IFRS 18 Presentation and Disclosure in Financial Statements: summary
IFRS 18 was issued in 2024 and is mandatorily applicable for the period starting on or after 1 January 2027, with earlier application permitted. However, please watch out because we need to apply IFRS 18 retrospectively, with the restatement of the comparative period. It means…
Example: Consolidation with Foreign Currencies
Last update: 10/2022 (video added to the end of the article) In today’s world, most groups spread their activities abroad and logically different members of the group operate in different currencies. Is the consolidation process of combining the financial statements of two (or more) companies…
IFRS S2 Climate-related Disclosures: What, How, When
Climate-related disclosures as arranged by IFRS S2 affect literally every single company without exception (I mean those issuing reports under IFRS). Yes, I know this is a strong statement, but if you keep reading, you will find out why and how. IFRS S1and IFRS S2…
IFRS S1: What, How, Where, How much it costs
so, what is IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information about? As its title says, it is about the general requirements for disclosure of sustainability-related financial information. As a result, you will not find any specific rules for the disclosures, because IFRS…
IFRS Sustainability Reporting Just Behind Your Door
It is here. Two newest standards, IFRS S1 and IFRS S2, were published in June 2023. I think that’s not news for anybody with two eyes and ears, because the information spread everywhere. Well, my usual approach is rather practical, so I will skip all…
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…
How to classify expenses in profit or loss statement under IFRS?
How to classify depreciation of warehouse? Is it cost of sales or administrative expense? What to do when the classification changes? Learn here!
Accounting for CAPEX threshold and its change under IFRS
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!
How to Write Notes to Financial Statements under IFRS
Warren Buffett once said: “Other guys read Playboy. I read annual reports.” This is a profound statement indicating that Warren Buffett actually takes his time to go through a complete annual report, including the financial statements and notes. Thus, Mr. Buffett does NOT consider the…
IFRS Reporting in Hyperinflationary Economy (IAS 29)
How to report in hyperinflationary economy under IFRS in three steps: with the video!
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