In this article, we discuss how to identify cash-generating units (CGUs).
This newsletter highlights IAS and IFRS amendments, proposed amendments, and decision points that have been released from April 2021 to October 2021.
This amendment was released on 12 February 2021 by the IASB. This amendment helps entities to distinguish between accounting policies and accounting estimates. This article is part of our IFRS technical updates newsletter.
In the October 2021 meeting, the IASB deliberated on the proposed amendment aiming at companies to improve usefulness of the comparative information presented on initial application of IFRS17 and IFRS 9. This article is part of our IFRS technical updates newsletter.
This amendment was released by the IASB on 7 May 2021. This amendment looks at the deferred tax related to assets and liabilities arising from a single transaction. This article is part of our IFRS technical updates newsletter.
In the April 2021 meeting, the IASB proposed amendments setting out accounting for when no foreign exchange rate exists. This amendment aims to help companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. This article is part of our IFRS technical updates newsletter.
The IFRS Interpretations Committee decided to finalise an agenda decision that includes the material explaining how IFRS principles are applied to the fact pattern submission. This article is part of our IFRS technical updates newsletter.
We are pleased to share Example consolidated financial statements 2021 to assist you in your preparation of your financial statements inline with the latest International Financial Reporting Standards (IFRS) changes.
This article looks at the scope of the impairment review (ie the types of assets that are included) and how it is structured (ie the level at which assets are reviewed).
This article explains if and when a detailed impairment test as set out in IAS 36 is required.
This article provides an ‘at a glance’ overview of IAS 36’s main requirements and outlines the major steps in applying those requirements.
This newsletter includes recent changes to SFRS that were issued by ASC in 2020. This publication provides an overview of upcoming changes, explaining the relevant amendments together with effective dates.
As a response to the COVID-19 global pandemic, the Singapore government has implemented measures through various to help businesses with their cash flows and help the Singapore economy recover. This article discusses key considerations to determine the appropriate accounting treatment for the various schemes announced by the Government.
If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period. However, to the extent that the widespread impact of COVID-19 occurred during the entity’s ‘subsequent events period’ (ie the period between the end of the reporting period and the date when the financial statements are authorised for issue), management must determine how material developments after the year-end should be reflected in the entity’s financial statements for the period under audit or review.
The COVID-19 pandemic is requiring those responsible for the preparation of financial statements to reconsider whether assumptions and assessments previously made are still valid and appropriate which in turn is creating an additional burden on entities all over the world. In particular, IFRS 16 has become an area of focus for entities and the International Accounting Standards Board (IASB). The IASB has therefore added a practical expedient to provide relief for lessees from lease modification accounting for rent concessions related to COVID-19. We explain the current accounting requirements, the practical expedient and how to apply it.
This article covers the recent amendments to FRS 116 to provide practical expedients for lessees to account for rent concessions during the COVID-19 pandemic and certain GST related matters.