Therefore, under IAS 18, ManyBits’ revenue from this particular contract in the year 20X1 is 29% (stage of completion) x CU 55 000 (total contract price) =CU 15 950. Sure, I used some rounding, but you get the picture. Is it the same under IFRS 15? Revenue under the new rules ...
For US GAAP, all property is included in the general category of Property, Plant and Equipment (PP&E). Under IFRS, when the property is held for rental income or capital appreciation the property is separated from PP&E as Investment Property. Biological Assets Under US GAAP, harvestable plants ...
Assets held for leasing out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see Note 15 "Property, plant and equipment"). Rental income from operating leases (e.g. aircraft) is recorded as revenue on a straight-line basis over...
Business purpose B85B The definition of an investment entity requires that the purpose of the entity is to invest solely for capital appreciation, investment income (such as dividends, interest or rental income), or both. Documents that indicate what the entitys investment objectives are, such as...
Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term. I Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in-first-out (FIFO) method. The cost of finished goods...
A Holding company owns entire land and buildings for all its group companies and has created a subsidiary that manages all its land and buildings. The subsidiary charges rent from all group companies and treat it as its income. The rental income sits in that subsidiary books alone. From the...
10% materiality thresholds (as a ratio to revenue, assets or net income). Reportable segments must equal at least 75% of consolidated revenue. 15 ADOPTION OF IAS IN THE EU BY JANUARY 2005 AND MICROSOFT DYNAMICS NAV MICROSOFT DYNAMICS NAV FUNCTIONALITY RELATED TO IAS 14 Microsoft Dynamics NAV ...
The Board also clarifies the meaning of “testing,” defined as “assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes. ...
For example, the SPPI criterion is not met for a loan to a property developer on which interest is payable only if specified rental income is received. However, it appears that a financial asset that represents a full or pro rata share in the contractual cash flows of an underlying ...
8 o Receivables - bad debts 9 o Inventories 9 o Designated loans 9 o Agriculture 9 - Liabilities 9 - Revenue 9-10 - Other income statement items o Pre-operating expenses 10 o Borrowing costs 10-11 o Government grants 12 o Income tax 13 o Tax refunds 13 o Staff bonus and welfare ...