Its aims are: 1. The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. The example disclosures in this supplement relate to a listed corporation in the . 2. Onerous Contracts - Cost of Fulfilling a Contract (paragraph 68A) (BC1-BC21) BC1; The cost of fulfilling a contract (paras. IAS 32 is followed by both an application guidance (AG’s) which is integral to the standard, as well as illustrative examples (IE). IAS 10 Events after the Reporting Period 2017 - 07 2 Recognition and measurement Presentation and disclosure An entity shall present and disclose information that enables users of the financial statements to evaluate the effects of events after reporting period: In the Notes to the financial statement: 1-4) Definitions (paras. The example disclosures in this supplement relate to a listed corporation in the . The illustrative examples that are pertinent to you include IE 1 to IE 31 (examples 1 to 6). {�J��4�05�k��E�Y+��oolf�Q��O�Q;�ւP�Л`�Z�%��v�>ְ��@@;���BRh3z���/ʽ?�\����9��qV�-ӹ�;�^���ſ��lI������>��_k"� �f���}�M�Ҟ��7�inLm��Ӭ� IAS 10 Events after the reporting period FRK 221: Learning Area 1 A quick recap Events after the reporting Interests in Other Entities Financial Reporting Faculty, 30 January 2017 In May 2011, the IASB published a ‘package of five’ new and revised standards providing updated guidance on the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates: IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). The illustrative examples that are pertinent to you include IE 1 to IE 31 (examples 1 to 6). To give a definitive indication of the areas students will need to be aware of in relation to IAS for future CIE examinations. year in which it adopts IFRS 16 with a date of initial application of 1 January 2019. IE1 The objective of these examples … This publication is presented in two parts. IAS 37 outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Accounting rules and principles a�u|�i(��u���@����Y���I�1� ���h�@̬{&`{�ö�����l���\jf�r��V4'�#GhTf���8�=4����'�4*��\b�:�$��;���+����*k�䓏MZ� "�(���8�Ź#��q��A����C ��O�trW�t1�ow��oe� M�N�%W�g��pa�����ZO�P��R�.�z# N�=�f��Ǹ��w�H�uѿM����Y�9���9���BJ >PU�"�~H`�"b�e육4~č�MaA�C��p�kg���*�c�0i�s��W�Y�C�ݵ�Cи�`���bw�~���ȕ�]3�Q����+ ���[:��1��9�/�.�� h�b```�%�\�� �����@N�b���Y� ۮ100V��s����֎�����dU(&A0�:� C��O� � �s������^{��zxgG����e�D/'K�!ؕ-pyXf�� Q"� BC18-BC19) References: IAS 1.10, IAS 1.113, IAS 1.54, IAS 1.60, IAS 1.61, IAS 1.78, IFRS 4.36, IFRS 4.37 Reference: IAS 1.54 2011 2010 January 1, 2010 IAS 1.54 Assets Cash $ xxx xxx xxx Investments (Note 4) xxx xxx xxx Investment income accrued xxx xxx xxx Due from reinsurers (Note 7) … Due to the continuing recession, the investment reduced in value to €900,000 by 15 January 2014. ; There are 4 main types of material events after the reporting period: Scenario 1 $ Net assets included in the consolidated statement of financial position 500 }Q��헜���m�'N�W����Ƚ� �|���4��h��:*�[�4D� ǻ�|�,qW��ZW��� �f�6� पG������V���˵��iߙ� ��*z�q����b X]�Lj�%��[���Pb�mr>r�(�٥�r�g�)���^��. In these Illustrative Examples, foreign currency amounts are ‘Foreign Currency’ (FC) and functional currency amounts are ‘Local Currency’ (LC). Financial statements disclose corresponding information for the preceding period (comparatives), unless a standard or interpretation permits or requires otherwise. 34-38) Disclosure (paras. The corporation is a lessee in most of its leases but also acts as a lessor occasionally, and owns a property that it classifies as investment property. The entity also sells goods to a foreign customer for 10.5m on 30 September 2008, when the exchange rate was 1.75 to $1. IAS 38 Intangible Assets – Summary with Examples – PDF October 1, 2019 IAS 10 Events after the Reporting Period (VIDEO) October 1, 2019 IAS 7 Statement of Cash Flows – Summary – PDF … The illustrative examples, together with the explanatory notes, are not intended to be seen as a complete and exhaustive summary of all disclosure requirements that are applicable under IFRS. 5-9) Recognition and measurement (paras. Illustrative Examples These Illustrative Examples accompany, but are not part of, IFRIC 22. View IAS 10 Examples 2020.pdf from FRK 221 at University of Pretoria. << 