What are directly attributable costs?
When you acquire a long-term asset, you can include directly attributable costs to the initial measurement of its cost. Although IFRS define directly attributable expenses quite clearly and provide a few examples, there are many different items we are not sure about. In this article,…
IFRS 16 Leases vs. IAS 17 Leases: How the lease accounting changed
In January 2016, IASB issued another important and long-discussed standard: IFRS 16 Leases that will replace IAS 17. Ever since then I receive lots of e-mails asking me to sum up what’s new. OK, so here you go. In this article, you’ll learn about the…
Monetary or Non-Monetary?
When you need to translate your items denominated in foreign currency to your own functional currency, then there’s one little problem: Is that item monetary or non-monetary? If you determine the nature of your item incorrectly, it can lead to totally wrong presentation in the…
Example: How to Consolidate
Step-by-step solved example of consolidation under IFRS 10 with video and excel. You will learn exactly WHAT you are doing and WHY you are doing this. If you apply this systematic method, your balance sheet will always BALANCE with no errors.
Difference Between Fair Value Hedge and Cash Flow Hedge
The first thing you need to do before you even start to play with hedge accounting is to determine the TYPE of hedge relationship that you’re dealing with. Why? Because: the type of hedge determines your accounting entries. Make no mistake here. If you incorrectly…
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