What are regulatory deferral accounts?
A regulatory deferral account balance is an amount of expense or income that would not be recognised as an asset or liability in accordance with other Standards, but that qualifies to be deferred in accordance with IFRS 14, because the amount is included, or is expected to be included, by a rate regulator in …
What is regulatory account?
Regulatory Accounting means record keeping rules and processes used for the preparation of accounts and reports for regulatory purposes (e.g. for the verification of cost-based pricing obligations).
What is an Ifric agenda decision?
Agenda decisions are a way of making a statement about why a change of an IFRS ® Standard requirement or an interpretation of that requirement is not necessary. They often include explanatory information that is intended to provide guidance for the consistent application of IFRS Standards.
What is regulatory income?
When a company recognises a regulatory asset, it would also record regulatory income. This income would depict a part of the total allowed compensation for goods or services supplied in the current period that will be recognised as revenue in the future periods.
What PRFS 14?
PFRS 14 specifies the financial reporting requirements for regulatory deferral account balances arising from the sale of goods or services that are subject to rate regulation. PFRS 14 is an optional standard that is available only to first-time adopters. Existing PFRS users are prohibited from using PFRS 14.
What is the basic purpose of accounting?
The main goal of accounting is to record and report a company’s financial transactions, financial performance, and cash flows. Accounting standards improve the reliability of financial statements.
What is Ifric accounting?
IFRIC (IFRS Interpretations Committee) is the interpretative body of the IFRS Foundation. Its mandate is to review on a timely basis widespread accounting issues that have arisen within the context of current International Financial Reporting Standards (IFRSs).
What does a regulatory reporting analyst do?
The Regulatory Reporting Analyst reports to the Regulatory Reporting Manager and is responsible for the timely and accurate preparation and filing of various financial regulatory reports (including FFIEC 009, FFIEC 031, FRY9-C) in compliance with all regulatory requirements, Company policies and procedures, and …
How are changes in accounting policies handled?
Changes in an accounting policy are applied retrospectively unless this is impracticable or unless another IFRS Standard sets specific transitional provisions. Changes in accounting estimates result from new information or new developments and, accordingly, are not corrections of errors.
What is transferor and transferee company?
(b) Transferor company means the company which is amalgamated into another company. Page 4. Accounting for Amalgamations 147. (c) Transferee company means the company into which a transferor company is amalgamated.
What are the conditions which according to AS 14 on accounting for amalgamation must be satisfied for an amalgamation in the nature of merger?
29. An amalgamation should be considered to be an amalgamation in the nature of merger when all the following conditions are satisfied: All the assets and liabilities of the transferor company become, after amalgamation, the assets and liabilities of the transferee company.
What is a regulatory expense?
Regulatory Expenses meanss all costs incurred to comply with and to maintain all Regulatory Approvals and all regulatory agencies, including FDA user and other fees, reporting, and other regulatory affairs activities, including post-marketing safety surveillance and reporting.
What are the roles of 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.