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Small & medium entities - Coggle Diagram
Small & medium entities
IFRS for SMEs
For entities that have no public accountability.
Omissions
Assets hold for sale
Operating segments
Earnings per share
Interim reporting
Cost of preparing FS > Benefits that users would derive from that information
Disallowable treatments
Intangible assets cannot be revalued @ revaluation model
IP can me used cost model only f FV cannot be determined reliably
NCI @ acquisition cannot be measured at FV
Simplified treatments
Expenditure on R&D is always expensed to SPL
Goodwill is amortised over its useful life (estimate of 10 yrs could be used)
Depn & amortisation methods do not need to be reviewed annually.
Cumulative exchange differences are not recycled to SPL on disposal of overseas subsidiary
Borrowing cost are always expensed to SPL
These are permitted when measuring a defined benefit obligation