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    Allocating overheads IAS2

    How to allocate cost of conversion to inventories at abnormal levels of production?

    by Silvia

    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!

    Current Assets 9

    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

    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

    How to prepare financial statements when going concern does NOT apply?

    by Silvia

    IFRS do not specify any rules for presenting the financial statements when the going concern basis does not apply. So, what to do? How to present the financial statements? What should we take care of? Find out here!

    Current Assets, Financial Statements, IFRS Videos 26

    How to account for contracts to buy commodities with future delivery (own use)?

    by Silvia

    When you purchase a commodity with future delivery for fixed price, should you account for it as for derivative under IFRS 9? Or as a purchase of inventories (“own-use” contract)? Find out here with example included.

    Current Assets, Financial Instruments, 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 21

    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 20

    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 113
    IAS41 Agriculture

    Top 3 Questions about IAS 41 Agriculture

    by Silvia

    I rarely publish articles about specific sectors, but this time, I decided to make an exception. Why? The reason is that although most of you do NOT deal with agriculture, it is still one of the most important industries in the world. It is so…

    Current Assets, Non-current Assets 162
    IFRS Discounts

    Accounting for discounts under IFRS

    by Silvia

    Last update: July 2023 Discounts are probably the most popular selling tool in business. Without a doubt, many companies discount the price for their products or services in various forms, for example: Buy 1, get 1 free (and modifications), Get 10% off for purchases over…

    Current Assets, Revenue Recognition 105
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