December 4, 2019

The very attribute of a derivative is that it has no value of its own. Yet, this instrument is expected to bring considerable volatility to an entity’s financial statements – specifically the balance sheet. The question arises as to what causes a derivative to create s...

November 8, 2019

Wondering what management accounting comprises of? Well, it covers practically all information including MIS (Management Information System), Budgeting, Costing, Financial Reporting, Dashboards, snapshots and all data that flows in different formats and numbers. Howeve...

December 21, 2018

IAS 12: Income Tax

Examples of Temporary Difference – Deductible Temporary Differences

The following are examples of deductible temporary differences that result in deferred tax assets:

(a) retirement benefit costs may be deducted in determining accounting profit as servi...

December 16, 2018

Sale and Leaseback Transactions (IFRS 16)

A sale and leaseback transaction involves the transfer of an asset by an entity (the seller-lessee) to another entity (the buyer-lessor) and the leaseback of the same asset by the seller-lessee. Because IFRS 16 requires lessees...

December 13, 2018

Illustration 1

Retail store chain

Background

Store X belongs to a retail store chain M. X makes all its retail purchases through M’s purchasing centre. Pricing, marketing, advertising and human resources policies (except for hiring X’s cashiers and sales staff) are decide...

December 11, 2018

IFRIC 12
Features of Service Concession Arrangements

The grantor is a public sector entity, including a governmental body, or a private sector entity to which the responsibility for the service has been devolved.
• The operator is responsible for at least some of the ma...

November 29, 2018

IFRS 15: Definition of a customer

Put simply, a customer is the party that purchases an entity’s goods or services. In many transactions, a customer is easily identifiable. However, where transactions involve multiple parties, it may be less clear which counterparties a...

September 25, 2018

Expenditure on the research phase

Research means trying out different possibilities and checking their outcomes. It has an element of trial and error. People expect a particular outcome but are not certain about it. Examples of research expenditure are activities aimed...

November 15, 2017

Scenario 5

The management of Steelcast is of the view that they should create a limited edition watch for the premium segment. The watches can be procured for a low price material from a vendor from another country who will polish the skin of the watches to ensure that...

November 13, 2017

ZX has invested into the new office at the Central location. However, the space is taken on a long term lease. ZX does not wish to show the investments in the new office explaining that they have not owned the office, but taken it on lease only. Also, the office needs...

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