(IFRS) for Small and Medium-sized Entities (SMEs)

IFRS FOR SMES – JULY 2009impairment lossimpracticableimputed rate of interestThe amount by which the carrying amount of an asset exceeds(a) in the case of inventories, its selling price less costs tocomplete and sell or (b) in the case of other assets, its fair valueless costs to sell.Applying a requirement is impracticable when the entitycannot apply it after making every reasonable effort to do so.The more clearly determinable of either:(a)(b)the prevailing rate for a similar instrument of an issuerwith a similar credit rating, ora rate of interest that discounts the nominal amount ofthe instrument to the current cash sales price of thegoods or services.incomeincome statementincome taxinsurance contractintangible assetIncreases in economic benefits during the reporting period inthe form of inflows or enhancements of assets or decreases ofliabilities that result in increases in equity, other than thoserelating to contributions from equity investors.Financial statement that presents all items of income andexpense recognised in a reporting period, excluding the itemsof other comprehensive income.All domestic and foreign taxes that are based on taxable profits.Income tax also includes taxes, such as withholding taxes, thatare payable by a subsidiary, associate or joint venture ondistributions to the reporting entity.A contract under which one party (the insurer) acceptssignificant insurance risk from another party (the policyholder)by agreeing to compensate the policyholder if a specifieduncertain future event (the insured event) adversely affects thepolicyholder.An identifiable non-monetary asset without physical substance.Such an asset is identifiable when it:(a)(b)is separable, ie is capable of being separated or dividedfrom the entity and sold, transferred, licensed, rented orexchanged, either individually or together with a relatedcontract, asset or liability, orarises from contractual or other legal rights, regardless ofwhether those rights are transferable or separable fromthe entity or from other rights and obligations.interest rate implicit inthe leaseThe discount rate that, at the inception of the lease, causes theaggregate present value of (a) the minimum lease payments and(b) the unguaranteed residual value to be equal to the sum of (i)the fair value of the leased asset and (ii) any initial direct costsof the lessor.218 © IASCF