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    Can We Interrupt Depreciation due to Covid-19 Pandemics? 3 Tips & Tricks

    by Silvia

    Lockdowns stripped many businesses of their revenues due to temporary closures and ban on activities. However, businesses still have assets and related expenses. For example depreciation. Many businesses still need to charge the depreciation despite having zero revenues, and as a result they end up…

    Accounting Policies and Estimates, Non-current Assets 23

    Accounting for CAPEX threshold and its change under IFRS

    by Silvia

    What happens when you buy lots of assets below your capex threshold, but still high expense? And, should you revise your capex threshold retrospectively? Learn here!

    Accounting Policies and Estimates, Financial Statements, IFRS Videos, Non-current Assets 20

    How to Account for Subsequent Expenditures in Agriculture?

    by Silvia

    How to account for veterinary costs, animal food, fertilizers, pesticides and other operating expenses in agriculture under IAS 41? Learn here!

    Accounting Policies and Estimates, Financial Statements, IFRS Videos 17

    How to account for investment in gold under IFRS?

    by Silvia

    The truth is that there is no specific IFRS related to precious metals. What to do when you buy gold and other metals to store value? Learn here!

    Accounting Policies and Estimates, Current Assets, Financial Instruments, IFRS Videos 19

    Coronavirus and IFRS – What is happening?

    by Silvia

    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…

    Accounting Policies and Estimates, Financial Instruments, Financial Statements, Non-current Assets 64

    How to Measure Fair Value in Agriculture – IAS 41 and IFRS 13

    by Silvia

    Agriculture is a huge sector, significantly contributing to the world’s GDP. According to the World Bank, in 2018 the value added in the agricultural sector represented 10.39% on total GDP in average – which is HUGE! After all, we all need to eat. Besides its…

    Accounting Policies and Estimates, Current Assets, Financial Statements, Non-current Assets 18

    How to account for free assets received under IFRS

    by Silvia

    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…

    Accounting Policies and Estimates, Current Assets, Non-current Assets 107

    IFRS 2019 Update: Major changes you should be aware of

    by Silvia

    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…

    Accounting Policies and Estimates, Consolidation and Groups, Financial Instruments, Financial Statements, Provisions and Other Liabilities, Revenue Recognition 36
    IAS8AccountingPolicy

    IAS 8 Accounting Policies, Changes in Accounting Estimates, Errors

    by Silvia

    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 companies quite hard. For…

    Accounting Policies and Estimates, IFRS Videos 75
    How to account for artwork under IFRS

    How to Account for Artwork under IFRS

    by Silvia

    A few weeks ago I visited our dentist together with my little 4-year old girl just to check up everything’s OK with her little teeth. While we were sitting in the waiting room, my little one playing with the small teeth replicas (OMG!), I looked…

    Accounting Policies and Estimates, Current Assets, Non-current Assets 59
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