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...
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...
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...
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...
IAS 1 Presentation of Financial Statements deals with, amongst others, the classification of assets and liabilities as current and non-current. The requirements to classify liabilities as current or non-current were amended in 2020 (click here for the amendment). The...
It is at the core of accounting for any business activities to identify and report revenue from those activities correctly in the entity’s financial statements. IFRS 15 Revenue from Contracts with Customers (‘IFRS 15’) establishes the principles to account for...