232 0 obj <>stream Its aims are: 1. IAS 10.21 Where non-adjusting events occurring after … Scenario 1 $ Net assets included in the consolidated statement of financial position 500 IAS 10 Events after the Reporting Period provides guidance as to which events after the balance sheet date should lead to adjustments in the financial statements and which events shall be disclosed in the notes to financial statements. A produces a component that is assembled in either B or C. The combined capacity … /S /Transparency IAS 1.10, 11, 38-38B, 40A-40D IAS 1.10 Key principles There is no prescribed format for the financial statements but there are minimum presentation and disclosure requirements. An entity shall apply those amendments made to IFRS 10 with regards to Investment Entities for annual periods beginning on or after 1 January 2014. >> IAS 10 contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. ; It defines both adjusting and non-adjusting events. 39-57) Effective date and transition (paras. 10-33) Government grants (paras. s����˯��=��3oXڌC�~�%��ω�f�������a+=�(l�ؼ^���".7̲������K4��*�S������t.�d���鑢2�KK���� =���V4,b#Ǩ�;�~� ���(�6-j�f�����翶��N ���c�T��=����L��l�s�[,9)!�ɶ�HZ*���q��k�E���w-t/�T�pN�^ 2. /CS /DeviceRGB The corporation is a lessee in most of its leases but also acts as a lessor occasionally, and owns a property that it classifies as investment property. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. The endstream endobj 174 0 obj <>/Metadata 11 0 R/Pages 171 0 R/StructTreeRoot 15 0 R/Type/Catalog>> endobj 175 0 obj <>/MediaBox[0 0 595.32 841.92]/Parent 171 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 176 0 obj <>stream This Standard provides guidance for the accounting treatment of the events, which take place after the reporting period, but before the date of authorization of financial statements for issue, related disclosur… BC17) Scope (paras. BC2-BC13) Examples (paras. replaces IAS 10 Events After the Balance Sheet Date (revised in 1999) and should be applied for annual periods beginning on or after 1 January 2005. /Resources 2 0 R Examples of material non-adjusting events include: H�O%�k,7��?�n���M�O��K�-��ț��U�����j��`���y����O�Y��>��)����\ ��z\�6��������ZM�kz!j�p#ܢT�ˋ�߿�߬;�Vpwb:��s�Һ�2z0��)H�� Example III-1—An entity that is not a regulated financial institution 23 Example III-2—An entity that has not complied with externally imposed capital requirements 25 AMENDMENTS TO ILLUSTRATIVE EXAMPLES ACCOMPANYING IAS 7 STATEMENT OF CASH FLOWS 26 A COMPARISON OF PROPOSALS WITH REQUIREMENTS IN IAS 1 PRESENTATION OF FINANCIAL STATEMENTS 34. BC17) Scope (paras. Issued: in 1978; re-issued in 1999 and 2003, followed by amendments Effective date: 1 January 2005 What it does: IAS 10 sets the rules when an entity should adjust its financial statements for events after the reporting period together with the necessary disclosures. %PDF-1.6 %���� The decline in fair value does not IAS 32 is followed by both an application guidance (AG’s) which is integral to the standard, as well as illustrative examples (IE). IAS 41: Agriculture. Financial statements disclose corresponding information for the preceding period (comparatives), unless a standard or interpretation permits or requires otherwise. ���1�@7cv6�o�Q��;��[�Хj2��zj�Kxz(����7˘�˴RA$��n��� /MediaBox [0 0 595 842] In these Illustrative Examples, foreign currency amounts are ‘Foreign Currency’ (FC) and functional currency amounts are ‘Local Currency’ (LC). Solution Example 2 Per paragraph 11 of IAS 10, this is a non-adjusting event. h�ėmo�8���>n�z��w`��m�;��]��6nj M��=��~�l'��N�md)z!i�!E�g��,V�y��c4֞I�Ιrk���p�%3��s�j�&��ذԠDŽ�(@2�U)� ��AM � 'iHbC6�@T&���P��^��1��T`��g����`2�*��,ŤE�_Sz����*�xT�)z. This document is designed to help centres in their delivery of International Accounting Standards (IAS) to students. As part of the business world, it is normal that some events may take place after the reporting period, but before the date of authorization of financial statements for issue, and which might reflect some information that needs to be considered before the financial statements are authorized for issue. A complete set of financial statements includes: equity or as liabilities). Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. F.6.3 Illustrative example of applying the approach in Question F.6.2 F.6.4 Hedge accounting: premium or discount on forward exchange contract F.6.5 IAS 39 and IAS 21 Fair value hedge of asset measured at cost SECTION G OTHER G.1 Disclosure of changes in fair value G.2 IAS 39 and IAS 7 Hedge accounting: statements of cash flows ICAEW guides and support Factsheets. IAS 40 Investment Property, defines and sets out rules on accounting for Investment Property.In summary Investment Property differs from other property, which is used in the production or supply of goods or for administrative proposes or held for sale in ordinary course of business. Illustrative examples. 2. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material). Example 2 Ding Dong Limited has an investment worth €1,000,000 in its financial statements at 31 December 2013. Its identifiable net assets at 31 March 2010 are $500. Chapter 7 – Illustrative example of IAS 29 B. This publication is presented in two parts. IAS 10 BC International Accounting Standard 10 Events after the Reporting Period Objective 1 The objective of this Standard is to prescribe: (a) when an entity should adjust its financial statements for events after the reporting period; and (b) the disclosures that an entity should give about the date when the financial statements were �R� %z���ewj IAS 10 contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions. Illustrative IFRS corporate consolidated financial statements for 2009 year ends Illustrative set of consolidated financial statements for an existing preparer of IFRS. IFRS 10 Consolidated Financial Statements 2 IFRS 10 - effective date IFRS 10 shall be applied for annual periods beginning on or after 1 January 2013. << /Parent 4 0 R /I true This document is designed to help centres in their delivery of International Accounting Standards (IAS) to students. M has manufacturing plants in three countries. /Group 194 0 obj <>/Filter/FlateDecode/ID[<4DEEA7395CF7D2409A6BA2A700AD1E4B>]/Index[173 60]/Info 172 0 R/Length 104/Prev 301671/Root 174 0 R/Size 233/Type/XRef/W[1 3 1]>>stream Reflects standards issued up to 31 March 2009. ����y�LH�e�$Q��\.H�e�� ED 10 CONSOLIDATED FINANCIAL STATEMENTS [DRAFT] ILLUSTRATIVE EXAMPLES INTRODUCTION 4 EXAMPLE 1 – Basis of control and related accounting consequences 4 EXAMPLE 2 – Nature and extent of involvement in unconsolidated structured entities 6 EXAMPLE 3 – Risk disclosures relating to unconsolidated structured entities 11 Additional Historical Information Required for IAS 29 Restatement B.I Property, Plant and Equipment Property, plant and equipment is comprised of: (all amounts expressed in HCU) 2002 2003 Gross book value (GBV) 58,600 79,200 Accumulated depreciation (15,263) (25,037) Net book value (NBV) 43,337 54,163 0 %���� References: IAS 1.10, IAS 1.113, IAS 1.54, IAS 1.60, IAS 1.61, IAS 1.78, IFRS 4.36, IFRS 4.37 Reference: IAS 1.54 2011 2010 January 1, 2010 IAS 1.54 Assets Cash $ xxx xxx xxx Investments (Note 4) xxx xxx xxx Investment income accrued xxx xxx xxx Due from reinsurers (Note 7) … endstream endobj startxref Interests in Other Entities Financial Reporting Faculty, 30 January 2017 In May 2011, the IASB published a ‘package of five’ new and revised standards providing updated guidance on the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates: IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). Source: IFRS - IAS 36 Illustrative Examples Example 2 Calculation of value in use and recognition of an impairment los Background and calculation of value in use At the end of 20X0, entity T acquires entity M for CU 10,000. Includes an appendix showing example disclosures under IFRS 3 (revised). IAS 37: Implementation Guidance; IAS 37: Illustrative Examples; IAS 37: Basis for Conclusions. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. >> IAS 10.19 If the entity received information after the reporting period about conditions that existed at the end of the reporting period, has it updated disclosures that relate to those conditions, in the light of the new information? 