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390 Introduction to IFRS – Chapter 15 benefits for the company if it is protected through copyright, a restraint of trade agreement or a legal duty of employees to maintain confidentiality. Considerations given by the employer to the employee in exchange for services rendered. Excel Ltd's business model, in terms of which the bond is held, is achieved by collecting contractual cash flows of principle and interest. These Standards will therefore, in many instances, still refer to the concepts and principles contained in the Framework (1989). The bond will be redeemed at its nominal value on 31 December 20. Initial recognition in this category is at fair value (excluding transaction costs). 1 Recognition and measurement The asset subject to an operating lease is treated by the lessor as either a depreciable asset (for example, property, plant and equipment) or a non-depreciable asset (for example, investment property), depending on the nature of the asset. Inventory and manufacturing software for small maker businesses. The carrying amount after reversal of impairment loss (12 000 + 3 000) is R15 000. In terms of the redemption amount, amount Moon Ltd has a contractual obligation to deliver cash of R1 200 (1 000 × R1, 20) to the holder of the preference shares on 31 December 20. 13 Bank Accumulated depreciation (300 000 × 160 000/1 600 000) Loss on sale of vehicles (balancing) Cost Cost R160 000 – accumulated depreciation R30 000 = R130 000 carrying amount on disposal. Consider the following questions: Question 1: 1 Which elements of the financial statements (if any) are involved?
2 Non-depreciable assets: subsequent revaluations and devaluations. Entities using the nature of expenses approach will disclose operating costs such as raw materials, labour costs, other operating costs, and the net movement in finished goods and work in progress, where applicable. Introduction to ifrs 8th edition pdf. Create a provision in the SFP. 11 will be: R Cost of construction 1 090 000 Expected dismantling and removal costs discounted to present value FV = R120 000; n = 24; i = 6, 48/0, 72 = 9; PV =? For financial reports to be useful the financial information contained in them must not only be relevant, it must also be a faithful representation of the substance of the phenomena it purports to represent.
The short-term employee benefits of Jordin Ltd for the year ended 31 December 20. 4 Materiality and aggregation According to IAS 1. 12 [(225 000 + (200 000/2 × 6/12) + (300 000/2 × 6/12)] Derecognition of initial inspection cost (refer to the journal below) [200 000 – (100 000 + 50 000)] Capitalisation of inspection cost incurred. It is company policy to first utilise the accrued leave pay from the previous year, before utilising the accrued leave pay for the current year. 4 Measuring recoverable amount for an intangible asset with an indefinite useful life It was noted earlier that some assets must be tested for impairment annually, irrespective of whether there are indications of impairment or not. Introduction to ifrs 8th edition pdf download. The technician charged R1 500 for the service.
14 are in line (28%) with the profit before tax amount to which they relate. Case III – Derivative instrument Company A owns several call options. Variable considerations include that an entity shall recognise a refund liability if the entity receives consideration from a customer and expects to refund a portion of, or all of, the consideration to the customer. 14 Provisions, contingent liabilities and contingent assets IAS 37; 37; IFRIC 1 Contents 1 2 3 4 5 6. Introduction to ifrs 7th edition pdf file. These plan assets do not stand to the "credit" of any specific member of the plan, and the benefits that a member receives are also not related to these contributions. Work in progress R'000 15 000 110 250 *90 250 (190 000).
The quantitative information disclosed includes: – the level of capital; – the definition applied to capital; – changes during the previous period; and – the extent of compliance to externally imposed capital requirements. If the operating cycle cannot be determined reliably, it is assumed to be 12 months. 14: Depreciation methods (continued) Units of production method: Assume number of units per year = 8 000 (Year 1) + 6 000 (Year 2) + 3 000 (Year 3) + 2 000 (Year 4) + 1 000 (Year 5) = 20 000 units over the useful life of the asset. 53 states that where an entity has a right of recovery against a third party in respect of a provision or a part of a provision, the part that can be recovered from the third party must be recognised as a separate asset if it is virtually certain that the amount will be received. Although the total expense amounts to R195 000, only R150 000 will be shown here as the provision only amounted to R150 000. The entity-specific value is the present value of the cash flows that an entity expects from the continued use of the asset, plus the present value of its disposal at the end of its useful life.
Lease incentives receivable: receivable: Use the same information as above, but assume the initial direct costs that Platinum Ltd agreed to reimburse will not be paid in cash. 18 Investment property (SFP) Fair value adjustment (P/L) Remeasurement of investment property at fair value. Charlie Ltd has a 30 June year end. 2 Information to be presented in the statement of changes in equity or in the notes An entity shall present: an analysis of each item of other comprehensive income; dividends paid for the period; and dividends per share (IAS 1. The operating lease will be accounted for as follows: Equalisation of operating lease payments [ (2 500 × 24) + (250 × 12)] ÷ 36 = R1 750 p. m. R Annual rental received in advance 1 January 20. 17 Plant and machinery Allowance for credit losses.
20 Total comprehensive income for the year – Profit for the year [45 000 + 500] – Other comprehensive income for the year Transfer of the mark-to-market reserve Balance at 31 December 20. Vehicle manufacturers are very sceptical about this project. 49, the example is used of new technology that may become available later and may influence the rehabilitation of contaminated land. One of the main reasons for the disclosure of accounting policies in financial statements is to assist readers of such statements to compare the financial statements of different entities.
