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Non-Current Assets

Denise H P2 - Corporate Reporting Inglês

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Non-Current Assets

Definition
- RESOURCE
- CONTROLLED
- RESULT OF PAST EVENTS
- EXPECTED FUTURE ECONOMIC BENEFIT
IAS 16
- PPE
  - Definitions
    - PPE
      - Tangible
      - Held for
        Use
        Rental
        Admin
    - COST
      - consideration
        Acquisition
        Construction
    - RESIDUAL VALUE
      - Proceeds on Disposal
      - Less costs of Disposal
      - If End of Lift Age & Condition
    - FAIR VALUE
      - consideration
        transfer liability
        at measurement date
    - CARRYING AMOUNT
      - Cost
        less accumulated depreciation
        less impairment
  - Accounting Treatment
    - Recognition
      - probable future economic benefit
      - can measure reliably
    - cost measurement
      - initially at cost
        purchase less discount/rebate
        Directly attributable costs
        carriage to location
        bring to working condition
        less sale of items produced in process
        initial estimate of disposal
        dismantle
        Disposal
        Restore Site
      - Exchanges
        measured at Fair Value
      - subsequent Cost
        Cost Model
        Cost
        -accum. depreciation
        - impairment
        Revaluation Model
        Fair Value (revalued amount)
        -subsequent depreciation
        -impairment
    - Revaluations
      - regular
        volatility
      - Fair Value
        MV
        depreciated replacement cost
      - whole class
      - CR Asset
        DR revaluation surplus
        P&L Exp. for excess of previously credited to Revaluation Surplus
      - increase
        DR Asset
        CR P&L to reverse previous re-valuation
        then CR OCIS with Balance
        CR Revaluation Surplus
        DR Accumulated Depreciation to clear
        DR P&L with current Depreciation (revaluation/remaining life)
        CR Accum. Depreciation with current Depreciation
        excess over historical cost
        realised earnings / reserves
    - Depreciation
      - based on Cost less Residual Value
        = Carrying Value of SFP
      - Determined separately for each significant part of an item
      - Review Annually
        residual Value
        useful Life
        any change = estimate change
        IAS 8
        Method
      - should reflect pattern of consumption
        NOT REVENUE
      - Charged to P&L
      - Starts when available for use
        Continues until derecognised
        even if idle
    - Impairment Testing
      - recoveability of carrying Value
      - cannot carry asset at more than recoverable
      - recoverable amount is greater of Fair Value - costs to sell and its value in use
    - Derecognition
      - Disposal
        Remove from SFP
      - Withdrawn from use
        no future economic benefits
      - Gain / loss
        P+L
      - Asset ceases to be rented out
        Transfer to inventory at Carrying Value
        Held for Sale
    - Disclosures
      - For each Class of PPE
        Basis for measuring carrying Amount
        Depreciation Method
        useful lives or depreciation rate
        Gross carrying acount
        accum depreciation
        impairmet losses
        reconciliation of carrying amount
        Additions
        disposals
        acquisitions through business combinations
        revaluation increase/decreases
        Impairment losses
        Impairment reversals
        depreciation
        fx on translation
        other movements
      - Restrictions on Title and tiems pledged as security for liabilities
      - Expenditure to construct PPE
      - Contractual commitments to acquire PPE
      - Compensation from 3rd Party for items of PPE inc. in P&L
        Impaired
        Lost
        Given up
      - Revalued PPE
        Date of revaluation
        Whether independent valuer involved
        For each class
        carrying amount if under cost model
        Surplus
        inc. changes in period
        restrictions on distribution of the balance to shareholders
IAS20
- GOVERNMENT GRANTS & DISCLOSURE
  - Definitions
    - Government Assistance
      - Government Action
      - provide economic benefit
      - Qualifying Criteria
    - Government Grant
      - Resource assistance
      - past or future compliance
        Operating Activities
      - Exc. Gov Assistance
  - Accounting Treatment
    - Recognition
      - only when reasonable assurance of compliance
        And Grant Received
      - as income over period matching related costs
        Systematic Basis
    - Non- monetary Grants
      - Fair Value
      - Or Asset & Grant at Nominal Value
    - Relating to Assets - capitalise
      - Deferred Income
        recognise income on same basis as depreciation
      - Or deduct grant from assets Carrying Value
    - Related to income
      - separately as other income
      - Or deducted from related expense