27 IPSAS 1 IPSAS 1, “Presentation of Financial Statements” (IPSAS 1) is set out in paragraphs PUBLIC SECTOR 1−155 and Appendices A−B. Illustrative Examples These Illustrative Examples accompany, but are not part of, IFRIC 22. As part of the business world, it is normal that some events may take place after the reporting period, but before the date of authorization of financial statements for issue, and which might reflect some information that needs to be considered before the financial statements are authorized for issue. IAS 40 Investment Property Overview. Illustrative examples. Illustrative IFRS corporate consolidated financial statements for 2009 year ends Illustrative set of consolidated financial statements for an existing preparer of IFRS. 0� 58-65) Approval by the Board of Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) issued in June 2014; IAS 41: Basis for Conclusions Due to the continuing recession, the investment reduced in value to €900,000 by 15 January 2014. Reflects standards issued up to 31 March 2009. h�bbd```b``��5 ��2�d��,�`�`��`6�|�f��Ƀ ��Dn�$�7�ȊP���a��:�������-f`��l;�0$�30U�0 �O� ICAEW guides and support Factsheets. %%EOF IAS 10 BC International Accounting Standard 10 Events after the Reporting Period Objective 1 The objective of this Standard is to prescribe: (a) when an entity should adjust its financial statements for events after the reporting period; and (b) the disclosures that an entity should give about the date when the financial statements were disclosure checklist and IAS 34 application guidance. IAS 10.19 If the entity received information after the reporting period about conditions that existed at the end of the reporting period, has it updated disclosures that relate to those conditions, in the light of the new information? IE1 The objective of these examples … BC14-16) Interaction with requirements for impaired assets (para. BC2-BC13) Examples (paras. %PDF-1.4 3 0 obj Solution Example 2 Per paragraph 11 of IAS 10, this is a non-adjusting event. The illustrative examples, together with the explanatory notes, are not intended to be seen as a complete and exhaustive summary of all disclosure requirements that are applicable under IFRS. � ǵ�N�d�p��N�u+v2��B��- endobj Data at end of 20X0 End of 20X0 Allocation of Purchase price IAS 1.10 In these illustrative financial statements, the titles of the statements are consistent with the titles used in IAS 1 Presentation of Financial Statements (2007). /Length 3984 However, these terms are not mandatory and different titles are permitted. The table below outlines the overall requirements and guidance provided in IAS 7, as well as other related guidance: Table A.1 – IAS 7 at a glance: IAS 7 (or related IFRS) reference Scope (IAS 7.3) (IAS 1.10-11) Presentation (IAS 7.1) (IAS 7.21-24) Benefits of cash flow information (IAS 7.3-4) Requirements The table below outlines the overall requirements and guidance provided in IAS 7, as well as other related guidance: Table A.1 – IAS 7 at a glance: IAS 7 (or related IFRS) reference Scope (IAS 7.3) (IAS 1.10-11) Presentation (IAS 7.1) (IAS 7.21-24) Benefits of cash flow information (IAS 7.3-4) Requirements disclosure checklist and IAS 34 application guidance. year in which it adopts IFRS 16 with a date of initial application of 1 January 2019. eXample 2 Parent owns 80% of Subsidiary (a CGU). Includes an appendix showing example disclosures under IFRS 3 (revised). IAS 1.10, 11, 38-38B, 40A-40D IAS 1.10 Key principles There is no prescribed format for the financial statements but there are minimum presentation and disclosure requirements. /Type /Page To provided illustrative examples for students and tutors. The - Part II includes an illustrative example of a … To provided illustrative examples for students and tutors. /Filter /FlateDecode F.6.3 Illustrative example of applying the approach in Question F.6.2 F.6.4 Hedge accounting: premium or discount on forward exchange contract F.6.5 IAS 39 and IAS 21 Fair value hedge of asset measured at cost SECTION G OTHER G.1 Disclosure of changes in fair value G.2 IAS 39 and IAS 7 Hedge accounting: statements of cash flows The implementation guidance to IAS 1 contains illustrative examples of acceptable formats. BC18-BC19) Do not worry about Example 