Appendix B
<Strong>Application Guidance</Strong>
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B1This application guidance is organised into the following categories:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Performance obligations satisfied over time
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B2In accordance with paragraph 35, a performance obligation is satisfied over time if one of the following criteria is met:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Simultaneous receipt and consumption of the benefits of the entity's performance (paragraph 35(a))
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B3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B4For other types of performance obligations, an entity may not be able to readily identify whether a customer simultaneously receives and consumes the benefits from the entity's performance as the entity performs. In those circumstances, a performance obligation is satisfied over time if an entity determines that another entity would not need to substantially re-perform the work that the entity has completed to date if that other entity were to fulfil the remaining performance obligation to the customer. In determining whether another entity would not need to substantially re-perform the work the entity has completed to date, an entity shall make both of the following assumptions:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Customer controls the asset as it is created or enhanced (paragraph 35(b))
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B5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Entity's performance does not create an asset with an alternative use (paragraph 35(c))
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B6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Right to payment for performance completed to date (paragraph 35(c))
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B9In accordance with paragraph 37, an entity has a right to payment for performance completed to date if the entity would be entitled to an amount that at least compensates the entity for its performance completed to date in the event that the customer or another party terminates the contract for reasons other than the entity's failure to perform as promised. An amount that would compensate an entity for performance completed to date would be an amount that approximates the selling price of the goods or services transferred to date (for example, recovery of the costs incurred by an entity in satisfying the performance obligation plus a reasonable profit margin) rather than compensation for only the entity's potential loss of profit if the contract were to be terminated. Compensation for a reasonable profit margin need not equal the profit margin expected if the contract was fulfilled as promised, but an entity should be entitled to compensation for either of the following amounts:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B12In assessing the existence and enforceability of a right to payment for performance completed to date, an entity shall consider the contractual terms as well as any legislation or legal precedent that could supplement or override those contractual terms. This would include an assessment of whether:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Methods for measuring progress towards complete satisfaction of a performance obligation
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B14Methods that can be used to measure an entity's progress towards complete satisfaction of a performance obligation satisfied over time in accordance with paragraphs 35–37 include the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Output methods
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B15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Input methods
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B18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B19A shortcoming of input methods is that there may not be a direct relationship between an entity's inputs and the transfer of control of goods or services to a customer. Therefore, an entity shall exclude from an input method the effects of any inputs that, in accordance with the objective of measuring progress in paragraph 39, do not depict the entity's performance in transferring control of goods or services to the customer. For instance, when using a cost-based input method, an adjustment to the measure of progress may be required in the following circumstances:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Sale with a right of return
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B20In some contracts, an entity transfers control of a product to a customer and also grants the customer the right to return the product for various reasons (such as dissatisfaction with the product) and receive any combination of the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B21To account for the transfer of products with a right of return (and for some services that are provided subject to a refund), an entity shall recognise all of the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Warranties
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B28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B31In assessing whether a warranty provides a customer with a service in addition to the assurance that the product complies with agreed-upon specifications, an entity shall consider factors such as:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Principal versus agent considerations
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B34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B37Indicators that an entity is an agent (and therefore does not control the good or service before it is provided to a customer) include the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Customer options for additional goods or services
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B39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B42Paragraph 74 requires an entity to allocate the transaction price to performance obligations on a relative stand-alone selling price basis. If the stand-alone selling price for a customer's option to acquire additional goods or services is not directly observable, an entity shall estimate it. That estimate shall reflect the discount that the customer would obtain when exercising the option, adjusted for both of the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Customers' unexercised rights
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B44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Non-refundable upfront fees (and some related costs)
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B48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Licensing
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B52A licence establishes a customer's rights to the intellectual property of an entity. Licences of intellectual property may include, but are not limited to, any of the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B54If the promise to grant a licence is not distinct from other promised goods or services in the contract in accordance with paragraphs 26–30, an entity shall account for the promise to grant a licence and those other promised goods or services together as a single performance obligation. Examples of licences that are not distinct from other goods or services promised in the contract include the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B56If the promise to grant the licence is distinct from the other promised goods or services in the contract and, therefore, the promise to grant the licence is a separate performance obligation, an entity shall determine whether the licence transfers to a customer either at a point in time or over time. In making this determination, an entity shall consider whether the nature of the entity's promise in granting the licence to a customer is to provide the customer with either:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Determining the nature of the entity's promise
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B57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B58The nature of an entity's promise in granting a licence is a promise to provide a right to access the entity's intellectual property if all of the following criteria are met:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B62An entity shall disregard the following factors when determining whether a licence provides a right to access the entity's intellectual property or a right to use the entity's intellectual property:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Sales-based or usage-based royalties
