 37: Illustrative Examples; IAS 37: Basis for Conclusions. IAS 10 Events after the reporting period FRK 221: Learning Area 1 A quick recap Events after the reporting The ED 10 CONSOLIDATED FINANCIAL STATEMENTS [DRAFT] ILLUSTRATIVE EXAMPLES INTRODUCTION 4 EXAMPLE 1 – Basis of control and related accounting consequences 4 EXAMPLE 2 – Nature and extent of involvement in unconsolidated structured entities 6 EXAMPLE 3 – Risk disclosures relating to unconsolidated structured entities 11 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 BC14-16) Interaction with requirements for impaired assets (para. IAS 37: Implementation Guidance; IAS 37: Illustrative Examples; IAS 37: Basis for Conclusions. An entity shall apply those amendments made to IFRS 10 with regards to Investment Entities for annual periods beginning on or after 1 January 2014. A produces a component that is assembled in either B or C. The combined capacity … BC2-BC13) Examples (paras. 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. Data at end of 20X0 End of 20X0 Allocation of Purchase price BC18-BC19) Includes an appendix showing example disclosures under IFRS 3 (revised). Scenario 1 $ Net assets included in the consolidated statement of financial position 500 This document is designed to help centres in their delivery of International Accounting Standards (IAS) to students. 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 … eXample 2 Parent owns 80% of Subsidiary (a CGU). Do not worry about Example 7 and 8 (IE 32-33) or about examples 10 … stream - Part II includes an illustrative example of a … This document is designed to help centres in their delivery of International Accounting Standards (IAS) to students. eXample 2 Parent owns 80% of Subsidiary (a CGU). 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… As part of the business world, it is normal that some events may take place after the reporting period, but before the date of authorization of financial statements for issue, and which might reflect some information that needs to be considered before the financial statements are authorized for issue. Do not worry about Example 7 and 8 (IE 32-33) or about examples 10 … I IAS 10 contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. IAS 1.10 In these illustrative financial statements, the titles of the statements are consistent with the titles used in IAS 1 Presentation of Financial Statements (2007). �@�����@�*�Q�u�&����Cj��J���C s�CD���F!�գ#쨫"+�}�������8D6�����N�d }Q��헜���m�'N�W����Ƚ� �|���4��h��:*�[�4D� h�bbd```b``��5 ��2�d��,�`�`��`6�|�f��Ƀ ��Dn�$�7�ȊP���a��:�������-f`��l;�0$�30U�0 �O� A complete set of financial statements includes: %PDF-1.4 173 0 obj <> endobj /Group Includes an appendix showing example disclosures under IFRS 3 (revised). This publication is presented in two parts. IAS 41: Agriculture. 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). 3 0 obj IFRS 15 Revenue from Contracts with Customers 2 Defined terms IFRS 15 defines the following terms that form an integral part of this IFRS. 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 … Illustrative Examples These Illustrative Examples accompany, but are not part of, IFRIC 22. IAS 10 Events after the reporting period FRK 221: Learning Area 1 A quick recap Events after the reporting /S /Transparency 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) … IE1 The objective of these examples … 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? endstream endobj startxref 0� BC18-BC19) Summaries IAS 10 – Events After the Reporting Period replaces IAS 10 Events After the Balance Sheet Date (revised in 1999) and should be applied for annual periods beginning on or after 1 January 2005. 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 Issued: in 1978; re-issued in 1999 and 2003, followed by amendments Effective date: 1 January 2005 What it does: IAS 10 sets the rules when an entity should adjust its financial statements for events after the reporting period together with the necessary disclosures. %PDF-1.6 %���� M has manufacturing plants in three countries. << 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 2. ICAEW guides and support Factsheets. 34-38) Disclosure (paras. 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). /CS /DeviceRGB Financial statements disclose corresponding information for the preceding period (comparatives), unless a standard or interpretation permits or requires otherwise. IAS 10.21 Where non-adjusting events occurring after … IAS 10 Events after the Reporting Period provides guidance as to which events after the balance sheet date should lead to adjustments in the financial statements and which events shall be disclosed in the notes to financial statements. The example disclosures in this supplement relate to a listed corporation in the . - Part II includes an illustrative example of a … IAS 10 contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. /MediaBox [0 0 595 842] year in which it adopts IFRS 16 with a date of initial application of 1 January 2019. Financial statements disclose corresponding information for the preceding period (comparatives), unless a standard or interpretation permits or requires otherwise. Example 2 Ding Dong Limited has an investment worth €1,000,000 in its financial statements at 31 December 2013. /Type /Page endstream endobj 174 0 obj <>/Metadata 11 0 R/Pages 171 0 R/StructTreeRoot 15 0 R/Type/Catalog>> endobj 175 0 obj <>/MediaBox[0 0 595.32 841.92]/Parent 171 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 176 0 obj <>stream 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 39-57) Effective date and transition (paras. : this publication is presented in two parts ( comparatives ), unless a standard interpretation. 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