ifric18 - IFRIC 18 IFRIC Interpretation 18 Transfers of...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
IFRIC 18 © IASCF A1111 IFRIC Interpretation 18 Transfers of Assets from Customers IFRIC 18 Transfers of Assets from Customers was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in January 2009. Its effective date is 1 July 2009.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
IFRIC 18 A1112 © IASCF C ONTENTS paragraphs IFRIC INTERPRETATION 18 TRANSFERS OF ASSETS FROM CUSTOMERS REFERENCES BACKGROUND 1–3 SCOPE 4–7 ISSUES 8 CONSENSUS 9–21 Is the definition of an asset met? 9–10 How should the transferred item of property, plant and equipment be measured on initial recognition? 11 How should the credit be accounted for? 12–13 Identifying the separately identifiable services 14–17 Revenue recognition 18–20 How should the entity account for a transfer of cash from its customer? 21 EFFECTIVE DATE AND TRANSITION 22 APPENDIX Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards (as revised in 2008) ILLUSTRATIVE EXAMPLES BASIS FOR CONCLUSIONS FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION
Background image of page 2
IFRIC 18 © IASCF A1113 IFRIC Interpretation 18 Transfers of Assets from Customers (IFRIC 18) is set out in paragraphs 1–22 and the Appendix. IFRIC 18 is accompanied by illustrative examples and a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards .
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
IFRIC 18 A1114 © IASCF IFRIC Interpretation 18 Transfers of Assets from Customers References Framework for the Preparation and Presentation of Financial Statements •I F R S 1 First-time Adoption of International Financial Reporting Standards (as revised in 2008) A S 8 Accounting Policies, Changes in Accounting Estimates and Errors A S 1 6 Property, Plant and Equipment A S 1 8 Revenue A S 2 0 Accounting for Government Grants and Disclosure of Government Assistance F R I C 1 2 Service Concession Arrangements Background 1 In the utilities industry, an entity may receive from its customers items of property, plant and equipment that must be used to connect those customers to a network and provide them with ongoing access to a supply of commodities such as electricity, gas or water. Alternatively, an entity may receive cash from customers for the acquisition or construction of such items of property, plant and equipment. Typically, customers are required to pay additional amounts for the purchase of goods or services based on usage. 2 Transfers of assets from customers may also occur in industries other than utilities. For example, an entity outsourcing its information technology functions may transfer its existing items of property, plant and equipment to the outsourcing provider.
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 8

ifric18 - IFRIC 18 IFRIC Interpretation 18 Transfers of...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online