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B63Notwithstanding the requirements in paragraphs 56–59, an entity shall recognise revenue for a sales-based or usage-based royalty promised in exchange for a licence of intellectual property only when (or as) the later of the following events occurs:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Repurchase agreements
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B64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B65Repurchase agreements generally come in three forms:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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A forward or a call option
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B66If an entity has an obligation or a right to repurchase the asset (a forward or a call option), a customer does not obtain control of the asset because the customer is limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset even though the customer may have physical possession of the asset. Consequently, the entity shall account for the contract as either of the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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A put option
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B70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Consignment arrangements
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B77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B78Indicators that an arrangement is a consignment arrangement include, but are not limited to, the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Bill-and-hold arrangements
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B79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B81In addition to applying the requirements in paragraph 38, for a customer to have obtained control of a product in a bill-and-hold arrangement, all of the following criteria must be met:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Customer acceptance
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B83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B85. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B86. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Disclosure of disaggregated revenue
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B87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B88When selecting the type of category (or categories) to use to disaggregate revenue, an entity shall consider how information about the entity's revenue has been presented for other purposes, including all of the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B89Examples of categories that might be appropriate include, but are not limited to, all of the following:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Appendix D
<Strong>Amendments to other Standards</Strong>
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IFRS 1 First-time Adoption of International Financial Reporting Standards
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39X. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Revenue
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D34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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IFRS 3 Business Combinations
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Contingent liabilities
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56.After initial recognition and until the liability is settled, cancelled or expires, the acquirer shall measure a contingent liability recognised in a business combination at the higher of:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Effective date
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64K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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IFRS 4 Insurance Contracts
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE AND TRANSITION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41G. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Payments in kind
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B7Applying the IFRS to the contracts described in paragraph B6 is likely to be no more burdensome than applying the IFRSs that would be applicable if such contracts were outside the scope of this IFRS:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Examples of insurance contracts
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B21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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IFRS 9 Financial Instruments (November 2009)
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3.1INITIAL RECOGNITION OF FINANCIAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.1.1.
<Strong>An entity shall recognise a financial asset in its statement of financial position when, and only when, the entity becomes party to the contractual provisions of the instrument (see paragraphs AG34 and AG35 of IAS 39). When an entity first recognises a financial asset, it shall classify it in accordance with paragraphs 4.1–4.5 and measure it in accordance with paragraphs 5.1.1-5.1.2.</Strong>
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5.1INITIAL MEASUREMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.1.
<Strong>Except for trade receivables within the scope of paragraph 5.1.2, at initial recognition, an entity shall measure a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, <Emphasis>transaction costs</Emphasis> that are directly attributable to the acquisition of the financial asset.</Strong>
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5.1.2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.4GAINS AND LOSSES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.4.1 A
<Emphasis>Dividends</Emphasis> are recognised in profit or loss only when:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Investments in equity instruments
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5.4.5.If an entity makes the election in paragraph 5.4.4, it shall recognise in profit or loss dividends from that investment in accordance with paragraph 5.4.1 A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.1EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.1.5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Gains and losses
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B5.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IFRS 9 Financial Instruments (October 2010)
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3.1INITIAL RECOGNITION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.1.1.
<Strong>An entity shall recognise a financial asset or financial liability in its statement of financial position when, and only when, the entity becomes party to the contractual provisions of the instrument (see paragraphs B3.1.1 and B3.1.2). When an entity first recognises a financial asset, it shall classify it in accordance with paragraphs 4.1.1–4.1.5 and measure it in accordance with paragraphs 5.1.1–5.1.3. When an entity first recognises a financial liability, it shall classify it in accordance with paragraphs 4.2.1 and 4.2.2 and measure it in accordance with paragraph 5.1.1.</Strong>
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4.2CLASSIFICATION OF FINANCIAL LIABILITIES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.2.1.
<Strong>An entity shall classify all financial liabilities as subsequently measured at amortised cost using the <Emphasis>effective interest method</Emphasis>, except for:</Strong>
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5.1INITIAL MEASUREMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.1.
<Strong>Except for trade receivables within the scope of paragraph 5.1.3, at initial recognition, an entity shall measure a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, <Emphasis>transaction costs</Emphasis> that are directly attributable to the acquisition or issue of the financial asset or financial liability.</Strong>
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5.1.3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2SUBSEQUENT MEASUREMENT OF FINANCIAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2.1.
