Is Ifric 12 still valid?

Is Ifric 12 still valid?

Effective date IFRIC 12 is effective for annual periods beginning on or after 1 January 2008. Earlier application is permitted.

What is service concession asset?

About. A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop, operate and maintain an infrastructure asset such as a road, bridge, tunnel, airport, energy distribution network, prison or hospital.

What is Ifric accounting?

IFRIC is the interpretative body of the International Accounting Standards Board (IASB) that reviews newly identified financial reporting issues not specifically addressed in IFRS or issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop, with a goal to reach a consensus on …

What is concession arrangement?

A concession agreement is an agreement between a Government Authority and a Private entity, through which the Government grants certain rights to the Private entity for a limited period of time. These agreements are common in the development of infrastructural projects under the Public-Private Partnership (PPP) model.

What is the purpose of the IFRIC?

1 The International Financial Reporting Interpretations Committee (IFRIC) is a committee of the IASB that assists the IASB in establishing and improving standards of financial accounting and reporting for the benefit of users, preparers and auditors of financial statements.

What are IFRIC standards?

What IFRS 14?

IFRS 14 prescribes special accounting for the effects of rate regulation. Rate regulation is a legal framework for establishing the prices that a public utility or similar entity can charge to customers for regulated goods or services. Rate regulation can create a regulatory deferral account balance.

What is concession period?

In general, concession period is the span of time granted by the government to the private sector within which the private sector is responsible for the financing, construction and operation of a BOT project.

Which is an example of an IFRIC 12 concession?

• IFRIC 12 allows for the possibility that both types of consideration may exist within a single contract. For example, to the extent that the grantor has given to the operator an unconditional guarantee of minimum payments for the construction, the operator recognises a fi nancial asset.

How is IPSAS 32 related to IFRIC 12?

IPSAS 32 also creates symmetry with IFRIC 12 on relevant accounting issues (i.e. li­a­bil­i­ties, revenues, and expenses) from the grantor’s point of view. In addition, IPSAS 32 is con­sis­tent with SIC-29 Service Con­ces­sion Arrange­ments: Dis­clo­sures.

When does IFRIC 12 come into effect in the UK?

The prin­ci­ples applied in IFRIC 12 will be con­sid­ered as part of the project. IFRIC 12 is effective for annual periods beginning on or after 1 January 2008.

What does intangible asset mean in IFRIC 12?

In the other, the operator receives an in­tan­gi­ble asset – a right to charge for use of a public sector asset that it con­structs or upgrades and then must operate and maintain for a specified period of time.