Annual IFRS update delivered by Paul Rhodes to partners and managers group at Crowe Soberman LLP.
Topics covered are two of the big shiny new standards: Financial Instruments IFRS 9; Revenue IFRS 15 plus an update of other standards changes
Finance assignment globalization and cross-border business relationsTotal Assignment Help
This Finance Assignment reviews the important of increased globalization and cross-border business relations have made it mandatory for the financial reports of different countries to communicate a similar language. This is achieved through the convergence to IFRS which makes interpretation of financial statements easier and more apt to suit the business requirements.
Annual update deliver by Paul Rhodes to the IFRS staff group at Crowe Soberman LLP.
Topics covered were estimation and judgment calls for functional currency; strategic investments; business combinations; impairments and going concern
Impacts of IFRS Adoption on Financial Statements: Issues & Challenges - Chartered Institute of Bankers of Nigeria (CIBN) workshop on IFRS Abuja - 28 - 29th July , 2016
Annual IFRS update delivered by Paul Rhodes to partners and managers group at Crowe Soberman LLP.
Topics covered are two of the big shiny new standards: Financial Instruments IFRS 9; Revenue IFRS 15 plus an update of other standards changes
Finance assignment globalization and cross-border business relationsTotal Assignment Help
This Finance Assignment reviews the important of increased globalization and cross-border business relations have made it mandatory for the financial reports of different countries to communicate a similar language. This is achieved through the convergence to IFRS which makes interpretation of financial statements easier and more apt to suit the business requirements.
Annual update deliver by Paul Rhodes to the IFRS staff group at Crowe Soberman LLP.
Topics covered were estimation and judgment calls for functional currency; strategic investments; business combinations; impairments and going concern
Impacts of IFRS Adoption on Financial Statements: Issues & Challenges - Chartered Institute of Bankers of Nigeria (CIBN) workshop on IFRS Abuja - 28 - 29th July , 2016
This presentation looks at IFRS 9 and FASB reporting in terms of credit losses for financial instruments. The IFRS 9 is in full effect January 1, 2018 for those companies that report under IASB.
IFRS 9 – What is the purpose of (Financial Reporting Standards) IFRS 9?Zabeel Institute
IFRS 9 is an International Financial Coverage Standard (IFRS) published by the International Audit Requirement Board (IASB). It includes 3 main subjects: category and measurement of economic tools, disability of financial properties, and hedge bookkeeping.
This presentation looks at IFRS 9 and FASB reporting in terms of credit losses for financial instruments. The IFRS 9 is in full effect January 1, 2018 for those companies that report under IASB.
IFRS 9 – What is the purpose of (Financial Reporting Standards) IFRS 9?Zabeel Institute
IFRS 9 is an International Financial Coverage Standard (IFRS) published by the International Audit Requirement Board (IASB). It includes 3 main subjects: category and measurement of economic tools, disability of financial properties, and hedge bookkeeping.
Overview of BFRS 15
BFRS 15 specifies more specifically:
- how and when an entity shall recognise revenue;
- require entities to provide users of financial statements with more informative, relevant disclosures; and
- provides a single, principles based five-step model to be applied to all contracts with customers
The package of improvements introduced by BFRS 15 includes:
- a methodical approach (how);
- a principle oriented guideline on timing (when);
- more disclosure with specific & decisive information; and
- a substantially a single, principles based five-step model
[similar approach of FASB pronouncement few often adopted by IASB under Norwalk agreement of convergence between standards issued by two major bodies (IASB & FASB)]
BFRS 15 is expected to assist user more specifically with directive & guidelines to cater the new/changed pattern of business & evolution (since issuance of BAS 18, BAS 11 & others IFRIC & SIC). This new standard shall assist prepares/reviewer of financial statements with detail guidelines to encounter the prevailing gap which was not exhaustively covered through existing standards. Surely this standards shall bring together all aspects of:
- The accounting of revenue from contracts; and
- Qualitative disclosure
Together with these above mentioned improvements/changes in BFRS 15, will enhance the credibility of financial statements & better understanding by the users.
IASB stand that the new Standard will enhance investor confidence in regard to revenue and the financial system as a whole
The blog provide some key insights on the subject – as to how to compute EIR for fixed or floating rate instruments, how to compute EIR for products which involves both interest income and fee income, what are the challenges which banks might face while computing EIR, what are the operational simplifications which banks might consider while computing EIR.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
1. Tuyen Caki http://financialstreet.blogspot.com/Tuyen Caki
1 http://financialstreet.blogspot.com/
VAS- IFRS conversion: Financial instrument
Under IFRS, Financial instrument is regulated by four accounting standards. But for the FY 2012, only
three standards have applied as following :
IAS 39: Recognition and Measurement (superseded by IFRS 9 effective 01 January 2015)
IAS 32: Presentation (disclosure provisions superseded by IFRS 7 effective 2007)
IFRS 7: Disclosure
Under VAS, there is only guideline about Disclosures of financial instruments that regulated by No.
