by pieter@pvdz.co.za | Jul 26, 2023 | Assets, Liabilities, Presentation and disclosure, Tax
The OECD/G20 developed Global Anti-Base Erosion (‘GloBE’) model rules in Pillar Two of BEPS 2.0 to address shortcomings in the current international tax system. These rules essentially aim to tax the profits of large multinationals at a minimum rate. The...
by pieter@pvdz.co.za | Jun 14, 2023 | Presentation and disclosure
The topic of Supply chain financing (‘SCF’) has been on various IFRS Interpretations Committee (‘IFRIC’) and IASB agendas during the past three years. This article outlines some key accounting considerations regarding these arrangements and an amendment emerging from...
by pieter@pvdz.co.za | Mar 11, 2023 | Assets, Liabilities
In October 2022 the IFRS Interpretations Committee (“IFRIC’) published an agenda decision on accounting for rent concession involving forgiveness. This article briefly considers their decision. Rent forgiveness arrangement The lessor accounted for the lease in...
by pieter@pvdz.co.za | Jan 30, 2023 | Liabilities, Presentation and disclosure
Financial statements distinguish between current and non-current assets and liabilities. Assets are classified on, amongst others, the expectations of the entity. The classification of liabilities, however, depends on the business model and terms of the...
by pieter@pvdz.co.za | Sep 2, 2022 | Financial instruments, Liabilities, Presentation and disclosure
It is often a complex decision to classify an instrument issued by an entity as debt or equity. IAS 32 Financial Instruments – Presentation (‘IAS 32’) governs this classification. The standard provides broad principles as well as detailed guidelines to assist...
