WHO recognizes service concession asset?

Under paragraph 27 of IFRIC 12, the operator recognizes the asset and a liability in respect of any obligations it has assumed in exchange for the asset.

What is service concession arrangements?

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 does Ifric stand for?

International Financial Reporting Interpretations Committee
IFRIC Interpretations are developed by the IFRS Interpretations Committee (previously the International Financial Reporting Interpretations Committee, IFRIC) and are issued after approval by the International Accounting Standards Board (IASB).

What is recognized when the operator has already the right to receive cash or other financial assets from the grantor?

The operator recognises a financial asset if it has an unconditional contractual right to receive cash or another financial asset from or at the direction of the grantor in return for constructing or upgrading the public sector asset.

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 Ipsas 32?

Objective. IPSAS 32 establishes the accounting and reporting requirements for the grantor in a service concession arrangement. IPSAS 32 intention is to create symmetry with IFRIC 12 on relevant accounting issues (i.e., liabilities, revenues, and expenses) from the grantor’s point of view.

What GASB 60?

Introduction. GASB 60 establishes accounting, reporting and disclosure guidance for both governmental transferors and governmental operators in service concession arrangements (SCAs). These arrangements are a type of public-private or public-public partnership.

What is the purpose of IFRIC 12 in accounting?

Abstract: IFRIC 12 describes the accounting treatment of concession contract arrangements. It was designed to address the plurality of practices involved in the treatment of concession contract arrangements, as well as offer a means of assistance to those who have difficulty understanding how the treatment works.

What are the different types of IFRIC 12 arrangements?

IFRIC 12 draws a distinction between two types of service concession arrangement.

What does IFRIC 12 do for concession arrangements?

It is intended to service concession arrangements and focus on both the Build-Operate-Transfer type arrangements and the Rehabilitate-Operate-Transfer type arrangements of existing IFRSs.

What happens if IFRIC 12 conditions are satisfied?

If IFRIC conditions are satisfied, some Croatian concessions could have significant consequences regarding their assets.

WHO recognizes service concession asset? Under paragraph 27 of IFRIC 12, the operator recognizes the asset and a liability in respect of any obligations it has assumed in exchange for the asset. What is service concession arrangements? A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a…