IFRS 10 retains the key principle of IAS 27 and SIC 12: all entities that are controlled by a parent are consolidated. Episode 78: COVID-19 and classification and measurement in IFRS 9. Its financial impact Worked Example: AB Ltd engaged in manufacturing facility and has year end of 31 December 2012. IAS 16 outlines the accounting treatment for most types of property, plant and equipment. IAS 10 Events After the Balance Sheet Date was issued by the International Accounting Standards Committee in May 1999. IAS 10 defines an adjusting event as an event that provides evidence of conditions that existed at the reporting date. PwC's Academy. 17 May 2012: IASB concludes the 2009–2011 Annual Improvements cycle 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 40 Investment property IAS 38 Intangible assets IFRS 2 Share-based payment *Indicative course schedule; may be subject to change. The amendments to IFRS 10 and IAS 28 (2011) are prospective and are effective from 1 January 2016. All rights reserved. The date of authorization of financial statements and related authority. On 7 June 2017, guidance was issued by the IFRS Interpretations Committee (IFRIC) which clarifies how to account for uncertain tax treatments under IAS 12... Tax accounting considerations of IFRS 16. Each word should be on a separate line. Where are we located? Loading... Stay informed! [IAS 10.17]. Illustrative IFRS consolidated financial statements - Investment property 2019. 7.10 IFRS 9 19 8 Foreign currencies – IAS 21, IAS 29 20 9 Insurance contracts – IFRS 4 21 10 Revenue and construction contracts – IAS 18, IFRS 15, IAS 11and IAS 20 22 11 Segment reporting – IFRS 8 25 12 Employee benefits IAS 19 27 13 Share-based payment – IFRS 2 30 14 Taxation – IAS 12 31 For property owned for less than 1 year: 45%; 2. As gains from property transaction will be taxed For further information please contact: Gary Berchowitz, A digital platform with timely, relevant accounting and business insights, personalised for you. IAS 10 1. On 13 January 2016, IFRS 16 - the new standard for leases - was issued by the International Accounting Standards Board (IASB). For property owned for more than 1 year: 35%. Is there a difference between an asset measured at fair value or a non fair value measurement. TIAG perspectives on lease term under IFRS 16: PwC In depth INT2020-01. It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue should be reflected in the financial statements. ... in Global Mobility Services in PwC's People & Organization practice specializing in cross-border taxation with over 10 years experience. Set preferences for tailored content suggestions across the site, Episode 74: IAS 10, post balance sheet events and COVID-19. Start adding content to your list by clicking on the star icon included in each card. IFRS specialist, Director, PwC United Kingdom. Definition Events after the reporting period are those events, both favourable and unfavourable, that occur between the reporting date and the date on which the financial statements are authorized for issue. COVID-19 has resulted in changes to loan agreements and payment schedules. The required disclosure is (a) the nature of the event and (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made. Session 3 Session 5 IFRS 3 Business combinations (Part 1) IFRS 10 Consolidated financial statements (Part 1) Session 2 IAS 36 Impairment of assets IAS 37 Provisions, contingent liabilities and contingent assets review IAS 10 standard's disclosure requirements. hyphenated at the specified hyphenation points. [IAS 10.3], Non-adjusting event: An event after the reporting period that is indicative of a condition that arose after the end of the reporting period. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. Is there a difference between an asset measured at fair value or a non fair value measurement. 2. Karsten Ganssauge talks through the December IFRIC agenda. Sakaya Johns Rani sakaya.johns.rani@sg.pwc.com +65 6236 3648 Christine Lam lam.Christine@sg.pwc.com +65 6236 4095 Immigration Guide This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. 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). 10/03/20. However, some of the detailed guidance is new and may result Katie Woods explains some of the impacts of COVID-19 on accounting for employee benefits. accordance with the For non-residents of Taiwan, the tax rate for disposal of building and land is as follows: 1. Located in PwC Luxembourg - Crystal Park Building 2, rue Gerhard Mercator L … This site uses cookies to provide you with a more responsive and personalised service. Scott Bandura talks us through how emissions trading schemes work and some of the challenges in how to account for them. Event after the reporting period: An event, which could be favourable or unfavourable, that occurs between the end of the reporting period and the date that the financial statements are authorised for issue. Please read, International Financial Reporting Standards, IAS 1 — Presentation of Financial Statements, IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 — Events After the Reporting Period, IAS 15 — Information Reflecting the Effects of Changing Prices (Withdrawn), IAS 19 — Employee Benefits (1998) (superseded), IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 — The Effects of Changes in Foreign Exchange Rates, IAS 22 — Business Combinations (Superseded), IAS 26 — Accounting and Reporting by Retirement Benefit Plans, IAS 27 — Separate Financial Statements (2011), IAS 27 — Consolidated and Separate Financial Statements (2008), IAS 28 — Investments in Associates and Joint Ventures (2011), IAS 28 — Investments in Associates (2003), IAS 29 — Financial Reporting in Hyperinflationary Economies, IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions, IAS 32 — Financial Instruments: Presentation, IAS 35 — Discontinuing Operations (Superseded), IAS 37 — Provisions, Contingent Liabilities and Contingent Assets, IAS 39 — Financial Instruments: Recognition and Measurement, ESMA issues statement disclosures related to sovereign debt, IASB publishes 'Improvements' exposure draft, Accounting considerations related to COVID-19 — Events after the reporting period, IAS Plus newsletter — Improvements to IFRSs 2008, Improvements to existing International Accounting Standards (2001-2003), Effective date of IAS 37, which superseded those portions of IAS 10 (1978) dealing with contingencies, Revised version of IAS 10 issued by the IASB, Adjust financial statements for adjusting events - events after the balance sheet date that provide further evidence of conditions that existed at the end of the reporting period, including events that indicate that the going concern assumption in relation to the whole or part of the enterprise is not appropriate. If the enterprise's owners or others have the power to amend the financial statements after issuance, the enterprise must disclose that fact. These words serve as exceptions. Gary Berchowitz (PwC UK) and Ruth Preedy (PwC UK) discuss all these questions in this latest episode. Jan 2008 – Present 12 years 7 months. Gary Berchowitz (PwC UK) and Ruth Preedy (PwC UK) discuss all these questions in this latest episode. Classification of liabilities as current or non-current (Amendment to IAS 1): PwC In brief INT2020-03 By using this site you agree to our use of cookies. Should you adjust the measurements of assets based on post balance sheet information? The following events occurred as follows: (a… Do you need more information? The nature of such event and 4. PwC’s Academy is a learning and education service offering of PwC India. IAS 10 requires the entity to disclose the following: 1. A non-adjusting event indicates conditions that arose after the reporting date. 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