IFRS 3: A Business or an Asset?
Last update: August 2023 Did you note that with the globalizing world, the number of large entities decreases and their size increases? Just as an example – 20 years ago, there were about 50 large media companies in the USA, controlling US entertainment industry. I…
Monetary or Non-Monetary?
Updated: 2023 – please scroll below to download the infographics for your future reference, it is free. When you need to translate your items denominated in foreign currency to your own functional currency, then there’s one little problem: Is that item monetary or non-monetary? If…
IAS 8 Accounting Policies, Changes in Accounting Estimates, Errors
Updated in March 2023 I bet every single company needed to change something in its accounting records and financial statements. Often, the change is very small, so you just don’t worry about it and make correction on the go. But sometimes, the change can impact…
IFRS 15 Explained: Full Guide on 5-step Model for Revenue Recognition + Free Journal Entries Template
Updated: April 2025 IFRS 15 sets out the 5-step model for recognizing revenue from contracts with customers. This guide simplifies each step with practical examples — including a telecom contract case — plus it includes a free video lecture and downloadable IFRS 15 Journal Entry…
How to determine the fair value of a machine?
Market prices of most non-financial assets are usually not available, because these assets might be outdated or highly customized or simply not traded on the market. How do you set the fair value of these assets in this case? Learn here!
Can you capitalize rental expenses of land?
Can you capitalize rental expenses of land under IFRS? And what about the rental of the temporary offices? Find out here!
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!
Should we create a provision for major overhauling?
How to deal with anticipated major repairs, maintenance, overhauling, regular replacement of small parts and similar items under IFRS? Find out here!
Distinct or not distinct under IFRS 15?
How to determine whether the performance obligations in the contract are distinct or not distinct under IFRS 15? Find out here, with example included!
Accounting for the sales of software licenses with subsequent updates
How to apply 5-step model of IFRS 15 to the licenses of intellectual property? Are there any special considerations? Learn here!
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