Industry insights for IFRS 15 Deloitte US

Our experts have also created nine Industry insights for IFRS 15 publications as part of Deloitte’s Clearly IFRS series. These publications highlight potential changes in timing of recognition, measurement (including allocation of revenue between goods and services provided) and disclosure.

Get Price

Impact of the new joint arrangements and consolidation ...

Mining and metals Applying IFRS — impact of new joint arrangements and consolidation standards 5 definition of joint control Ne Joint control is defined as “ … the contractually agreed sharing of control of an arrangement which exists only when the decisions

Get Price

Condensed Interim Consolidated Financial Statements For ...

Impact of adopting IFRS 9 (Note 3) (1,071,944) 1,071,944 ... First Mining is a public company which is listed on the TSX Venture Exchange (the “TSXV”) under the symbol “FF”, ... Interim Financial Reporting (“IAS 34”) using policies consistent with International Financial Reporting Standards (“IFRS”)as issued by the ...

Get Price

IFRS 16 Leases and the Mining Industry — MOORE

‘A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration (IFRS )’ This means, leases of vehicles, mining equipment (such as drilling rigs), mine camps and even generators will be classified as leases under IFRS …

Get Price

IFRS 16 Leases: Practical application for mining KPMG ...

For example, identifying whether a mining services arrangement contains a lease will be an area of complexity for many in the industry, so to help you with your assessment we present a case study exploring the impact of IFRS 16 on a mining services arrangement.

Get Price

Applying IFRS

impacts of the standard and the steps entities should be taking to apply it. ... 5 October 2016 Applying IFRS – New IASB leases standard – Mining and Metals asset because it is not physically distinct from the remaining capacity of the asset. However, a capacity agreement that provides the mining and metals ...

Get Price

IFRS 16 Lease Accounting

IFRS 16 is a new lease accounting standard published by the International Accounting Standards Board (IASB) in January 2016. IFRS 16 changes the way that companies account for leases in their financial disclosures, especially their balance sheets and income statements.

Get Price

Mining Industry Task Force on IFRS Standards

Applying IFRS® Standards in the Mining Industry ... DECEMBER 2018 Mining Industry Task Force on IFRS Standards International Financial Reporting Standards (IFRS®) create unique challenges for mineral resource companies. ... take into account when evaluating the impact of IFRS 16 on their financial statements.

Get Price

IFRS for mining

IFRS for mining | IFRS 16 Leases – Practical application guidance 11 Lease definition A lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. If a contract contains a lease, then it will generally be onbalance sheet for the lessee.

Get Price

IFRS 16 adopted modified retrospective approach, policies ...

Rio Tinto plc – half year report – 30 June 2019. Industry: mining. Changes in accounting policies This note explains the impact of the adoption of IFRS 16 ‘Leases’ and IFRIC 23 ‘Uncertainty over Income Tax Treatments’ on the Group’s financial statements and also discloses the new accounting policies applied from 1 January 2019, where these differ from those applied in prior periods.

Get Price

Insights into Mining

impacts of the new standard for companies in the mining sector. The new leasing standard becomes effective in 2019, but there is an option to early adopt the standard if the new revenue standard has also been adopted. The lessee model . From 2019, leases will be accounted for as if the lessee had

Get Price

How will IFRS 15 and IFRS 16 impact the mining industry ...

These new standards impact every industry, and the mining and natural resources sector is no different. We are going to drill down into these standards to give you some insight into the key changes, and how this may impact your mining interests. IFRS 15 – revenue from contracts with customers. Revenue underpins and impacts many crucial ...

Get Price

In depth A look at current financial reporting issues

This supplement focuses on how the standard will impact entities in the mining industry and highlights potential differences with current practice under IFRS and GAAP. The examples and related discussions are intended to provide areas of focus to assist entities in evaluating the implications of the new standard. No. 201402 (supplement ...

Get Price

IFRS for mining

IFRS 16 Leases is effective from January 1, 2019 and is an important change for all industries and mining is no different, particularly given the significant use of

Get Price

Guidance for applying IFRS in the mining industry ...

Analyzes specific IFRS application issues in the mining and metals industry. The Refining IFRS series aims to examine the complex and unique, issues faced by mining and metals companies applying IFRS. Mining Financial Reporting Survey (KPMG | 2014) Publishes the results of a survey of financial reporting under IFRS by selected major mining ...

Get Price

The impact of IFRS 16 – Leases – on valuations BDO

May 29, 2018· IFRS 16 will have a significant impact on the accounts of many companies, which will in turn lead to changes in many valuation ratios and multiples. In valuing any business it will be critical to consider how the changes in the accounts and multiples for quoted companies are reflected in the valuation of any business going forward.

Get Price

IFRS 16 – The Changing Face of Lease Accounting | Smythe ...

Jul 31, 2018· How might IFRS 16 impact the mining and real estate industries? Most mining companies in BC are exploration stage. Leases over property for the exploration of nonregenerative resources are exempt from the provisions of IFRS 16. These companies tend to have only minor low value office equipment under lease along with office space, so it is ...

Get Price

The new revenue recognition standard mining metals

• Mining and metals entities may find it challenging to assess the impact of IFRS 15, in particular, when evaluating whether a contract is in scope, determining when control transfers to a customer, accounting for fixed and provisionallypriced commodity sales contracts, and assessing the impact on takeorpay and other similar longterm ...

Get Price

IFRS 6 Exploration For and Evaluation of Mineral Rights ...

IFRS 6 Exploration for and Evaluation of Mineral Resources provides guidance on accounting for exploration and evaluation expenditures, including the recognition of exploration and evaluation assets. The standard was published in December 2004 and is effective from 1 January 2006.

Get Price

The application of IFRS 15 to miners BDO

Sep 28, 2018· However, it is wrong to assume that miners are not impacted by this new standard and mining companies need to consider potential impact areas. To analyse IFRS 15, it is necessary to consider whether the contract is within the scope of the standard and the five key steps in …

Get Price

Financial reporting in the mining industry International ...

IFRS is a principles based framework and short on industry guidance. PwC looks at how IFRS is applied in practice by mining companies. This publication identifies the issues that are unique to the mining industry and includes a number of real life examples to demonstrate how companies are responding to the various accounting challenges along

Get Price

International Variations in IFRS Adoption and Practice

International Financial Reporting Standards (IFRS). The differences between countries can be divided into two main types: (i) the degree to which IFRS has been mandated or allowed for particular companies or types of reporting, and (ii) the degree to which the practice of IFRS differs along national lines. These two issues are closely

Get Price

Viewpoints: Impact of IFRS 15, revenue from contracts with ...

Viewpoints: Impact of IFRS 15, revenue from contracts with customers (Mining) Understand some of the practical challenges in applying IFRS 15, Revenue from contracts with customers, that are common to the mining …

Get Price

Applying IFRS

4 October 2016 Applying IFRS – New IASB leases standard – Mining and Metals to explore for natural resources) are outside the scope of ASC 842. However, equipment used to explore for the natural resources is within the scope of ASC IFRS 16 is not specific as to whether the scope exclusion only applies to mineral

Get Price

IFRS industry insights: Mining sector — IFRS 15, the new ...

IFRS industry insights: Mining sector — IFRS 15, the new revenue standard could impact profile of revenue and profit recognition Published on: Oct 08, 2015 This publication highlights issues from the new revenue recognition standard that will be of interest to those in the mining sector.

Get Price

Application of IFRS 15 to Miners BDO Australia

Sep 27, 2018· It is reasonable to say that the mining sector is far less impacted by IFRS 15 Revenue from Contracts with Customers than sectors such as telecoms, software, construction and indeed mining service companies.. However, it is wrong to assume that miners are not impacted by this new standard and mining companies need to consider potential impact areas.

Get Price

The Effect of IFRS on the Financial Ratios of Canadian ...

Acceptance and Effects of IFRS The acceptance of IFRS can be seen from the number of countries that utilize it. As of 2011, companies are required or allowed to prepare their financial reports in accordance with IFRS in over 120 countries or other reporting jurisdictions. This list includes Israel, Australia,

Get Price

Asia School of Mine PwC

How would IFRS 16 affect miners? Challenges expected in practice Watch out for “embedded lease” in mining service, transportation and storage contracts. Longterm power supply contracts may contain leases of power plants. Sale and leaseback transactions will no longer provide offbalance sheet financing structure anymore.

Get Price

Mining sector Clearly IFRS

Mining sector Clearly IFRS Industry insights for IFRS 15 New revenue Standard could impact profile of revenue and profit recognition What’s happened? The International Accounting Standards Board (IASB) has published a new Standard, IFRS 15 Revenue from Contracts with Customers (‘the new Standard’).

Get Price

IFRS Mining Brochure BDO Canada

The impact of IFRS 11 on mining companies could be significant, as it could change the accounting for the joint arrangements these entities enter into. Although the standard is not effective until 2013, the transitional provisions require restatement of the comparative periods, which for entities with :

Get Price

The Impact of IFRS on Industry | Wiley Online Books

The Impact of IFRS on Industry provides specific guidance on applying IFRS in a diverse range of sectors. Opening with an overview of IFRS, including a summary of all the standards, the book goes on to provide detailed coverage of the standards that can impact all industries, including IAS40, IFRS 1, and IFRS 5.

Get Price

Mining companies must prepare for new accounting standards ...

Jan 01, 2009· Mining companies must prepare for new accounting standards IFRS (International Financial Reporting Standards) has been on the radar in Canada for a number of years. Now that it's been confirmed that Canada will adopt IFRS, most Canadian industries are beginni...

Get Price

IFRS and the mining industry IAS Plus

under IFRS 6. It is presumed that historical cost determined under GAAP for mining entities is consistent with IAS 16 and can be carried forward. However, on conversion to IFRS, an entity has the option of deeming the fair value of any PPE asset at that date as its cost. Such choices may have a significant impact on opening equity and

Get Price
Top