027: Examples: How to allocate cost of conversion to inventories at abnormal levels of production?
How to allocate fixed overheads to the cost of inventories? What if your production is abnormally high or abnormally low? Find out here with examples included!
015: How to prepare financial statements when going concern does not apply?
IFRS do not specify any rules for presenting the financial statements when the going concern basis does not apply. So, what to do? How to present the financial statements? What should we take care of? Find out here!
003: Can you capitalize demolition cost under IFRS?
If you acquired land with some old building and you plan to demolish that building, how should you treat the demolition cost and the carrying amount of old building? Can you capitalize it to the new asset? Or expense it? It depends…
Top 3 Questions about IAS 41 Agriculture
I rarely publish articles about specific sectors, but this time, I decided to make an exception. Why? The reason is that although most of you do NOT deal with agriculture, it is still one of the most important industries in the world. It is so…
The Best of IFRSbox 2016
My all dear readers, without YOU there would be no IFRSbox! Let me thank you for your continuous support throughout the year 2016, especially for: Asking me so many good questions in the comments below my articles, Sharing my articles with your friends via social…
Accounting for discounts under IFRS
Discounts are probably the most popular selling tool in business. Without a doubt, many companies discount the price for their products or services in various forms, for example: Buy 1, get 1 free (and modifications), Get 10% off for purchases over CU 100 (and modifications),…
IAS 2 Cost Formulas: Weighted average, FIFO or FOFO?!
During my ACCA studies some years ago I had an amazing tutor. He was very smart, always to the point and on top of that, I simply loved his dry British sense of humor. When we talked about inventories, he told us a story about…
The Best of IFRSbox 2015
The year-end is coming closer and closer; the closings have already started to push their pressure on all of us, the exam season approaches and we live the busy lives. I know that this part of the year is usually the second busiest for any…
How to Account for Spare Parts under IFRS
One of the biggest issues related to property, plant and equipment is accounting for spare parts, servicing equipment, stand-by equipment and similar items. IFRS standards are pretty silent about this topic, the guidance is very limited and as a result, companies need to rely on…
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