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9.

NOTE 9 Inventories

 The corporation presented a table showing the accounts included in the


inventory and the measurement of their inventory that been used in two
consecutive years, 2017 and 2018.
 Stated the carrying amount of cost of inventories that are carried at net
realizable value.
 Also stated the amount of the estimates of the inventory obsolescence.
 Presented the following accounts that were recognized in their consolidated
statements of profit or loss.
 Classified the accounts that are included in the line item Cost of Services.
 Also classified the accounts of cost of inventories that are recognized as
expense.

10. NOTE 10 Other Current Assets

 The corporation presented a table showing the accounts included in Other


Current Assets for the year 2017 and 2018.
 Stated that CWTs can be applied against any related income tax liability of a
company in the group.
 Indicated the origin of 2017 restricted time deposit.
 Classified the accounts included in the prepaid expenses.

11. NOTE 11 Asset Held for Sale

 The corporation stated the approved sale of BOD of one of the Group’s
passenger/cargo vessel. Stating the date of approval, as well as the name of
passenger/cargo vessel being sold.
 Stated the date when the vessel was sold, including the total consideration
received and the date when the vessel delivered to the buyer.

12. NOTE 12 PPE

 The corporation presented a table showing the net carrying amounts of


Property and Equipment of the Group for three years, 2016, 2017 and 2018.
 Classified PPE that were acquired under finance lease arrangements.
 Stated the amount of the addition of noncash for leased assets in 2017
and 2018.
 Expressed that the Group’s depreciation policy for property and
equipment were the basis of related depreciation of the leased assets.
 Stated the amount of their unpaid acquisition cost for 2017 and 2018.
 The corporation stated the Group’s review of the residual value of the vessels
and indicated their basis of the residual value of vessels.
 The Group stated the numbers and names of the vessels that were under
construction. They also stated the name of the contracted party for the
construction of passenger ferries and the amount of construction costs for the
year 2018 and 2017. They also included the amount of capitalized borrowing
cost related to the loans payable and the interest rate used for it.
 The corporation also stated the inclusion and the amount incurred of the
capitalized drydocking cost in Vessels in operations.
 Also showed the amounts of the disposed property and equipment for 2016,
2017 and 2018.
 Presented a table for the depreciation and amortization of specified accounts in
the consolidated statement of profit or loss.
 The Group stated the amount of property and equipment held as collateral for
2018 and 2017.

13. NOTE 13 Investments in Associates and Joint Ventures

 The corporation presented a table showing the details of investments and joint
ventures for 2018, 2017 and 2016.
 Also showed summarized financial information of the Group’s associates and
joint ventures and reconciliation with the carrying amount of the investment in
the consolidated financial statements.

14. NOTE 14 Other Noncurrent Assets

 The Group presented a table showing the accounts included in the Other
Current Assets with its respected amounts in 2018 and 2017.
 Presented the relation of Deferred input VAT to the major capital expenditures
and drydocking of vessels.
 Classified the accounts related to the Refundable deposits.
 Showed a table presenting the movement of Software, one of Other Noncurrent
Assets of the group. It also shows the amortization recognized in the said
account in the consolidated statement of profit or loss.
 The Group defined investment property. They indicated their basis to
determine the fair value of investment property.
 Presented a conclusion regarding to the changes of fair value of investment
property as at December 31, 2018.
 Also presented the income and expenses that were incurred from Group’s
investment property.

15. NOTE 15 Short-term Notes Payable

 The Group stated the origin of their notes payable and the range of annual
interest rates used.
 Stated the amounts of total interest expense incurred for the years 2018, 2017
and 2016.

16. NOTE 16 Trade and Other Payables

 The Group presented a table showing the accounts included in Trade and
Other Payables with its respected amounts in 2018 and 2017. It also specified
the accounts that are included on each line item.
 Stated that Trade and other payables are non-interest bearing and the normal
number of days terms of the payables. The Group also explained that some of
trade payables are payable on demand.
 They also stated the provision and the amounts recognized for cargo losses
and damages for cost of claims or passenger claims which are not covered by
insurance in 2018, 2017 and 2016.
 They also showed the amount of actual claims for 2018, 2017 and 2016.
Activity 2:

3. Biological Assets (PAS 41)

Disclosure requirements in PAS 41 include:

 Carrying amount of biological assets


 Description of an enterprise’s biological assets, by broad group
 Change in fair value during the period
 Fair value of agricultural produce harvested during the period
 Description of the nature of an enterprise’s activities with each group of
biological assets and non-financial measures or estimates of physical
quantities of output during the period and assets on hand at the end of the
period
 Information about biological assets whose title restricted or that are
pledged as security
 Commitments for development or acquisition of biological assets
 Financial risk management strategies
 Methods and assumptions for determining fair value
 Reconciliation of changes in the carrying amount of biological assets,
showing separately changes in value, purchases, sales, harvesting,
business combinations, and foreign exchange differences

Disclosure of a quantified description of each group of biological assets,


distinguishing between consumable and bearer assets or between mature immature
assets, is encouraged but not required. If fair value cannot be measured reliably,
additional required disclosures include:

 Description of the assets


 An explanation of the circumstances
 If possible, a range within which fair value is highly likely to fall
 Gain or loss recognized on disposal
 Depreciation method
 Useful lives or depreciation rates
 Gross carrying amount and the accumulated depreciation, beginning and
ending

If the fair value of biological assets previously measured at cost now becomes
available, certain additional disclosures are required.
Disclosures relating to government grants include the nature and extent of
grants, unfulfilled conditions, and significant decreases in the expected level of grants.

4. Investment in Associates (PAS 28)

Disclosure requirements in PAS 28 include:

There are no disclosures specified in PAS 28. Instead, PFRS 12


Disclosure of Interest in Other Entities outlines the disclosures required for entities with
joint control of, or significant influence over an investee.

PFRS 12 is required to be applied by an entity that has an interest in any of the


following: [PFRS 12:5]

 Subsidiaries
 Joint arrangements (joint operations or joint ventures)
 Associates
 Unconsolidated structured entities

PFRS 12 disclosure requirements in general

The objective of PFRS 12 is to require the disclosure of information that enables users
of financial statements to evaluate: [PFRS 12:1]

 The nature of, and risks associated with, its interests in other entities
 The effects of those interests on its financial position, financial performance and
cash flows

Where the disclosures required by PFRS 12, together with the disclosures
required by other PFRSs, do not meet the above objective, an entity is required to
disclose whatever additional information in necessary to meet the objective. [PFRS
12:3]

Significant judgments and assumptions

An entity discloses information about significant judgments and assumptions it has


made (and changes in those judgments and assumptions) in determining: [PFRS 12:7]
 That it controls another entity
 That it has a joint control of an arrangement or significant influence over another
entity
 The type of joint arrangement (i.e. joint operation or joint venture) when the
arrangement has been structured through a separate vehicle

PFRS 12 disclosures required for interests in associates and joint arrangements

An entity shall disclose information that enables users of its financial statements to
evaluate: [PFRS 12:20]

 The nature, extent and financial effects of its interests in joint arrangements and
associates, including the nature and effects of its contractual relationship with the
other investors with joint control of, or significant influence over, joint
arrangements and associates
 The nature of, and changes in, the risk associated with its interests in joint
ventures and associates.

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