by pieter@pvdz.co.za | Feb 9, 2022 | Presentation and disclosure
IFRS 10 Consolidated Financial Statements (‘IFRS 10’) governs the presentation of consolidated financial statements that represent the affairs of a parent and its subsidiaries as a single economic unit. The consolidation accounting model is centred around control. An...
by pieter@pvdz.co.za | Jan 25, 2022 | Assets, Expenses, Tax
The accounting treatment of VAT was considered by the IFRS Interpretations Committee (the IFRIC) during some of its meetings in 2021. More specifically, the committee considered a request that related to the treatment of non-recoverable VAT paid by lessees. Lessees...
by pieter@pvdz.co.za | Oct 15, 2021 | Assets, Expenses
IAS 2 Inventories (‘IAS 2’) requires that items of inventory must be measured at the lower of cost or net realisable value (‘NRV’). One of the inputs to determine NRV is the estimated costs necessary to make the sale. The IFRS Interpretations Committee (‘IFRIC’)...
by pieter@pvdz.co.za | Oct 18, 2020 | Assets, Tax
Entities may find themselves in a position where they had tax losses due to the weak economic conditions, even before the COVID-19 pandemic. In many instances the effect of the lockdown and resulting regulations have exacerbated this. In addition, some normally...
by pieter@pvdz.co.za | Jul 18, 2020 | Liabilities, Tax
Deferred tax reflects the future tax consequences that will arise when the economic benefits associated with assets are realised or of outflows when liabilities are settled. The IFRS Interpretations Committee (‘IFRIC’) recently considered how to determine the...