    - if becomes repayable
      - Treat as change in estimate
        income related
        cancel deferred credit first
        excess = expense
        Asset Related
        increase carrying amount
        or reduce deferred income
        Depreciation for grant value charged as expense
  - Disclosure
    - Policy for grants
      - nc balance sheet Presentation
    - nature & extent of recognition in FS
    - unfulflled conitions/ contingencies
  - Excludes assistance where value cannot be reasonable measure ,
    - Advice
      - Technical
      - Marketing
    - Disclosure of benefit required
IAS23
- BORROWING COSTS
  - Types
    - Int. IAS 39
    - Lease charges IAS17
    - FX
  - Treatment
    - Qualifying Asset
      - substantial period to make ready
      - Excludes
        biological asset IAS 41
        manufactured inventories
    - Recognition
      - Directly attributable
        Capitalise
      - not directly attributable
        Expense as usual
    - Measurement
      - specific
        Cost
        Less
        Income on investment
      - General Pool
        capitalisation rate
        weighted average of borrowing cost
      - capitalise as expense incurred
        suspended when physical production interrupted
        cease when asset ready for use
        if stage completion
        i.e. in use while constructing
        cease when substantially all preparation complete
  - Disclosure
    - Amount of borrowing cost capitalised in period
    - capitalisation rate used
IAS36
- IMPAIRMENT
  - Definitions
    - IMPAIRMENT LOSS
      - carrying amount
      - LESS
      - Recoverable Amount
    - CARRYING AMOUNT
      - SFP
      - Recognised
        LESS
        Accum. Depr.
        LESS
        Accum. Impairments
    - RECOVERABLE AMOUNT
      - The higher of
        FV - Disposal cost
        Value in Use
    - FAIR VALUE
      - consideration at market value
    - VALUE IN USE
      - PV Expected Cashlows
  - Disclose
    - by class of asset
      - losses recognised in P&L or SCI
      - losses reversed in P&L or SCI
      - which line items of SCI
    - by segment
      - impairment
        recognised
        reversed
    - Detail
      - Estimates used to measure recoverable
        goodwill
        intangible assets with indefinite life
    - If material
      - Individually
        events resulting in loss
        amount
        individual asset
        nature
        segment
        CGU
        description
        amount
        class
        segment
        if recoverable amount is FV less disposal
        level of FV hierarchy
        if recoverable value in use
        disclose Discount rate
      - by aggregate
        main classes of assets affected
        main events resulting in loss
  - Accounting Treatment
    - Identifying Impaired Assets
      - Indications of impairment
        external
        MV Declines
        negative changes
        laws
        markets
        economy
        technology
        M interest increase
        company Net Assets higher than Market capitalisation
        internal
        obsolescence
        physical damage
        economic performance less than expected
        for investments
        Carrying Value > Carrying Value Assets
        Dividend exceeds the Total comprehensive income
        assess End of each reporting period
        indication of impairment
        Calculate recoverable amount
        intangible recoverable amount calc. each year regardless
        indefinite useful life
        not yet available for use
        acquired goodwill
    - Determining recoverable amount
      - FV - disposal
        IFRS 13 Fair Value Meaurement
      - Value in use
        Discount Rate
        pre-tax
        current Market Assessment
        Time Value
        Risk
        exclude risk adj. in cashflow
        for individual asset or portfolio
        current borrow rate
        IF N/A
        use surrogate relecting
        Time Value
        asset life
        Risks
        Country
        currency
        price
        cashflow
        own WACC
        incremental borrow rate
        other market borrow rates
        Future Cashflow
        based on
        reasonable supportable assumptions
        reasonable assessed by difference between past cash flow projections and actual IAS36
        most recent budgets & forecasts
        IAS 36 assumes budgets & forecasts <= 5years
        assets current condition
        do not anticipate
        restructuring not committed
        future improvements
        possible variation in timing
        Time Value of money, @ Risk Free rate of interest
        price for bearing the uncertainty inherent in the asset
        exclude
        financing
        income tax
    - Recognition
      - recoverable < carrying
      - reduce previous increase
        then expense
      - Adjust future Depreciation
    - Cash Generating Units
      - Determine recoverable for asset
        Then determine recoverable for CGU
