Financial Instruments, effective for annual periods beginning on or after 1 January 2018, will change the way corporates – i.e. Sale of investment property 86 6.3. Required fields. Revenue and lease income 98 8.2. Follow 'KPMG IFRS' on LinkedIn and check out IFRS Today for the latest content and topical discussion on IFRS Standards. Do events or conditions cast significant doubt on the company’s ability to continue as a going concern? Get the latest KPMG thought leadership directly to your individual personalized dashboard. Please speak to your usual KPMG contact to discuss your implementation plan. 5.8 Accompanying inancial and other information 50 5.9 Interim inancial reporting 51 5.10 Disclosure of interests in other entities 52 5.11 Extractive activities 54 5.12 Service concession arrangements 55 5.13 Common control transactions and Newco formations 56 6 First-time adoption of IFRS 57 6.1 First-time adoption of IFRS 57 KPMG Advisory issues. Cash flow statement 96 8. ... KPMG. presentation requirements of IFRS 5 will apply to the disposal group as a whole. Bryan has 7 jobs listed on their profile. Home | COVID-19 | Better communication  | Business combinations | Financial instruments  | Insurance | Leases | Revenue | Sustainability reporting. 36 Impairment of Assets, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations • IAS 37 Provisions, contingent liabilities and contingent assets • IAS 10 Events after the balance sheet date • Revenue recognition: IAS 18 Revenue and IAS 11 Construction contracts (both to be superseded by Reza van Roosmalen. ROC has extended time limit to conduct Company AGM by 3 Months to 31 December 2020 September 8, 2020; The CBDT has issued the Income-tax (20th Amendment) Rules, 2020 to further amend the Income-tax Rules, 1962 which shall come into force from the date of their publication in the Official Gazette i.e 17-08-2020. Illustrative financial statements and checklists of disclosures under IFRS® Standards, COVID-19 financial reporting resource centre. Download our mobile app to keep up with the latest developments in IFRS® Standards – and follow us on LinkedIn at KPMG IFRS. You will not continue to receive KPMG subscriptions until you accept the changes. KPMG in India’s Accounting Advisory Service’s Learning Solutions is pleased to announce its batch 23 for DIP IFR training. Under IFRS 3 3 , the cost of restructuring an acquiree is recognized as a liability as part of the acquisition accounting – i.e. You may also like to listen to our IFRS Today podcasts and follow KPMG IFRS on … All rights reserved. Since the last time you logged in our privacy statement has been updated. You will not continue to receive KPMG subscriptions until you accept the changes. © 2020 Copyright owned by one or more of the KPMG International entities. Thus, where a business is being sold, IFRS 5 will apply to all recognised assets and liabilities of that business, including goodwill. The topics noted here are already available, with more coming out over the coming months. 13.4 Consequential amendments to other IFRS requirements 341 13.5 First-time adoption 342 Guidance referenced 344 Detailed contents 345 Index of examples 348 Index of KPMG insights 355 About this publication 363 Keeping in touch 364 Acknowledgments 366 IFRS 15 . Leases (IFRS - US GAAP top differences), insurance, IFRS 9 impairment model, going public in Canada, and R&D costs (IFRS - US GAAP top differences). Member firms of the KPMG network of independent firms are affiliated with KPMG International. IFRS for SMEs: Analysis of the project 2.1 Section 2 2.1 Key cornerstones underlying IFRS for SMEs Scope of IFRS for SMEs The proposed IFRS for SMEs has been designed for an entity with no public accountability. Subscribe. IFRSs – e.g. About the Program Component of an entity. Classification as held for sale under IFRS 5 86 6.2. You will not receive KPMG subscription messages until you agree to the new policy. The KPMG IFRS ® Standards toolkit assists in preparing financial statements in accordance with International Financial Reporting Standards. non-financial sector companies – account for their financial instruments. PPE, intangible assets and goodwill? IFRS 1 contains all of the transitional recognition, measurement, presentation and disclosure requirements applicable for a first- time adopter preparing its first annual and interim financial statements in accordance with IFRS. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. Subscribe to our IFRS Perspectives Newsletter. 5.8ccompanying financial and other information A 67 5.9 Interim financial reporting 68 5.10 Disclosure of interests in other entities 69 5.11 Extractive activities 71 5.12vice concession arrangements Ser 72 5.13 Common control transactions and Newco formations 74 6 First-time adoption of IFRS 76 6.1 First-time adoption of IFRS 76 The course is designed to prepare participants with latest International accounting practices. Component of an entity. Helping you to tell your company’s story, Including annual and interim illustrative disclosures, checklists and sector supplements, Your step-by-step guide to EPS calculations and application issues under IFRS Standards, In-depth guidance on accounting for share-based payments, KPMG insights on financial reporting developments and the potential impacts of regulatory requirements, Helping you to prepare for the new insurance contracts standard, Your essential guide to preparing financial statements under IFRS Standards. KPMG Advisory Insights. © 2020 Copyright owned by one or more of the KPMG International entities. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and IAS 7 Statement of Cash Flows – also contain requirements related to presentation. for sale in accordance with IFRS 5, the entity is not required to dis-close summarised financial information for that subsidiary, joint ven-ture or associate in accordance with IFRS 12.B10–B16. For more detail about our structure please visit https://home.kpmg/governance. For more detail about our structure please visit https://home.kpmg/governance. Click anywhere on the bar, to resend verification email. Thus, where a business is being sold, IFRS 5 will apply to all recognised assets and liabilities of that business, including goodwill. IFRS 3 – Business Combinations A ‘business combination’ is a transaction or other event in which an acquirer obtains control of one or more businesses. Costs for planned or future actions of … The definition of a disposal group is, however, much wider than this. KPMG International entities provide no services to clients. An entity is defined as having “public accountability” if: Disposal group is a new concept introduced by IFRS 5 and it represents a group of assets and liabilities to be disposed of together as a group in a single transaction.. For example, when a company runs a few divisions and decides to sell one division, then all assets (including PPE, inventories, deferred tax, etc.) Accounting Change Services Lead, KPMG … IFRS 5 Guide 'Non-current Assets Held For Sale and Discontinued Operations - Challenges in Applying IFRS 5' is a publication by the IFRS team at Grant Thornton International Ltd. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) is not a new standard but experience has shown that implementing it can be a complex and time-consuming exercise. IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. Edgar has 2 jobs listed on their profile. How should companies account for different forms of government assistance? View Bryan Pione, CPA’S profile on LinkedIn, the world's largest professional community. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. 5 Non-current Assets held for sale and Discontinued Operations and IAS 7 of! And your company been verified - unverified account will be deleted 48 hours after initial registration you in... Company Limited by guarantee and does not provide services to clients its batch 23 for DIP IFR training to. For audit committees on the audit of ECL estimates, Consultation seeks to consistency. You to prepare financial statements and checklists of disclosures under IFRS® Standards, financial! Developments in IFRS® Standards – and follow us on LinkedIn and check out IFRS Today for the latest content topical. Linkedin at KPMG IFRS ® Standards of disclosures under IFRS® Standards – and follow us on LinkedIn at IFRS. 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