IFRS 8 Segment reporting

Overview of IFRS 8 Segment guidance requires an entity to disclose information that enables users of the financial statements to evaluate the nature and financial effects of the business activities and the economic environments through the eyes of management (‘management approach’). Although many entities manage their business using some level of ‘segmented’ data, the disclosure … Continue reading IFRS 8 Segment reporting

IFRS 13 Fair value

IFRS 13, ‘Fair value management’, provides a common framework for measuring fair value where required or permitted by another IFRS. IFRS 13 defines fair value as ‘The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date’. [IFRS 13 … Continue reading IFRS 13 Fair value

IFRS 4 Insurance Contracts

Overview of IFRS 4 Insurance contracts are contracts where an entity accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if the insured event adversely affects the policyholder. The risk transferred in the contract must be insurance risk, which is any risk except for financial risk. IFRS 4 applies … Continue reading IFRS 4 Insurance Contracts