<Strong>After initial recognition, an entity shall measure a financial asset in accordance with paragraphs 4.1.1–4.1.5 at fair value or amortised cost (see paragraphs 9 and AG5–AG8C of IAS 39).</Strong>
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5.7GAINS AND LOSSES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.7.1 A
<Emphasis>Dividends</Emphasis> are recognised in profit or loss only when:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Investments in equity instruments
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5.7.6.If an entity makes the election in paragraph 5.7.5, it shall recognise in profit or loss dividends from that investment in accordance with paragraph 5.7.1 A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.1EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.1.4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Continuing involvement in transferred assets
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B3.2.13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
All assets
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(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Gains and losses (section 5.7)
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B5.7.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IFRS 3 Business Combinations
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C5Paragraphs 16, 42, 53, 56 and 58(b) are amended to read as follows, paragraph 64A is deleted and paragraph 64D is added:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 39 Financial Instruments: Recognition and Measurement
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C42In Appendix A, paragraphs AG3–AG4 are amended to read as follows:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39)
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5.2SUBSEQUENT MEASUREMENT OF FINANCIAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2.1.
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IFRS 3 Business Combinations
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C5Paragraphs 16, 42, 53, 56 and 58(b) are amended to read as follows, paragraphs 64A and 64D are deleted and paragraph 64H is added:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 39 Financial Instruments: Recognition and Measurement
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C38In Appendix A, paragraphs AG3–AG4 are amended to read as follows:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 1 Presentation of Financial Statements
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Offsetting
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34.IFRS 15 <Emphasis>Revenue from Contracts with Customers</Emphasis> requires an entity to measure revenue from contracts with customers at the amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services. For example, the amount of revenue recognised reflects any trade discounts and volume rebates the entity allows. An entity undertakes, in the course of its ordinary activities, other transactions that do not generate revenue but are incidental to the main revenue-generating activities. An entity presents the results of such transactions, when this presentation reflects the substance of the transaction or other event, by netting any income with related expenses arising on the same transaction. For example:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>TRANSITION AND EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
139N. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 2 Inventories
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>SCOPE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
<Strong>This Standard applies to all inventories, except:</Strong>
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>DEFINITIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.Inventories encompass goods purchased and held for resale including, for example, merchandise purchased by a retailer and held for resale, or land and other property held for resale. Inventories also encompass finished goods produced, or work in progress being produced, by the entity and include materials and supplies awaiting use in the production process. Costs incurred to fulfil a contract with a customer that do not give rise to inventories (or assets within the scope of another Standard) are accounted for in accordance with IFRS 15 <Emphasis>Revenue from Contracts with Customers</Emphasis>.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Net realisable value
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29.Inventories are usually written down to net realisable value item by item. In some circumstances, however, it may be appropriate to group similar or related items. This may be the case with items of inventory relating to the same product line that have similar purposes or end uses, are produced and marketed in the same geographical area, and cannot be practicably evaluated separately from other items in that product line. It is not appropriate to write inventories down on the basis of a classification of inventory, for example, finished goods, or all the inventories in a particular operating segment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>DISCLOSURE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37.Information about the carrying amounts held in different classifications of inventories and the extent of the changes in these assets is useful to financial statement users. Common classifications of inventories are merchandise, production supplies, materials, work in progress and finished goods.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 12 Income Taxes
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Items recognised in profit or loss
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59.Most deferred tax liabilities and deferred tax assets arise where income or expense is included in accounting profit in one period, but is included in taxable profit (tax loss) in a different period. The resulting deferred tax is recognised in profit or loss. Examples are when:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 16 Property, Plant and Equipment
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>DERECOGNITION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69.The disposal of an item of property, plant and equipment may occur in a variety of ways (eg by sale, by entering into a finance lease or by donation). The date of disposal of an item of property, plant and equipment is the date the recipient obtains control of that item in accordance with the requirements for determining when a performance obligation is satisfied in IFRS 15. IAS 17 applies to disposal by a sale and leaseback.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72.The amount of consideration to be included in the gain or loss arising from the derecognition of an item of property, plant and equipment is determined in accordance with the requirements for determining the transaction price in paragraphs 47–72 of IFRS 15. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in IFRS 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81J. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 32 Financial Instruments: Presentation
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE AND TRANSITION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97Q. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Contracts to buy or sell non-financial items (paragraphs 8–10)
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AG21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 34 Interim Financial Reporting
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Significant events and transactions
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15BThe following is a list of events and transactions for which disclosures would be required if they are significant: the list is not exhaustive.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Other disclosures
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16A
<Strong>In addition to disclosing significant events and transactions in accordance with paragraphs 15–15C, an entity shall include the following information, in the notes to its interim financial statements, if not disclosed elsewhere in the interim financial report. The information shall normally be reported on a financial year-to-date basis.</Strong>
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 36 Impairment of Assets
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>SCOPE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
<Strong>This Standard shall be applied in accounting for the impairment of all assets, other than:</Strong>
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>TRANSITION PROVISIONS AND EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140L. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>SCOPE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.When another Standard deals with a specific type of provision, contingent liability or contingent asset, an entity applies that Standard instead of this Standard. For example, some types of provisions are addressed in Standards on:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 38 Intangible Assets
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>SCOPE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.If another Standard prescribes the accounting for a specific type of intangible asset, an entity applies that Standard instead of this Standard. For example, this Standard does not apply to:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>RETIREMENTS AND DISPOSALS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
114.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
116.The amount of consideration to be included in the gain or loss arising from the derecognition of an intangible asset is determined in accordance with the requirements for determining the transaction price in paragraphs 47–72 of IFRS 15. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in IFRS 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>TRANSITIONAL PROVISIONS AND EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
130K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 39 Financial Instruments: Recognition and Measurement
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>SCOPE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
<Strong>This Standard shall be applied by all entities to all types of financial instruments except:</Strong>
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2A
<Strong>The impairment requirements of this Standard shall be applied to those rights that IFRS 15 specifies are accounted for in accordance with this Standard for the purposes of recognising impairment losses.</Strong>
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>DEFINITIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
<Strong>…</Strong>
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Initial measurement of financial assets and financial liabilities
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43.
