Performance Measurement and Reporting

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Anonymous
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299572
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Performance Measurement and Reporting
Updated:
2015-03-30 22:51:47
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Recognition Measurement
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Financial Reporting
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  1. IFRS 3 Business Combinations

    Acquisition Method 
         Purchase price allocation
    • Measured at FV of consideration given up. 
    • Purchase price less assets and liabilities = goodwill
    • Measure identifiable assets and liabilities at their acquisition date FV
  2. IFRS 3 Business Combinations

    Acquisition related costs
    Not considered as part of the purchase price allocation; instead they are expensed in profit/loss
  3. IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations

    Measurement
    Lower of carrying amount or FV less costs to sell
  4. IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations

    Costs to sell
    • - Only incremental costs directly related to disposal of an asset
    • - If sale is to occur beyond one year, compute PV of costs to sell
    • - Increase in PV of costs to sell, record as financing cost in P/L
  5. IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations

    Should asset be amortized?
    Asset should not be amortized while classified as held for sale
  6. IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations

    Interest and other expenses
    Interest and other expenses attributable to the liabilities of a disposal group should continue to be accrued
  7. IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations

    Changes to a plan of sale
    • Reclassify as held and used
    • Value asset at lower of: 
    • - Carrying amount before it was classified as held for sale, less amortization expense which would have been recorded, or 
    • - Recoverable amount
  8. IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations

    Presentation of Discontinued Operations
    • - Report separately on stmt of comprehensive income for current and  prior periods net of tax
    • - Disclose cash flows attributable to O, I & F activities
  9. IFRS 10 Consolidated Financial Statements

    When is it required?
    Parent must present consolidated F/S which includes all subsidiaries.
  10. IFRS 10 Consolidated Financial Statements

    Subsdiary
    - entity, including a partnership, controlled by another entity
  11. IFRS 10 Consolidated Financial Statements

    Control
    • Must have all of the following: 
    • - Power over the investee
    • - Exposure to variable returns from involvement with the investee
    • - Ability to affect the amount of the investor's returns
  12. IFRS 10 Consolidated Financial Statements

    When consolidated F/S not required?
    • - Parent is a subsidiary and its owners don't object. 
    • - Parent's debt or equity instruments are not traded in a public market. 
    • - Parent has not filed with a securities commission or other regulatory organization
    • - Ultimate parent presents consolidated F/S
  13. IFRS 10 Consolidated Financial Statements

    Consolidated Balance Sheet
    • - Investment account replaced by identifiable assets & liabilities of the subsidiary, the non-controlling interest and goodwill (100% subsidiary)
    • - Eliminate intercompany balances
    • - Eliminate unrealized intercompany gains/losses
  14. IFRS 10 Consolidated Financial Statements

    Consolidated Income Statement
    • - Revenue and expenses (100% subsidiary)
    • - Eliminate intercompany transactions
    • - Non-controlling interest shown as deduction to arrive at consolidated net income

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