Conceptual Framework for the Financial Reporting 2018
The summary of the Conceptual Framework for Financial Reporting 2018 – with VIDEO!!!
Is your auditor being unreasonable?
“They waste time asking the same questions every year.” “They do not know my business and they are wasting my time.” “They are expensive and offer zero value to us – in fact they are The necessary evil!” These are some of an infinite list…
How to account for free assets received under IFRS
The best things in life are free… … at least that’s what Janet Jackson sang in one of her top hits. However, when your company receives some free assets, then the question is: Are they really received at no cost and no strings attached? Is…
How to make a change in functional currency
Some time ago I was a part of an audit team auditing the financial statements of a medium-sized manufacturing company. When we received the trial balance of that client, we spotted something strange: There were loads of transactions in a foreign currency and resulting impact…
IFRS 2019 Update: Major changes you should be aware of
Here we go again – another year has started and a number of changes or amendments of IFRS came into effect. I am pretty sure that you are aware of the biggest ones like new IFRS 16, but let me sum up all the new…
How to Present Financial Instruments under IAS 32
There are three IFRS covering the area of the most complex IFRS topic – financial instruments: IAS 32 Presentation of Financial Statements – this standard contains basic definitions and rules for presenting of financial instruments; IFRS 7 Financial Instruments: Disclosures – here, you can find…
Example: IFRS 10 Disposal of Subsidiary
Some time ago I published an article with an example of very simple method of consolidating a parent and a subsidiary. This article still applies and you can learn the basic steps and methodology of consolidation with a nice video in it. Many of my…
Example: Construction contracts under IFRS 15
How to account for construction contracts under IFRS 15? Learn here on a complex solved example with calculations and journal entries!
How to Account for Intangible Assets under IAS 38
Is it an asset or an expense? How to account for amortization? What if the asset has indefinite useful life? Learn here in our newest article with the video in the end!
IAS 38: Intangible Asset or Expense?
Recently I had an argument with auditors of one company related to the customer list they bought. The company paid significant amount of cash for the list of customers of telecommunications. The list contained the names, addresses and phone numbers of all the clients. And,…
