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Samenvatting International Financial Reporting Standards (IFRS)

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  • Universiteit Antwerpen (UA)

Dit is een samenvatting van het vak IFRS, bestaande uit de inhoud van de slides (in het blauw) en mijn aantekeningen uit de lessen (in het zwart). Hierbij worden eveneens de opgeloste oefeningen toegevoegd.

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  • June 7, 2023
  • June 17, 2023
  • 132
  • 2022/2023
  • Summary

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  • ifrs
  • international financial reporting standards

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  • Universiteit Antwerpen (UA)
  • Handelsingenieur In De Beleidsinformatica
  • IFRS
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INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
Contents
1. Introduction..................................................................................................................................... 6
1.1. Examen .................................................................................................................................... 6
1.2. What is IFRS? ........................................................................................................................... 6
1.3. IASB Governance structuur ..................................................................................................... 6
1.4. IFRS adaptation worldwide ..................................................................................................... 7
1.5. Standard setting due process .................................................................................................. 7
1.6. IFRS for SMEs ........................................................................................................................... 7
1.7. Herhalingsvragen Introductie .................................................................................................. 7
2. IFRS Conceptual framework ............................................................................................................ 8
2.1. Objective of Financial Reporting ............................................................................................. 8
2.2. Qualitative characteristics of useful accounting information ............................................... 10
2.3. Financial statements and the reporting entity ...................................................................... 10
2.3.1. Statement of Financial position..................................................................................... 11
2.3.2. Statement of Financial performance............................................................................. 12
2.3.3. Niet-gerealiseerde resultaten (Other Comprehensive Income, OCI) ............................ 12
2.4. Measurement ........................................................................................................................ 14
2.5. Presentation and disclosure .................................................................................................. 14
2.6. Herhalingsvragen Conceptueel kader ................................................................................... 14
3. Fair Value + Presentation and disclosure ...................................................................................... 15
3.1. IFRS 13: Fair Value, Value in use and Fulfilment Value ......................................................... 15
3.1.1 Fair Value (FV) ............................................................................................................... 15
3.1.2 Value in use/Vervangingswaarde .................................................................................. 17
3.1.3 Uitzonderingen IFRS 13 ................................................................................................. 18
3.2. IAS 1: Presentation and disclosure in financial statements .................................................. 18
3.2.1 Statement of financial position (niet vanbuiten kennen, wel begrijpen wat het is) ..... 18
3.2.2 Statement of profit or loss ............................................................................................ 20
3.2.3 Aggregating ................................................................................................................... 21
3.2.4 Notes ............................................................................................................................. 21
3.3. IAS 8 Accounting policies, changes to accounting estimates and errors .............................. 22
3.3.1. Change in accounting policy .......................................................................................... 22
3.3.2. Change in estimate ........................................................................................................ 23
3.3.3. Correction of errors ....................................................................................................... 23
3.4. IAS 10: Events after the Reporting Period ............................................................................. 24
3.5. IFRS 8: Disclosure of segment information ........................................................................... 25
3.6. Oefeningen ............................................................................................................................ 28
3.6.1. Problem 1: Fair value ..................................................................................................... 28
3.6.2. Problem 2: Balance sheet .............................................................................................. 28
1

