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IFRS Tips&Tricks

Bring your
IFRS skills
to the next level

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If you already have some experience with IFRS, you know very well that not everything there is crystal clear.

Here, I gathered several IFRS questions and issues that many accountants have come across.

I call them “IFRS Tips & Tricks” because once you get to know them, you’ll remember them FOREVER and you’ll easily cope with similar issues of your own.

I divided them into 2 categories:

I. IFRS Tips:
Learn to deal with uncertain, but very common IFRS areas

1) What to do when your assets are fully depreciated, but you still use them

If this happens in your company, then the useful lives of your assets are incorrectly estimated. Learn how to correct this situation!

2) How to determine a tax base of your assets and liabilities for the deferred tax calculation

Determination of tax base is probably the most misunderstood topic in deferred taxes and I understand why. The definitions in IAS 12 are just unclear. But here, learn totally simple and unconventional approach to tax bases and you’ll find it a piece of cake.

3) Does this item go to profit or loss (PL) or other comprehensive income (OCI)?

If you have ever wondered where to report certain transactions, these 2 simple questions will solve it for once.

4) How to make a statement of cash flows in 7 steps

Cash flows don’t necessarily need to haunt you anymore. There IS a systematic approach and if you learn these 7 steps, I guarantee you’ll never ever wonder why the numbers do not balance (because they always will!).

5) Compare IFRS with US GAAP

American standards US GAAP and IFRS come closer to each other, but the process is quite slow and there are still many differences. Learn here about the biggest ones.

II. IFRS Tricks:
Learn to prepare advanced calculations and supercharge your IFRS skills

1) Top 3 Excel formulas that you need when preparing IFRS financial statements

Except for basic things in Excel like adding / deleting rows or making totals, there are a few formulas worth knowing. They can easily solve demanding issues for you at 1 click. Just go and grab them – Excel file with examples attached!

2) How to extrapolate along yield curve

Sometimes, CFOs or accountants must figure out their own discounts rates for various purposes: whether you try to set the fair value of your bonds (that are not publicly traded), or discount your post-employment benefit plans, then you need to determine appropriate discount rate. Learn how here!

3) How to calculate pre-tax rate from post-tax rate

Sometimes, you need pre-tax discount rates, for example when you determine value in use of your property in an annual impairment test. The problem is that the market rates of return are quoted post-tax. Learn what to do here.

4) How to calculate the rate implicit in the lease

Having financial leases in your accounts? Then learn how to calculate the interest rate implicit in the lease!

5) Learn Basic Excel for Accountants

This is the free course provided by my partnering organization, the Professional Training Academy. The course teaches you the basic excel skills, but it’s definitely worth trying!

If you register for the free course, you can also preview the demo of much advanced Excel course that could really boost your ability to make Excel work for you.

And if you decide to subscribe for the full advanced course, just contact me and get 20% discount exclusively for my subscribers.

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