Coronavirus and IFRS – What is happening?
Over past few months, coronavirus became the most mentioned word everywhere. No wonder – not only it takes lives of our dear ones, but it also affects our daily life in many different ways. In many countries, people cannot go to work, kids cannot go…
Conceptual Framework for the Financial Reporting 2018
The summary of the Conceptual Framework for Financial Reporting 2018 – with VIDEO!!!
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…
Top IFRS Changes for 2016 and Later
The guys in the IASB (International Accounting Standards Board) are working very hard – it’s evident from lots of new standards, interpretations and amendments produced every year. In today’s article, I’d like to sum up the main changes in IFRS adopted in the past years…
IFRS for Banks and Financial Institutions
If you work for a bank or any other financial institution, then you are very well aware of the fact that IFRS is a little bit different there. OK, not quite like that: IFRS is still the same, just the way how you use it…
Top 5 IFRS 2014 and 2013 Changes
The year 2013 started off with some really significant IFRS amendments that you need to take into account when preparing your IFRS financial statements as at 31 December 2013. Although these changes should be applied in the year 2013 for the first time, you also…
Brief IFRS Glossary
International Financial Reporting Standards are usually presented in a certain structure. Most of IFRS is clearly subdivided into several chapters that carry their titles, for example: Recognition, Measurement, Derecognition etc. This article defines the main terms as used in IFRS and shows example of their application….
How to Adjust Your Local Accounts to IFRS (Part 2)
In the first part of this small series, we have explained preparatory steps for making transformation of local accounts to IFRS. Here, we continue with summing all this up and preparing transformation bridge as the basis for IFRS accounts. Step 3: Prepare a bridge in excel…
How to Adjust your Local Accounts to IFRS (Part 1)
Today’s accounting world works on a single set of accounting and financial reporting standards. As a basis, IFRSs happen to play a crucial role. Nowadays, we are witnessing a huge progress of convergence to IFRS—not only by US GAAP, but also other countries are adopting…
IAS 1 Presentation of Financial Statements: Summary
IAS 1 Presentation of Financial Statements represents a basis of the whole IFRS reporting, as it sets overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. Financial Statements Purpose of the financial statements is to provide information about…