, 3.6.3. Problem 3: Change in accounting estimate................................................................... 29
3.6.4. Problem 4: Events after the reporting date .................................................................. 29
3.6.5. Problem 5: Disclosure of segment information ............................................................ 30
3.7. Herhalingsvragen................................................................................................................... 31
4. IFRS 15 Revenue from Contracts with Customers......................................................................... 32
4.1. Step 1. Identify the contract(s) with a customer................................................................... 32
4.2. Step 2. Identify the performance obligations in the contract. .............................................. 33
4.3. Step 3. Determine the transaction price. .............................................................................. 37
4.4. Step 4. Allocate transaction price to separate performance obligations in contract ........... 40
4.5. Step 5. Recognize revenue when (or as) entity satisfies a performance obligation. ............ 42
4.6. Licenses ................................................................................................................................. 43
4.7. Bill-and-hold arrangements................................................................................................... 44
4.8. Oefeningen ............................................................................................................................ 44
4.8.1. Problem 1: Warranty ..................................................................................................... 44
4.8.2. Problem 2: Combined contract ..................................................................................... 45
4.8.3. Problem 3: Product returns ........................................................................................... 45
4.8.4. Problem 4: Vouchers ..................................................................................................... 45
4.9. Herhalingsvragen IFRS 15 revenue ........................................................................................ 46
5. IAS 37: Provisions, Contingent Liabilities and Contingent Assets ................................................. 46
5.1. Context IAS 37 ....................................................................................................................... 46
5.1.1. Scope limitation IAS 37 .................................................................................................. 47
5.2. Voorzieningen (provision) ..................................................................................................... 47
5.2.1. Een huidige verplichting ................................................................................................ 48
5.2.2. Probablity of the outflow of resources ......................................................................... 48
5.2.3. Reliable estimate ........................................................................................................... 49
5.2.4. Herstructureringsvoorzieningen ................................................................................... 49
5.2.5. Future operating losses ................................................................................................. 50
5.2.6. Verlieslatende contracten/Onerous contracts.............................................................. 50
5.3. Contingent liability ................................................................................................................ 51
5.4. Contingent asset .................................................................................................................... 52
5.5. Samenvatting IAS 37.............................................................................................................. 52
5.6. Oefeningen IAS 37 ................................................................................................................. 52
5.6.1. Oefening 1 ..................................................................................................................... 52
5.6.2. Oefening 2 ..................................................................................................................... 53
5.6.3. Oefening 3 ..................................................................................................................... 53
5.6.4. Oefening 4 ..................................................................................................................... 53
5.6.5. Oefening 5 ..................................................................................................................... 54
5.7. Herhalingsvragen IFRS provisions, contingent liabilities, contingent assets......................... 54
6. IAS 12: Inkomstenbelastingen (Gastcollege Koen De Grave) ........................................................ 54
6.1. Herhalingsvragen uitgestelde belastingen ............................................................................ 63
2

,7. IFRS: Tangible non-current Assets ................................................................................................. 64
7.1. IAS 16: Initial measurement .................................................................................................. 64
7.2. IAS 23: Borrowing costs ......................................................................................................... 66
7.3. IAS16: Subsequent costs, Depreciation, Revaluation model, Derecognition........................ 69
7.3.1. Subsequent costs........................................................................................................... 69
7.3.2. Depreciation .................................................................................................................. 69
7.3.3. Revaluation Model ........................................................................................................ 71
7.3.4. Derecognition ................................................................................................................ 72
7.4. IAS20: Government grants .................................................................................................... 72
7.5. IAS 41: Biological assets......................................................................................................... 73
7.6. Oefeningen ............................................................................................................................ 74
7.6.1. Problem 1: Interest-capitalization for self-constructed assets ..................................... 74
7.6.2. Problem 2: Depreciation methods ................................................................................ 75
7.6.3. Problem 3: Revaluation ................................................................................................. 75
7.6.4. Problem 4: Government grant ...................................................................................... 76
7.6.5. Problem 5: Biological assets .......................................................................................... 76
7.6.6. Herhalingsvragen Materiële vaste activa ...................................................................... 77
8. IAS 38 Intangible assets, IAS 36 Impairment of assets, IFRS 5 Non-current assets held for sale and
discontinued operations ....................................................................................................................... 77
8.1. IAS 38 Intangible assets ......................................................................................................... 77
8.1.1. Types of intangible assets ............................................................................................. 77
8.1.2. IAS 38 Definition of Intangible Assets ........................................................................... 78
8.1.3. Initial Measurement ...................................................................................................... 78
8.1.4. Self-constructed intangible assets................................................................................. 79
8.1.5. Subsequent costs related to intangible assets .............................................................. 80
8.1.6. Subsequent measurement ............................................................................................ 80
8.1.7. Amortization of Intangible Assets ................................................................................. 80
8.1.8. Derecognition of Intangible Assets ............................................................................... 81
8.2. IAS 36 Impairment of assets .................................................................................................. 81
8.2.1. Impairment of PPE......................................................................................................... 81
8.2.2. Impairment of Intangible Assets ................................................................................... 82
8.2.3. Impairment of Goodwill ................................................................................................ 83
8.3. IFRS 5 Non-current assets held for sale and discontinued operations ................................. 83
8.4. Exercises: IFRS Intangible Assets and Impairment April ....................................................... 84
8.4.1. Problem 1: Research and development costs ............................................................... 84
8.4.2. Problem 2: Intangible assets ......................................................................................... 85
8.4.3. Problem 3: Impairment ................................................................................................. 86
8.4.4. Problem 4: Non-current assets held for sale................................................................. 87
8.5. Herhalingsvragen Immateriële vaste activa en waardeverminderingen .............................. 87
9. IFRS16: Leasing .............................................................................................................................. 88
3

