By Stephen Bouvier2021-04-26T07:31:00+01:00
The chair of the International Financial Reporting Standards Interpretations Committee (IFRS IC) has warned the committee is not a clearance service for company-specific accounting problems.
Her comments came as the IFRS IC voted to confirm its tentative agenda decision concerning the attribution of periods of service under International Accounting Standard 19, Employee Benefits (IAS 19).
Sue Lloyd said: “I think as a committee we try to be careful not to get into situations that are too fact-specific because our job isn’t really to come up with an agenda decision that somebody can take to the auditor and know what the accounting is for a particular fact pattern.”
MIDDLEFIELD CANADIAN INCOME PCC
a cell of the Company
For the year ended 31 December 2020
55
59
60
67
68
Equity of the Fund
70
71
87
90
91
Middlefield Canadian Income Trust
Targeting high levels of stable income and capital growth, this Trust is primarily focused on Canada’s highest quality large cap businesses. This Trust is run by a private and independent asset manager located in Toronto, Canada and has delivered consistent and material income for UK investors for more than a decade.
Objective
The Fund seeks to provide shareholders with high levels of dividend income as well as capital growth over the long term.
Reasons to Buy
Unique
The committee ruled that the requirements of International Accounting Standard 19, Employee Benefits, are clear, with 12 members of the body backing the decision.
The committee’s chair, Sue Lloyd, played down fears that the decision would force sponsors to restate their accounts.
She said any such decision would depend on what individual fact patterns are “compared to what is in the agenda decision”.
“I think that the more important, generic point is that when we recently updated the Due Process Handbook, we made a specific reference to the fact that people do need to apply relevant agenda decisions to be in accordance with IFRSs but we believe that agenda decisions provide new insights.”
December 17, 2020 | 7:48 pm Font Size
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THE Securities and Exchange Commission (SEC) has granted property firms more time to implement an accounting standard governing the treatment of borrowing costs, citing the need to provide relief to the industry during the financial crisis.
In a memorandum circular on its website, the SEC said the extension applies to accounting treatments raised by the Philippine Interpretation Committee and the International Financial Reporting Standards Interpretations Committee concerning Over Time Transfer of Constructed Goods.
The accounting treatment of Over Time Transfer of Constructed Goods is governed by International Accounting Standard (IAS) 23 – Borrowing Costs. IAS 23 lays down how to account for borrowing costs directly incurred in building “qualifying assets” those that take a substantial amount of time to build.
Please note that the Group has determined that the operating leases on the Assets are for 12 years based on an initial term of 10 years followed by an extension term of 2 years. Should the lessee choose to exit a lease at the end of the initial term of 10 years an early termination payment equal to the present value of the Sterling rent that would have been payable for the extension term of 2 years would be due. For the purpose of this report the leases are all referred to as 12 year leases. Doric Nimrod Air Three Limited ( DNA3 or the Company ) is a Guernsey company incorporated on 29 March 2012.