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,…
009: Can we capitalize a customer list under IFRS?
If you purchase a customer list from someone else, can you actually capitalize it (recognize it as an asset)? Isn’t is just the same as the advertising expense? When can you capitalize a customer list under IFRS? Learn here!
How to Test Goodwill for Impairment
When a company acquires control over another company, then often a goodwill arises, too. You should present it as an intangible asset, but when you think about it carefully, a goodwill is not a typical asset, because unlike other assets, you cannot sell it to…
When to start depreciation?
After graduating from a university I started my career in a famous, then Big 5 audit company. If you work in auditing I bet you got the worst tasks and assignments during your first year at work! Just as I did. I remember taking part…
How to Capitalize Borrowing Costs under IAS 23
Should you capitalize or not? When it comes to determining the cost of your assets, most standards ask to include all directly attributable items. What about interest and other borrowing costs? Did you know that if you have 10 dollars in your pocket and no…
Top 5 IFRS Changes Adopted in 2014
The year 2014 brought us some very significant changes in IFRS. While some changes might not give you a hard time to adopt, the other changes can cost you a lot of money and time to make them effective in your company. The year 2014…
Can you capitalize it as PPE or not?
Is it an item of property, plant and equipment or a part of its cost? Or is it a piece of inventories instead? Or just an expense that goes straight in profit or loss? Hmmm, what about an intangible asset? In 90% of all cases,…
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