The treatment of a reversal of an impairment loss on a revalued asset is therefore similar to the treatment of a revaluation surplus. 494 Introduction to IFRS – Chapter 18 Example 18 18. The above does not preclude raising a prepayment when payment for the goods has been made in advance of the entity obtaining a right to access those goods or receiving those services. Introduction to ifrs 8th edition pdf download. 2: Financial asset Company A holds 100 000 ordinary shares in Company B. Calculations Buildings Cost Accumulated depreciation. 11: 11: Tax base of capitalised de development costs A company capitalised development costs of R320 000 during the year. No part of this work may be reproduced in any form or by any means without the publisher's written permission. Reflects conditions at the measurement date. 1) R R Gross salary per employee per year 240 000 264 000 Number of working days per year 240 240 1 000 Gross salary per day per employee Cost-to-company per employee per year Number of working days per year Cost-to-company per day per employee.
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Fair value less costs to sell is not entity-specific. In South Africa, listed bonds are traded on the Bond Exchange of South Africa (BESA). Different types of income exist, for example income from dividends, rent, interest and even the profit on sale of an asset.
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3 Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. 1 187 500 1 100 000. Total assets Equity and liabilities Share capital (150 000 + 100 000) Retained earnings (600 000 (opening balance) + 1 061 810 (refer to Example 2. Provisions, contingent liabilities and contingent assets – IAS 37; IFRIC 1........................................................................................ 361. 12 Revaluation surplus: Tax effect (OCI) Deferred tax liability (SFP) (150 000 × 80% × 28%) Recognition of deferred tax on revaluation of land. Examples are: costs of designing products for a particular customer; borrowing costs relating to inventories where substantially long ageing periods are required, as in the case of wine; and necessary storage costs in the production process (for example when units need to be freezed during the manufacturing process). Accounting policy Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment. Introduction to ifrs 7th edition pdf 2020. 3 Potential fu future lease payments relating to periods following the exercise date of termination options are summarised below: Lease liabilities recognised. 12 is measured using the new tax rate at the reporting date (assume taxable temporary differences of R60 000 on 31 December 20.
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The recoverable amounts are calculated only on those assets where there are indications that the impairment losses may have reversed. The Standard acknowledges that preparers of financial statements do provide additional information, such as a value added statement and environmental reports, if required by users. 11 amounts to 2 000 tons. One production cycle produces: Headeze: 3 000 litres; Headache: 1 000 litres; Calc: 2 000 litres The sales price for Headeze is R25. Short-term employee benefits include items such as: wages, salaries and contributions to funds from the employer; paid annual leave and paid sick leave; profit sharing and bonuses; and non-monetary benefits (such as medical care, housing, use of cars and free or subsidised goods or services) for employees currently employed by the entity. Revenue from contracts with customers 297 Warranties It is common for an entity to provide a warranty in connection with the sale of a product. Introduction to ifrs 8th edition. Should capital be measured using nominal monetary units, profit represents an increase in the nominal monetary capital over a period. Profit before tax Profit before tax is shown after taking the following items into account: R Legal fees# 35 000 # Assume that this amount is material and disclosable in terms of IAS 1. The following components and respective useful lives were identified and estimated on initial recognition: Engine of the helicopter: R300 000 (the engine can only be used for 30 000 flight hours before replacement) Remainder of the helicopter: R700 000 (the helicopter, excluding the engine, is estimated to be available for use for 10 years) During 20. Zumba Ltd determines that the leases of its office furniture and IT equipment qualify for the recognition exemption in IFRS 16 on the basis that these underlying assets, when they are new, new are individually of low value. The discount rate is a pre-tax rate that would reflect the risks associated with the particular contingent liability. What constitutes "an insignificant portion" is left to the discretion of management. All other assets and liabilities are non-monetary items. 23: 23: Operating lease lease, initial direct cost and the lessor Init Ltd acquired equipment at a cost of R600 000 and leases it to Tial Ltd for a period of five years under an operating lease.
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2 Presentation and disclosure: operating leases. Provisions may only be used for the purpose for which they were created. Using historical cost, identical assets acquired or liabilities incurred, at different times, can be reported in the financial statements at different amounts, which can reduce comparability. When there is clear evidence of an increase in net realisable value because of changed economic circumstances or because the circumstances that previously caused inventories to be written down below cost no longer exist, the amount of the write-down is reversed, but the amount of the reversal is limited to the amount of the original write-down, as. Inventory and manufacturing software for small maker businesses. Note further that key sources of estimate uncertainty should not be confused with the judgements of management made in the process of selecting an accounting policy (which is disclosed in terms of paragraph 122). 4: Construction of investment property property On 1 July 20. Change in tax rate Depreciation/allowances PPE – 20.