      - smallest identifiable group of assets than generates cash inflow
    - Goodwill
      - tested annually
        allocate to CGU
        compare
        carrying value of CGU
        recoverable value of CGU
      - recognise
        reduce goodwill first
        then other assets pro-rated
        the Carrying value of an aset should not be reduced below FV, value in use, zero
    - Reversal
      - not for unwinding discount
      - < depreciated historical cost
      - reduce previous revaluation
        then P&L
      - adjust future depreciation
      - CANNOT reverse GOODWILL Impairment
IAS40
- INVESTMENT PROPERTY
  - Land & Buildings held for rent or Sale
    - measurement
      - initially
        cost
        inc. trans. cost
        exclude
        start up
        abnormal waste
        operating losses before occupancy
      - subsequent
        Cost Model
        Fair Value
        changes to P&L
        market state at balance sheet
        one method for all
    - excludes
      - Held for production, service or admin
      - Held for ordinary sale in course of business
        This would be IAS2 Inventories
      - property constructed or developed on behalf of 3rd parties
        = IAS11 Construction Contracts
      - owner occupied
        = IAS16 PPE
    - INCLUDES
      - land held for long-term capital appreciation
      - land held for a currently undetermined future use
      - building leased out under an operating lease
      - Property being constructed or developed for future use as investment property
      - Property under operating Lease
        rest of definition met
        lease in accordance of IAS17
        FV Model
      - PARTIAL OWN USE
        if % separable
        Pro - Rated
        If % not separable
        only if owner occupied portion is insignificant
      - Ancillary Services Provided
        insignificant - ok
        security and maintenance
        significant
        such as owner managed Hotel = Owner occupied
      - intracompany rental
        rest of conditions met
        Not allowed in consolidated
        allowed in separate statements of lessor
    - Recognition criteria
      - probable future economic benefit
      - Cost can be reliably measured
    - Transfer/ reclassification
      - to owner occupied
        starts with occupation
      - to inventories
        starts with development with view to sale
        No development - remains investment until de-recognised
      - FV = Cost
    - Disposal
      - derecognised
        permanently withdrawn from use
      - gain/loss to income statement
      - compensation recognised when receivable
    - Disclosure
      - both models
        which method
        if classification is difficult
        criteria used
        amounts recognised in P&L
        rental income
        direct operating exp.
        that generated income
        that didn't generate income
        cumulative change in FV on sale, from a pool of assets in which cost model used into a pool FV used
        realisability restrictions
        contractual obligations
      - Cost Model
        Depreciation method
        useful life/depreciation rate
        Gross CV at start & finish
        accum depreciation
        agregated impairment
        Rconciliation CV start - finish
        impairment
        additions
        Disposals
        Depreciation
        impairment
        recognised
        reversed
        Transfers/reclassifications
        FV
        if not reliabile
        range of estimate
      - FV Model
        whether property interest held under operating leases classified and accounted for as investment
        methods & assumptions applied
        extent value based on qualified independent valuer or not
        reconciliation of carrying value at start and finish of period
        additions
        disposals
        adjustments
        Transfers/ reclassifications
        significant adj. to outside valuation
  - Definition
    - Property held to earn rental or for capital appreciation or both
IAS38
- INTANGIBLE
  - Non-monetary asset without physical substance
    - Attributes
      - identifiablility
        separable
        arises from contractual or legal
      - Control
      - future economic benefit
    - Recognition
      - probable future economic benefit
        if generated internally
        based on reasonable, supportable assumptions exist over life
      - cost measured reliabily
        busisness combinations assumed reliabily measurable
        reinstatement PROHIBITED
        originally charged as expense cannot be re-instated
      - R&D
        Research
        charge to expense
        Development
        capitalised
        must
        intend to use or sell
        be able to complete
        demonstrate future economic benefit
        if cannot be identified from research = research
        acquired in combination
        capitalised
      - Internally generated
        not recognised
        e.g.