210/2009/TT-BTC effective 2011. However, scope of this IFRS coversion has converted reports which
are only related to converting BS and PL and does not involve disclosure.
Therefore, only IAS 39 is applicable in this engagement.
Note:
FA : Financial assets
FL : Financial liabilities
FVTPL: Fair value through profit and loss
2. Tuyen Caki http://financialstreet.blogspot.com/Tuyen Caki
2 http://financialstreet.blogspot.com/
# Account
balance
VAS IFRS Conclusion
Classificati
on
Accounting treatment
Initial
recogniti
on
Subsequ
ent
recogniti
on
1 Cash Historic
al cost
Loan and
receivable –
amortised
cost
Fair value Amortised
cost using
the
effective
interest
method
(EIR)
No difference
2 Short-term
investment
(There are all
deposit
accounts)
Historic
al cost
Loan and
receivable –
amortised
cost
Fair value Amortised
cost using
the
effective
interest
method
(EIR)
No difference
3 Trade account
receivable/Adva
nce to supplier
(All account
receivable is
short maturity
and no state
interest)
Historic
al cost
Loan and
receivable –
amortised
cost
Fair value Amortised
cost using
the
effective
interest
method
(EIR)
The Gap:
- Account receivable
may be impaired
- Amortised cost may
differ historical cost
Procedure:
- Test impairment and
evaluate the amount of
account receivable
using amortised cost
(if any)
4 Other account
receivable
(Receivable
from customers
for provided
goods and
services )
Historic
al cost
Loan and
receivable –
amortised
cost
Fair value Amortised
cost using
the
effective
interest
method
(EIR)
The Gap and
procedure as Account
receivable above
5 Investment in
associates/Joint
-ventures
Historic
al cost
Out of
scope of
IAS 39
Out of
scope of
IAS 39
Out of
scope of
IAS 39
Refer to other IAS (IAS
28, IAS 31)
6 Other long-term
investment
(Contribute
capital to some
companies and
a project as a
Joint
Arrangement)
Historic
al cost
Out of
scope of
IAS 39
Out of
scope of
IAS 39
Out of
scope of
IAS 39
3. Tuyen Caki http://financialstreet.blogspot.com/Tuyen Caki
3 http://financialstreet.blogspot.com/
7 Loan (Long-
term loan and
Current
proportion of
long-term loan)
-)
Historic
al cost
FL -
Amortised
cost
Fair value Amortised
cost using
the
effective
interest
method
(EIR)
The Gap:
- Initial measurement
may not be at FV
- Effective interest rate
differs interest rate on
loan
contract/convenants
The procedure
- Check the intial
record of this loan
- Subsequently
measure this loan
using EIR
8 Trade payable
(All trade
payable is short
maturity and no
state interest)
Historic
al cost
FL -
Amortised
cost
Fair value Amortised
cost using
the
effective
interest
method
(EIR)
All trade payable is
short maturity and no
state interest .
Therefore, no
difference in measure
under IFRS or under
VAS.
9 Accrued
expenses
Historic
al cost
FL -
Amortised
cost
Fair value Amortised
cost using
the
effective
interest
method
(EIR)
It is short-term accrual
payable without
interest implication. It
should be measured at
cost. Therefore, no
difference in measure
under IFRS or under
VAS.
10 Provision cost Historic
al cost
Out of
scope of
IAS 39
Out of
scope of
IAS 39
Out of
scope of
IAS 39
11 Owners'
contributed
capital
Historic
al cost
Equity
instruments
IAS 39 does not
address accounting for
equity instruments
issued by the reporting
enterprise but it does
deal with accounting
for financial liabilities,
classification of an
instrument as liability
or as equity is critical
There are no active
market or observable
to measure. These
items should be
measure at cost
There is a fund that
not probally settlement
by cash need to adjust
3276
13 Other funds Historic
al cost
Equity
instruments
Technical literature
1. Embedded derivatives
An embedded derivative is a feature within a contract, such that the cash flows associated with that
feature behave in a similar fashion to a stand-alone derivative. In the same way that derivatives must
be accounted for at fair value on the balance sheet with changes recognised in the income statement,
so must some embedded derivatives. IAS 39 requires that an embedded derivative be separated from
its host contract and accounted for as a derivative when: [IAS 39.11]
the economic risks and characteristics of the embedded derivative are not closely related to
those of the host contract
a separate instrument with the same terms as the embedded derivative would meet the
definition of a derivative, and
the entire instrument is not measured at fair value with changes in fair value recognised in the
income statement
>> > At ABC there are no contracts with embedded derivatives.
