Frequently asked questions

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The technical department receives many requests for technical assistance during the year. This month’s Tip summarises some of the frequently asked questions.
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IFRS 9 Financial Instruments: Hedge accounting

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Phase 3 of the IFRS 9 project provides requirements for hedge accounting which aligns hedge accounting more closely with risk management, establishes a more principles-based approach to hedge accounting and addresses inconsistencies and weaknesses in IAS 39’s hedge accounting model.
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IFRS 9 Financial Instruments: Impairment

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Phase 2 of the IFRS 9 project lays out the impairment requirements related to the accounting for expected credit losses on the entity’s financial assets and commitments to extend credit.
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IFRS 9 Financial Instruments: Classification and measurement

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The IASB’s IFRS 9 Financial Instrument project aimed to replace IAS 39 was done in 3 phases: Classification and Measurement, Impairment, and Hedge Accounting. This month we focus on the first phase, classification and measurement.
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Statement of Cash Flows

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The objective of a Statement of Cash Flows is to provide useful information on how an entity generates and utilizes cash in respect of historical changes in the cash and cash equivalents.
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IFRS for SME’s

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Limited amendments to IFRS for SME’s have been made after consideration of feedback received during the initial comprehensive review performed by the IASB.
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Promotion of Access to Information

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The PAIA came into effect in 2000 to give effect to the constitutional right of access to any information held by the state, as well as information held by another person that is required for the exercise or protection of any right.
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Tax Matters

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Reportable arrangements are arrangements perceived to have characteristics that may lead to undue tax benefits. A number of new transactions to be regarded as reportable arrangements were published during March 2015.
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IFRS 15

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IFRS 15 is a hot topic as we move closer to the effective date* for implementation. This month’s Tip is a reminder of the principles and implications of the new standard.
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Disclosure Initiatives

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The final Standard Disclosure Initiative (Amendments to IAS 1) was published in December 2014. The amendments aim to improve the presentation and disclosure in IFRS.
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