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20 R R Income Dividend income On investment held at fair value through other comprehensive income – 5 000. 16, the CPI was 125. 2: Identifying the lease term Eagle Ltd (lessee) entered into the following lease agreements: Lease A: Eagle Ltd has the right to use a machine for three years. The impairment loss of one revalued asset may not be adjusted against a revaluation surplus of another revalued asset as surpluses and deficits are offset on an item-for-item basis. 1 Evaluation criteria criteria. Consequently Comp Ltd should account for the licensed software and consulting services together as a bundle and as one performance obligation.
While IAS 1 deals with the presentation of information in the financial statements, it is important to emphasise that complete disclosure can never correct inappropriate accounting treatment. Such uncertainty will later be removed by the occurrence or nonoccurrence of future events that are not completely under the control of the entity. TimeTime-line: 1 Jan 20. 15: 15: Disclosure of leases – lessee Refer to the information in Example 9. 4) (continued) If the p periodic eriodic inventory system is used: A separate journal is not recorded, as the inventories value is determined and correctly put through as the closing inventories Dr R 31 December 20. The fair value of the equipment on 1 January 20. 15 and immediately available for use as intended by management) 2 100 000 Improvements to the building to extend rented floor capacity (completed on 31 December 20. Then the cumulative fair value adjustments recognised in the mark-to-market reserve on equity instruments are transferred to retained earnings directly in equity. 4 Income and expenses related to leases R Income Income from subleasing right-of-use assets xxx xxx Gain from sale and leaseback xxx xxx Expenses Variable lease payments xx xxx Short-term lease expense – recognition exemption xx xxx Low value lease expense – recognition exemption xx xxx Peglarea Ltd elected the recognition exemption on short-term leases of office equipment and low value leases of office furniture. The company was fully insured; consequently, the insurance paid out R160 000 in cash on 31 January 20. DEFINITIONS Financial instrument Financial asset Financial liability Equity instrument Derivative instrument Types of financial instruments. 3 Value in use where the entity is committed to restructuring. The carrying amount of these financial assets is presented in the financial statement of financial position net of the loss allowance. With the direct method the exchange rate shows how much local currency has to be exchanged for one unit of the foreign currency.
The impact on profit or loss is therefore the same. No Combine the goods or services until they are a distinct bundle. Legal costs and other professional costs to complete the transaction amounted to R200 000. During times of high production, the allocation is therefore based on actual capacity; therefore, 250 000 units × R1 000 000 /250 000 = R1 000 000 allocated to cost of inventories. Costs to make the sale, namely: Costs to complete work in processs inventories Trade and other discounts allowed Sales commission Packaging costs Transport costs. 1 ShortShort-term leases An option to extend or to terminate a lease that is reasonably certain to be exercised should be considered when determining if the lease term is 12 months or less; however, a lease that contains a purchase option is not a short-term lease. The amount that is reversed should be net of the amount of amortisation that would have been recognised if the impairment adjustment had not been made. The depreciation and maintenance cost of such a vehicle that is used for private business should rather be classified as employee benefits in the statement of profit or loss and other comprehensive income. The costing system of the entity is incapable of measuring the costs of internally generated intangible assets reliably. For trade receivables or contract assets with a significant financing component and lease receivables (IFRS 16), IFRS 9 allows the entity to choose an accounting policy whereby the loss allowance is equal to lifetime expected credit losses. Inventories losses arise typically when the physical inventories on hand differs from the inventories records. 29 and R13 500 (cumulative balance for R6 750 over two years) in 20.
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Buy from Amazon - After replacing all the seals and gaskets on the pump, the pool pump motor ended up also needing its bearings replaced because water had gotten past the multiple seals and into the bearing. Century Round Flange. Pumps - Jet, Circulation & Air. Buy from Amazon - Housing Gasket Leslie's Part # 608185 (UPC Code: 810379030467)(Compare to PAC FAB PENTAIR #355329 or ALADDIN O-506).
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The front bearing is an NSK 6304DU (Replaced with a 6304-2RS) designed for a 20mm shaft - The rear bearing is an NTN 6203LH (Replaced with a 6203-2RS) designed for a 17mm shaft - The motor must be completely removed and disconnected from the pump and power. Heaters Assemblies & Elements. Pool pump seal kit. Sta-Rite Pool Heaters. It was marked NSK 6304DU. Call Us: (866) 202-8388. Voltage change device. Applied Bio Algaecides-Chemicals.
All Product Resources. 65 HP C-Face Variable Speed Motor - ECM16CU. You will need to remove the impeller before you can remove the seal plate. LED Lighting Map & Guide. Both frame types have identical bolt hole spacing, face and shaft.
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