FRS 109 - Financial instruments
- Scope
- Measurement of financial assets
- Classification of financial liabilities
- The new impairment model
FRS 115 – 5 steps to revenue recognition
- Identify the contract with the customer
- Identify the separate performance obligations in the contract
- Determine the transaction price
- Allocate the transaction price
- Recognise revenue when a performance obligation is satisfied
FRS 116 - Accounting by lessees
- Measurement of right of use assets
- Measurement of the lease liability using the right discount rates and factoring variable lease payments
- Determining the lease term including options to renew
- Reassessment of the lease liability