, 9.1. Context and leasing definition according to IFRS16 .............................................................. 88
9.2. Accounting treatment lessee ................................................................................................ 88
9.2.1. Initial recognition lessee................................................................................................ 88
9.2.2. Initial recognition: Lease liability ................................................................................... 89
9.2.3. Ordinary annuity............................................................................................................ 89
9.2.4. Annuity Due ................................................................................................................... 90
9.2.5. Single sum...................................................................................................................... 90
9.2.6. Initial recognition: Right-of-use asset ........................................................................... 90
9.3. Accounting treatment lessor ................................................................................................. 92
9.3.1. Finance lease versus operating lease ............................................................................ 92
9.3.2. Lessor accounting for finance lease .............................................................................. 92
9.3.3. Lessor accounting for operating lease .......................................................................... 94
9.4. Sale-leaseback transactions .................................................................................................. 95
9.4.1. Purpose of sale-leaseback transactions ........................................................................ 95
9.4.2. Accounting treatment for seller-lessee ......................................................................... 95
9.4.3. Example: sale-leaseback transactions ........................................................................... 96
9.4.4. Example 2: Sale-leaseback............................................................................................. 96
9.5. Oefeningen ............................................................................................................................ 96
9.5.1. Problem 1: Accounting treatment lessee ...................................................................... 96
9.5.2. Problem 2: Finance Lease – lessor and lessee............................................................... 97
9.5.3. Problem 3: Sale-Leaseback - lessor and lessee ............................................................. 99
9.6. Herhalingsvragen hoofdstuk 12 leasing .............................................................................. 100
10. Gastcollege: Pension Plans & IAS 19: Employee Benefits ........................................................... 100
10.1. Supplementary Pension Plans ......................................................................................... 100
10.1.1. Why?............................................................................................................................ 100
10.1.2. Trends in design over last decades.............................................................................. 101
10.1.3. Part of employee benefits package ............................................................................. 101
10.1.4. Regulatory context ...................................................................................................... 102
10.1.5. Actuarial concepts ....................................................................................................... 103
10.2. IAS 19 – Employee Benefits: Accounting for Pensions ................................................... 104
10.2.1. Introduction ................................................................................................................. 104
10.2.2. Classification of post-employment benefit (PEB) plans (Defined contribution vs defined
benefit plans)............................................................................................................................... 105
10.2.3. Classification of PEB plans > Accounting treatment.................................................... 106
10.2.4. Actuarial assumptions ................................................................................................. 108
10.2.5. Attribution ................................................................................................................... 108
10.2.6. Death-in-service benefits ............................................................................................ 108
10.2.7. Asset ceiling ................................................................................................................. 108
10.2.8. Defined Benefit Cost recognized in Income Statement (P/L)...................................... 109
10.2.9. Reconciliation of DBO .................................................................................................. 109
4