<Strong>Except for trade receivables within the scope of paragraph 44A, when a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.</Strong>
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44ANotwithstanding the requirement in paragraph 43, at initial recognition, an entity shall measure trade receivables that do not have a significant financing component (determined in accordance with IFRS 15) at their transaction price (which is defined in IFRS 15).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Subsequent measurement of financial liabilities
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47.
<Strong>After initial recognition, an entity shall measure all financial liabilities at amortised cost using the effective interest method, except for:</Strong>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Gains and losses
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55.
<Strong>A gain or loss arising from a change in the fair value of a financial asset or financial liability that is not part of a hedging relationship (see paragraphs 89–102), shall be recognised, as follows.</Strong>
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55A
<Emphasis>Dividends</Emphasis> are recognised in profit or loss only when:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE AND TRANSITION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103T. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>SCOPE (PARAGRAPHS 2–7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AG4Financial guarantee contracts may have various legal forms, such as a guarantee, some types of letter of credit, a credit default contract or an insurance contract. Their accounting treatment does not depend on their legal form. The following are examples of the appropriate treatment (see paragraph 2(e)):. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Effective interest rate
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AG8A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AG8BFees that are an integral part of the effective interest rate of a financial instrument include:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AG8CFees that are not an integral part of the effective interest rate of a financial instrument and are accounted for in accordance with IFRS 15 include:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
Continuing involvement in transferred assets
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AG48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
All assets
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(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>
IAS 40 Investment Property
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>CLASSIFICATION OF PROPERTY AS INVESTMENT PROPERTY OR OWNER-OCCUPIED PROPERTY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.The following are examples of items that are not investment property and are therefore outside the scope of this Standard:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>DISPOSALS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67.The disposal of an investment property may be achieved by sale or by entering into a finance lease. The date of disposal for investment property is the date the recipient obtains control of the investment property in accordance with the requirements for determining when a performance obligation is satisfied in IFRS 15. IAS 17 applies to a disposal effected by entering into a finance lease and to a sale and leaseback.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70.The amount of consideration to be included in the gain or loss arising from the derecognition of an investment property is determined in accordance with the requirements for determining the transaction price in paragraphs 47–72 of IFRS 15. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in IFRS 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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IFRIC 12 Service Concession Arrangements
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Recognition and measurement of arrangement consideration
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13.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Construction or upgrade services
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14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Consideration given by the grantor to the operator
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15.If the operator provides construction or upgrade services the consideration received or receivable by the operator shall be recognised in accordance with IFRS 15. The consideration may be rights to:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Operation services
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20.The operator shall account for operation services in accordance with IFRS 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Items provided to the operator by the grantor
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27.In accordance with paragraph 11, infrastructure items to which the operator is given access by the grantor for the purposes of the service arrangement are not recognised as property, plant and equipment of the operator. The grantor may also provide other items to the operator that the operator can keep or deal with as it wishes. If such assets form part of the consideration payable by the grantor for the services, they are not government grants as defined in IAS 20. Instead, they are accounted for as part of the transaction price as defined in IFRS 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>CONSENSUS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.The requirements in IFRS 15 shall be applied to the facts and circumstances of each arrangement in determining when to recognise a fee as income that an Entity might receive. Factors such as whether there is continuing involvement in the form of significant future performance obligations necessary to earn the fee, whether there are retained risks, the terms of any guarantee arrangements, and the risk of repayment of the fee, shall be considered. Indicators that individually demonstrate that recognition of the entire fee as income when received, if received at the beginning of the arrangement, is inappropriate include:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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SIC-32 Intangible Assets—Web Site Costs
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<CommentaryRef Ref="key-2f2321a99683dd7bce35f321e56ca209"/>EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .