IFRS 9 Financial Instruments has fundamentally reshaped the accounting landscape for financial assets and liabilities, bringing a more principles-based and forward-looking approach. This article delves into the key aspects of IFRS 9, including its scope, classification and measurement, impairment model, hedge accounting, and its implications for the public sector and SMEs. Scope of IFRS 9 […]
IFRS 9 Financial Instruments Read Post »
This blog summarizes the key aspects of IFRS 17 “Insurance Contracts,” focusing on its implementation and implications. 2. Measurement Models 3. Grouping of Contracts 4. Discount Rates 5. Contractual Service Margin (CSM) 6. Risk Adjustment for Non-Financial Risk 7. Presentation and Disclosure 8. Transition to IFRS 17 9. System and Cost Implications 10. Interaction with
IFRS 17 Insurance Contract Read Post »
This blog summarizes the important ideas related to IFRS 15, “Revenue from Contracts with Customers,” with a particular focus on identifying performance obligations, the concept of distinct goods and services, the nature of licenses, and repurchase agreements. 1. Core Principle and the 5-Step Model: IFRS 15 establishes a comprehensive framework for recognizing revenue from contracts
IFRS 15 Revenue from Contracts with Customers Read Post »
This blog summarizes the important ideas regarding IFRS 16 Leases, which became effective for periods beginning on or after 1 January 2019. The standard significantly changed lease accounting, primarily for lessees. Core Definition: A lease is defined as a contract that conveys the right to use an asset for a period of time in exchange
IFRS 16 Leases – Key Themes and Concepts Read Post »
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