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
Updated 2025: Disposal of a subsidiary step-by-step under IFRS 10 lecture: 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…
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,…
How to Consolidate Special Purpose Entity
Last update: 2023 I lost my first serious job in Arthur Andersen in 2001. I was devastated, because I really loved that job. Yes, it was full of hard work and long overtimes, but it was the best accounting and auditing school ever. How did…
How to account for intercompany loans under IFRS
How to account for intercompany loans under IFRS when there is no documentation, loans are not at commercial terms or there is no fixed repayment date? Learn here!
What to disclose under IFRS 7 Financial Instruments: Disclosures
About 3 years ago, I was reviewing the financial statements of a medium-sized company providing consumer loans. They needed the IFRS financial statements due to lots of loans taken from foreign banks. Usually, these banks require bigger debtors to provide the financial statements annually. So…
Accounting for Deemed Disposal of Associate (IAS 28)
Sometimes, the things can happen behind your back – without you even noticing. And, these things can affect you somehow. Let me tell you a short story. I participated in an audit of a big insurance company and our senior asked me to look at…