8 November Exercise 400 rights. 11 Concepts of capital and capital maintenance This chapter has remained unchanged from the Framework (1989) to the Conceptual Framework (2010) and the Conceptual Framework (2018). 1 Research and development costs. 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. This chapter of the Conceptual Framework provides a high-level overview of how different types of uncertainty (e. g. existence, outcome and measurement) could affect the recognition decisions. 1 Recognition exemptions A lessee may elect not to recognise the right-of-use assets and lease liabilities for: short-term leases (leases of 12 months or less, without a purchase option); and leases for which the underlying asset is of low value, for example tablets, personal computers and small office furniture and items. In terms of the cost constraint, it is important to consider whether the benefits provided to users of financial statements by presenting or disclosing particular information are likely to justify the costs of providing and using that information.
5) Under-allocated production overheads allocated to cost of sales (not cost of inventories). R64 (shares) – R187 (shares) + R20 (rights) + R386 (shares) – R307 (shares) + R14 (rights) = (R10). The annual depreciation expense in the first five years will therefore be R42 400 per year; thereafter it will reduce to R40 000 per year. In these situations, the economic life of the buildings will be deemed to be the economic life of the entire underlying asset. 4 Subsequent measurement of right-of-use asset. 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. Land and build buildings 2 900 000 400 000.
Built expressly to keep you on top of inventory. Neutrality is supported by the exercise of prudence. 8 200 × (0, 75 – 0, 67857)] + [5 600 × (0, 75 – 0, 7857)] 386 2. In this example the debentures are sold at the fair value determined on 31 December 20. 17, the relatives of the deceased instituted a claim of R6 million against the entity. 2: Unpaid short shorthort-term employee benefits Wimble Ltd pays over salaries to employees on the first working day of each calendar month. The exemption only applies to investment property when it is first acquired or is first classified as investment property. In addition, only the cost that has been incurred within the same specified period may be recognised as expenses in the profit calculation, irrespective of when payment took place. Leases 239 non--lease components Example 9. This uncertainty takes the form of uncertainty about the timing, or uncertainty about the amount at which the provision is recognised. VAT forms part of the cost if the buyer is not registered for VAT or no input VAT can be claimed on the asset.
5: Loan denominated in foreign foreign currency (continued) The foreign exchange differences arising on the capital will be calculated as follows: Date FC Rate R 30. 2 Amortised cost and gross carrying amount (IFRS 9 Appendix A). Ordinary share: A share that can receive dividends after the dividends on preference shares are paid out. 18 Beta Ltd acquired an investment property at R600 000. Provisions may only be used for the purpose for which they were created. Any gains or losses on the retirement or disposal of an investment property are recognised in the profit or loss section of the statement of profit or loss and other comprehensive income in the year of retirement or disposal. This is done through a credit entry of R150 (600 – 450). The use of reasonable estimates is an essential part of the preparation of financial information and does not undermine the usefulness of the information if the estimates are clearly and accurately described and explained. The deferred tax relating to the correction of a prior period error, which is corrected within equity, is recognised in equity. Temporary Deferred tax differ difference bal balance in SFP @ 28% Dr/(Cr) R R (20 000) 5 600. 13) R310 000 Residual value (unchanged over useful life) R10 000 Useful life 5 years End of the reporting period 31 December The asset was available for use as intended by management on 1 January 20.
Increases in the values of assets held during a period are known as holding gains, but nevertheless remain profits from a conceptual point of view. Depreciation (P/L) Accumulated depreciation (SFP) Recognition of depreciation on right-of-use asset. 4 Classification of postpost-employment benefit plans In practice, the classification of post-employment benefit plans can be difficult. Companies that apply IFRS for SMEs may only do so if the company meets the scoping requirements of the IFRS for SMEs. 1 Accounting treatment under the cost model An adjustment must be made to the cost of the asset that corresponds to the changes in the estimates relating to the amount of decommissioning, restoration or similar costs capitalised onto the cost of property, plant and equipment, subject to the following conditions: If the related liability reduces (i. liability is debited), this amount (the reduction) will be offset against the asset, but cannot create a net credit balance on the item of PPE. Revenue from contracts with customers are disclosed as the first line-item on the face of the statement of profit or loss and other comprehensive income. Fair value is thus measured with reference to: transaction price (being the fair value of the consideration given or received); or quoted market price in an active market for an identical asset or liability; or estimated discounted value of all future cash payments or receipts; or recent prices of similar instruments where there is no active market. Eagle Ltd modifies the delivery truck to meet its specific needs. Any company that, in terms of the stipulations of this Act, is required to have its annual financial statements audited, must disclose the remuneration of directors and prescribed officers. Since the dismantling costs do not arise from the production of inventories, it is capitalised to the right-of-use asset. Sunshine Ltd recognises: Revenue of R100 000 on delivery, Interest income of R21 000 over 24 months.
The journal entry to create the accrual is the following: Dr Cr R R Short-term employee benefit cost (P/L) 28 966 Accrual for leave pay (SFP) (350 000 × 1. A maximum of five days may be carried forward to the following year and any unused vacation leave that cannot be carried forward, expire without compensation. The change in the residual value will be accounted for as a normal change in the accounting estimate, and consequently, depreciation for the current and future years will be recalculated. 20 Invest Ltd disposed of the investment in debenture at its fair value of R5 500. 10 Trade receivables 270 000 240 000 30 000 (8 400) 8 400 7. The revaluation surplus is unrealised, and must, therefore, be viewed and disclosed as part of equity, usually as a non-distributable reserve, in the statement of changes in equity. In the above example it is clear that a significant financing component exists because the customer receives and obtains control of the goods but the payment of the consideration is only due later (i. the length of time of time between the transfer of the goods and payment of the consideration is significant). Post-employment benefits, termination benefits and equity compensation benefits are excluded specifically. The loan represents a contractual obligation to pay cash (principal and interest) and will be classified as a financial liability in the statement of financial position of Company A.