đĄī¸ IFRS Disclosure Summaries
Salient features of the core International Financial Reporting Standards (IFRS) applied to the automated financial statements.
IFRS 16: Leases
The company assesses whether a contract is or contains a lease at inception. The company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (12 months or less) and leases of low-value assets.
IFRS 9: Financial Instruments
Financial assets are classified and measured based on the business model for managing the assets and their contractual cash flow characteristics. The company applies the simplified approach to measuring Expected Credit Losses (ECL) which uses a lifetime expected loss allowance for all trade receivables.
IFRS 37: Provisions & Contingent Liabilities
Provisions are recognized when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.
IFRS 10 & 12: Consolidation
Subsidiaries are all entities over which the group has control. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement and has the ability to affect those returns through its power over the entity.
IFRS 24: Related Party Transactions
Key management personnel, subsidiaries, and entities under common control are considered related parties. All transactions, outstanding balances, and commitments with related parties are disclosed at arm’s length values.