Property, Plant and Equipment

Property, Plant and Equipment (PPE)

PPE – Introduction

17.1 Property, Plant and Equipment applies to accounting for property, plant and equipment and accounting for investment property whose fair value cannot be measured reliably without undue cost or effort on an ongoing basis. Investment Property applies to investment property whose fair value can be measured reliably without undue cost or effort.… Continue reading

Basic Financial Instruments 5

Disclosures

Disclosures for financial liabilities measured at fair value through profit or loss

The following disclosures make reference to disclosures for financial liabilities measured at fair value through profit or loss. Entities that have only basic financial instruments (and therefore do not apply Other Financial Instrument Issues ) will not have any financial liabilities measured at fair value through profit or loss and hence will not need to provide such disclosures.

Disclosure of accounting policies for financial instruments

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Basic Financial Instruments 4

Derecognition of a financial asset

Only derecognition of a financial assets when either

An entity shall derecognise a financial

  1. the contractual rights to the cash flows from the financial asset expire or are settled;
  2. the entity transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or
  3. the entity, despite having retained some significant risks and rewards of ownership, has transferred
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The Objective of General Purpose Financial Reporting

The Objective of General Purpose Financial Reporting is the basis of the Conceptual Framework.

In addition the 2018 revised Conceptual Framework sets out:

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