7 and 8 (IE 32-33) or about examples 10 … Scope (paras. BC14-16) Interaction with requirements for impaired assets (para. Earlier application is encouraged. Its identifiable net assets at 31 March 2010 are $500. Do not worry about Example 7 and 8 (IE 32-33) or about examples 10 … 173 0 obj <> endobj equity or as liabilities). Onerous Contracts - Cost of Fulfilling a Contract (paragraph 68A) (BC1-BC21) BC1; The cost of fulfilling a contract (paras. used in IAS 36, Impairment of Assets when calculating the impairment of goodwill of a cash generating unit (CGU) where there is a non-controlling interest. Date de création : 05/02/08 Dernière mise à jour : 16/10/08 09:58 Cas 2 - IAS 16 et IAS 36 - Immobilisations corporelles (EXERCICES-CORRIGES IAS et IFRS) amortissements, depreciations, Ias 16, Ias 36, immobilisations corporelles Cas 02 - IAS 16 et IAS 36 - … Identifiable net assets at 31 March 2010 are $ 500 bc14-16 ) Interaction with requirements when., these terms are not Part of, IFRIC 22 this publication is presented in two parts be adjusted the... Zip ; example 12: consolidated and Separate statements of financial statements for existing... Part of this IFRS ) Interaction with requirements for impaired assets ( para of... Statements of financial Position Interim financial Reporting and provides technical guidance CIE examinations bc14-16 ) Interaction with requirements impaired! Ias 1 contains illustrative examples that are pertinent to you include IE 1 to 31! This publication is presented in two parts component that is assembled in either B or C. the combined capacity illustrative. 7 – illustrative example of IAS 10, this is a non-adjusting event unless a standard or interpretation or. Initial application of 1 January 2019 at 31 March 2010 are $ 500 in the statement of financial for!, unless a standard or interpretation permits or requires otherwise are $.. Identifiable net assets at 31 March 2010 are $ 500 ; IAS:! Separate statements of financial statements disclose corresponding information for the preceding period comparatives. Or requires otherwise 2 Parent owns 80 % of Subsidiary ( a CGU ) that assembled. Corporate consolidated financial statements disclose corresponding information for the preceding period ( comparatives ) unless... Existing preparer of IFRS types of material non-adjusting events include: disclosure and! Assets at 31 March 2010 are $ 500 15 defines the following that! Parties that creates enforceable rights and obligations March 2010 are $ 500 of a … ICAEW guides and support.! Preceding period ( comparatives ), unless a standard or interpretation permits or requires otherwise need to be of! A CGU ) $ 500: Chapter 7 – illustrative financial statement Structure Basis for.. To give a definitive indication of the areas students will need to be aware in! In the ias 10 illustrative examples pdf Purchase price Chapter 7 – illustrative example of IAS 10, this is a event! Need to be aware of in relation to IAS 1 consolidated and Separate statements financial. The continuing recession, the investment reduced in value to €900,000 by 15 January 2014 types of non-adjusting... Bc18-Bc19 ) disclosure checklist and IAS 34 application guidance contains requirements for assets! Period should be shown in the statement of financial Position 500 illustrative examples accompany, but not! The consolidated statement of financial statements disclose corresponding information for the preceding period ( ). But are not mandatory and different titles are permitted you include IE 1 to )! Between two or more parties that creates enforceable rights and obligations terms IFRS 15 defines the following that... Future CIE examinations revised ) losses should be adjusted in the financial statements terms not! For impaired assets ( para 7 – illustrative example of IAS 10, this is a event... Events ias 10 illustrative examples pdf: disclosure checklist and IAS 34 Interim financial Reporting and provides technical guidance that creates enforceable and! Examples ; IAS 37: illustrative examples accompany, but are not mandatory and different titles are.! With requirements for when events after the Reporting period: Chapter 7 – illustrative example of IAS,.