4. Tuyen Caki http://financialstreet.blogspot.com/Tuyen Caki
4 http://financialstreet.blogspot.com/
2. Classification of financial assets
For the purpose of measuring a financial asset after initial recognition, this Standard classifies financial
assets into the following four categories [IAS 39.45]
Financial assets at fair value through profit or loss
Available-for-sale financial assets
Loans and receivables
Held-to-maturity investments
>>> In ABC, financial instruments are not classified to measurement, therefore it is necessary to
classify and compute subsequent measurement of financial assets.
3. Classification of financial liabilities
IAS 39 recognises two classes of financial liabilities: [IAS 39.47]
Financial liabilities at fair value through profit or loss
Other financial liabilities measured at amortised cost using the effective interest method
>>> In ABC, there is only financial liabilities measured at amortised cost using the effective
interest method.
4. Initial measurement
Initially, financial assets and liabilities should be measured at fair value (including transaction costs, for
assets and liabilities not measured at fair value through profit or loss). [IAS 39.43]
>>> In ABC, all transaction costs were made up the cost of investment.
5. Measurement subsequent to initial recognition
Subsequently, financial assets and liabilities (including derivatives) should be measured at fair value,
with the following exceptions: [IAS 39.46-47]
Loans and receivables, held-to-maturity investments, and non-derivative financial liabilities
should be measured at amortised cost using the effective interest method.
Investments in equity instruments with no reliable fair value measurement (and derivatives
indexed to such equity instruments) should be measured at cost.
Financial assets and liabilities that are designated as a hedged item or hedging instrument
are subject to measurement under the hedge accounting requirements of the IAS 39.
Financial liabilities that arise when a transfer of a financial asset does not qualify for
derecognition, or that are accounted for using the continuing-involvement method, are subject
to particular measurement requirements.
>>> In ABC, all financial instruments were measured at cost, therefore it is necessary to evaluate the
appropriate to measure subsequently at cost or fair value and make adjustment.
6. IAS 39 fair value option [IAS 39.9]
IAS 39 permits entities to designate, at the time of acquisition or issuance, any financial asset or
financial liability to be measured at fair value, with value changes recognised in profit or loss.
>>> It is not applicable to ABC.
5. Tuyen Caki http://financialstreet.blogspot.com/Tuyen Caki
5 http://financialstreet.blogspot.com/
7. Impairment [IAS 39.63]
A financial asset or group of assets is impaired, and impairment losses are recognised, only if there is
objective evidence as a result of one or more events that occurred after the initial recognition of the
asset. An entity is required to assess at each balance sheet date whether there is any objective
evidence of impairment.
>>> ABC has not tested impairment of financial instrument. But all receivable accounts and
investment classified under IAS 39 has not impaired.
8. Financial guarantees
A financial guarantee contract is a contract that requires the issuer to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due.
[IAS 39.9]
>>> It is not applicable to ABC
9. Derecognition of a financial asset
The basic premise for the derecognition model in IAS 39 is to determine whether the asset under
consideration for derecognition is: [IAS 39.16]
an asset in its entirety or
specifically identified cash flows from an asset or
a fully proportionate share of the cash flows from an asset or
a fully proportionate share of specifically identified cash flows from a financial asset
>>> In ABC, there are no financial asset/financial liabilities that meet the conditions for derecognition
for FY 2012
10. Derecognition of a financial liability
A financial liability should be removed from the balance sheet when, and only when, it is extinguished,
that is, when the obligation specified in the contract is either discharged or cancelled or expires.
[IAS 39.39]
>>> In ABC, there are no financial asset/financial liabilities that meet the conditions for derecognition
for FY 2012
11. Hedge accounting [IAS 39.71]
>>> It is not applicable to ABC
Analysis
Accounting
Standards
• IFRS International Accounting Standard 39 (IAS 39)
Balance sheet • Recognise all financial instruments at cost
• Not perform test impairment
• Transaction cost of investment (measure at FVTPL) include in cost of
investment
6. Tuyen Caki http://financialstreet.blogspot.com/Tuyen Caki
6 http://financialstreet.blogspot.com/
Income Statement • Not record impairment los s
Impact • The amount of financial assets and liabilities on balance sheet may be
fairly presented under IAS 39 rather than VAS.
• The amount of financial expense and income were fairly recorded.
To test measure of financial instruments we follow these steps:
- Obtain all information related to the instruments; company’s policies about financial instruments.
- Determine whether the applicable interest rate is market rate, if not, re-determine market rate to
fair value the instrument.
- Identify whether there is discount/premium, transaction fee, special payment structure leading to
the nominal interest rate be different from EIR for purpose of amortized cost application.
- Identify any potential embedded derivatives
- Identify those with indicators of specific impairment (such as: overdue , restructured, subject to
adverse information) to perform impairment test investment/account receivable.
In case of some available measures (Ex: independent model/guidance or the Company's itself) to
compute fair value, fair value was calculate base on whichever is more prudent.