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    IFRS 17

    IFRS 17 Insurance Contracts: Summary

    by Silvia

    IFRS 17 was issued in 2017 and is mandatorily applicable for the period starting on or after 1 January 2023. It replaced “temporary” standard IFRS 4 Insurance Contracts, which is no longer applicable. This summary splits the topics covered in IFRS 17 to the following…

    IFRS Videos, Insurance 5
    Foreign Currency Consolidation

    Example: Consolidation with Foreign Currencies

    by Silvia

    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…

    Consolidation and Groups, Financial Statements, Foreign Currency, IFRS Videos 81
    IAS8AccountingPolicy

    IAS 8 Accounting Policies, Changes in Accounting Estimates, Errors

    by Silvia

    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…

    Accounting Policies and Estimates, IFRS Videos 77

    IFRS 15 Explained: Full Guide on 5-step Model for Revenue Recognition + Free Journal Entries Template

    by Silvia

    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…

    IFRS Videos, Revenue Recognition 7

    How to account for barter transactions?

    by Silvia

    How to account for exchanges of inventories or long-term assets under IFRS? Or other barter transactions? Learn here!

    Current Assets, IFRS Videos, Revenue Recognition 28

    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

    Projected Unit Credit Method (IAS 19) with Example

    by Silvia

    Recently I got across the interesting question. One lady working for a company adopting IFRS for the first time asked me if they can still mark their financial statements as compliant with IFRS, if they do not apply projected unit credit method, but do apply…

    IFRS Videos, Provisions and Other Liabilities 14

    Contract Asset vs. Trade Receivable – What’s the Difference?

    by Silvia

    What is the difference between contract asset and receivable? When to book a contract asset and when a receivable? Learn here (with example)!

    Current Assets, Financial Instruments, IFRS Videos, Revenue Recognition 62
    Variable Lease Payments IFRS16

    How to account for rentals depending on inflation and future sales?

    by Silvia

    What if your lease payments depend on future sales, inflation, use of the asset, interest rate or other things – what should you do? How should you account for them under IFRS 16? Find out here!

    IFRS Videos, Provisions and Other Liabilities 41

    IFRS Reporting in Hyperinflationary Economy (IAS 29)

    by Silvia

    How to report in hyperinflationary economy under IFRS in three steps: with the video!

    Financial Statements, IFRS Videos 45
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    • hassan ali on IFRS 15 Explained: Full Guide on 5-step Model for Revenue Recognition + Free Journal Entries Template
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