Get 16188 Ifrs News Dec 03qxd - Pwc - Pwc

IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.

Recognising assets, liabilities, equity, income and expenses depicts an entity's financial position and financial performance in structured summaries (the statements of financial position and financial performance).

A Guide to Essential IFRS aims to simplify complex IFRS accounting standards into simple to understand concepts, enhanced with multiple case studies for participants to practice their knowledge to simulated work scenarios. Empower your finance team to be contributors to their own learning and development.

IFRS 17, 'Insurance Contracts', introduces the concept of 'coverage units' for determining how an insurer allocates to different reporting periods the expected profit for providing insurance contract services (that is, the contractual service margin).

ing to the IFRS criteria, for revenue to be recognized, the following conditions must be satisfied: Risks and rewards of ownership have been transferred from the seller to the buyer. The seller loses control over the goods sold. The collection of payment from goods or services is reasonably assured.

PwC's Manual of accounting IFRS is a thorough guide to IFRSs issued by the International Accounting Standards Board (IASB), which translates often complex standards into practical guidance. Each chapter opens with an explanation of the requirements of the standards in clear language.

The five steps for revenue recognition in contracts are as follows: Identifying the Contract. ... Identifying the Performance Obligations. ... Determining the Transaction Price. ... Allocating the Transaction Price to Performance Obligations. ... Recognizing Revenue in ance with Performance.