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IFRS 16 – Leases & IFRS 9 Financial Instrument

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 16 – Leases & IFRS 9 Financial Instrument

  • This topic has 3 replies, 2 voices, and was last updated 5 years ago by Stephen Widberg.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • February 25, 2020 at 1:39 pm #563101
    Hong
    Member
    • Topics: 26
    • Replies: 85
    • ☆☆

    Hi Sir,
    1. Under IFRS 16, we have to recognize ROUA and Lease Liabilities. If my tenancy agreement and financial year end was ended at 31 December 2019, if a new tenancy agreement was signed immediately in subsequent year for a period of 3 years (01.01.2020 to 31.12.2020) should we recognize the new agreement during 31 December 2019?

    2. Any exemption to not recognize financial guarantee contract at fair value?

    February 26, 2020 at 3:08 pm #563219
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    1. Assume don’t recognise until 2020.

    2. Probably not – are you looking at a past ACCA question?

    February 27, 2020 at 8:02 am #563275
    Hong
    Member
    • Topics: 26
    • Replies: 85
    • ☆☆

    Hi Stephen,

    Thanks for replying me.
    1.Refer to the first question above, as we had been entered into agreement, which mean that there is a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event). In addition, there is probable cash outflow and the value is measure reliable. Why should not we recognize as a liability?

    2. Nope.

    February 27, 2020 at 7:11 pm #563363
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    1. Past event = when you occupy the building not when you sign the contract

    2. Financial guarantees = would be at FV

  • Author
    Posts
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