, 10.2.10. Accounting treatment of Actuarial gains / losses ................................................... 110
10.2.11. Total Defined Benefit Cost ...................................................................................... 110
10.2.12. Overview of cost components ................................................................................. 110
10.2.13. Special events .......................................................................................................... 111
10.2.14. Fair Value of Insurance Policies ............................................................................... 112
10.3. Herhalingsvragen hoofdstuk 18 employee benefits ....................................................... 114
11. IAS 2: Inventories......................................................................................................................... 115
11.1. What is included in inventory? ........................................................................................ 115
11.2. Perpetual vs periodic inventory systems......................................................................... 116
11.3. Cost flow assumptions..................................................................................................... 117
11.3.1. Unit cost ...................................................................................................................... 117
11.3.2. Weighted average ....................................................................................................... 117
11.3.3. FIFO.............................................................................................................................. 118
11.3.4. LIFO .............................................................................................................................. 118
11.3.5. Vergelijking .................................................................................................................. 118
11.4. Lower-of-cost-or-net-realizable value ............................................................................. 119
11.5. Inventory estimation: retail inventory method............................................................... 120
11.6. Oefeningen ...................................................................................................................... 121
11.6.1. Problem 1: inventory cost flow assumptions. ............................................................. 121
11.6.2. Problem 2: Lower-of-cost-or-net-realizable value (LCNRV) ........................................ 121
11.6.3. Problem 3: Retail inventory method ........................................................................... 122
11.7. Herhalingsvragen voorraad ............................................................................................. 123
12. IFRS 3: Business combinations .................................................................................................... 123
12.1. What is a business combination? .................................................................................... 123
12.2. Acquisition method ......................................................................................................... 125
12.2.1. Identify the acquirer .................................................................................................... 125
12.2.2. Determining the acquisition date ................................................................................ 125
12.2.3. Measuring assets and liabilities................................................................................... 125
12.2.4. Measuring the consideration transferred ................................................................... 126
12.2.5. Non-controlling interests (NCI)/Minderheidsbelangen .............................................. 126
12.2.6. Determining goodwill .................................................................................................. 127
12.3. Business combination in stages (= step acquisitions) ..................................................... 128
12.4. Disclosure requirements ................................................................................................. 128
12.5. Oefeningen IFRS 3 Business Combinations ..................................................................... 129
12.6. Herhalingsvragen business combinations ....................................................................... 131




5

, 1. Introduction
- We beginnen van 0, maar de professor gaat ervanuit dat we Debit en Credit uit het vak
boekhouding nog kennen.
- Boek: International Financial Reporting & Analysis 9th edition - Alexander, Jorissen, Hoogendoorn,
et al. Cengage (€74 bij ACCO) – verplicht, maar enkel hetgeen in de les besproken wordt kennen.
- Gastcollege– Income taxes (Koen De Grave) en op 08/05 – Employee benefits (Geert Deridder).
- Email:

1.1. Examen
- Schriftelijk: 26 meerkeuzevragen (39 punten) + 5 oefeningen (61 punten)
- Gesloten boek, in het Nederlands
- Niet-programmeerbaar rekentoestel en schrijfgerief meenemen
- Datum: dinsdag 20 juni van 9u-12u.

Elk hoofdstuk komt aanbod, hoofdstukken zonder oefeningen komen voor in meerkeuzevragen.
Meerkeuzevragen: zie herhalingsvragen elk hoofdstuk. Oefeningen zoals in les en op de slides.
Boekingen ook kennen. Oefeningen worden grotendeels per thema gesteld, kleine overlap zou
kunnen. Les is belangrijker dan boek!

1.2. What is IFRS?
Doel IFRS? Een internationale standaard hebben
zodanig dat beursgenoteerde bedrijven op eenzelfde
manier kunnen rapporteren. IASC heeft de IAS
gemaakt en IASB heeft de IFRS standaarden gemaakt.
IASC gestart in 1973 en is IASB geworden in 2001.




1.3. IASB Governance structuur




- Monitoring Board: approve/oversee trustees. Includes capital market authorities.
- IFRS Foundation Trustees: 22 trustees.
- International Accounting Standards Board (IASB): 14 members.
- IFRS Interpretations Committee: 14 members.
- Advisory Council: 40 members. Advise on agenda and priorities.

14 mensen in IASB worden gekozen door de IFRS foundation Trustees (met 22 trustees). De 22
trustees worden aangesteld door de monitoring board (met vertegenwoordigers van de
effectenbeurs) en diegene die hier toezicht op houden beslissen wie de trustees zijn. IFRS Advisory
Council gaan advies geven aan 14 board members. Het is belangrijk om deze governance structuur te

6

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