        brands
        mastheads
        tites
        lists
      - computer software
        purchased
        capitalise
        operating system for hardware
        inc. in hardware cost
        internally developed
        expense until
        technology feasible
        probable future benefits
        intent & ability to use/sell
        resources to complete
        cost measurable
      - others that must be expensed
        internally generated goodwill
        start up
        pre-opening
        pre-operating
        training
        advertising & promotional
        re-location
    - Measurement
      - Initially
        Cost
      - Subsequent
        Csot Model
        cost
        less
        accum. dep.
        less
        accum. impairments
        Revaluation Model
        revalued amount = FV
        less
        subsequent depreciation
        less
        subsequent Impairment
        only if FV by Active Market
        e.g. Production Quota
        e.g. fishing licences
        e.g. taxis licences
        increases = OCI
        and
        accum. in revaluation Surplus
        assess = IAS 38
    - Classification
      - Finite Life
        amortise
        by pattern of benefits
        if not reliable
        Straight line
        P&L
        life reviewed annually
      - indefinite life
        DO NOT Amortise
        Review life annually
        if change
        Accounting Estimate
    - subsequent expense
      - P&L
    - Disclosure
      - For each Class
        useful life or amortisation rate
        amortisation method
        Gross CV
        accum.
        amortisation
        Impairment
        line items in income statement which inc amortisation
        Carrying Value reconcilation
        additions
        held for sale
        disposals
        revaluations
        impairments
        and reversals
        amortisation
        FX
        basis for indefinite life
        Description of asset
        and CV
        title restricted
        contractual commitments
        those carried at revalued amount
        R&D expenses
GOODWILL
- IFRS 3 BUSINESS COMBINATIONS
  - Recognised as Asset
  - measurement
    - initially at cost
      - consideration
        less
        Acquirers % FV Assets
        = Good will
    - subsequent
      - cost
        less
        impairment
        tested annually
        NCI % eliminated
  - Bargain Purchase
    - FV Net Assets > Consideration
      - re-assess before recognition
        recognise
        all asset & liabilities
        at acquisition date
        previously held interest
        consideration
IFRS5
- HELD FOR SALE & DISCONTINUED OPERATIONS
  - Held for Sale
    - classification
    - measurement
      - initially - just before classification
      - subsequent
        lower of
        CV
        FV
      - no depreciation
    - SFP
      - Presented separately
    - Disclosure
      - Description
      - circumstance
      - impairment
        where recognised
      - reportable segment
  - Discontinued
    - P&L and OCIS
      - results presented separately
  - Criteria
    - avail. for immediate sale
    - management comitted
    - active programme to locate buyer
    - sale highly probable within 1yr
    - actively marketed at reasonable price
    - actions required to complete indicate a change or withdraw is unlikely
IAS 41
- Agriculture
  - Plant based bearer biological assets
    - examples
      - plantation trees
      - grape vines
      - rubber plants
      - oil palms
    - solely for crops
    - over several periods
    - not consumed
    - scapped when no longer productive
    - measure
      - FV not acceptable
      - similar to manufacturing assets
    - Asset removed from IAS 41
      - use IAS16
    - Produce still IAS 41

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Descrição: P2 - Corporate Reporting Mapa Mental sobre Non-Current Assets, criado por Denise H em 10-09-2017.
Criado por: Denise H
Visualizações: 4
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Non-Current Assets

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