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    IAS 23 Borrowing Costs

    How to Capitalize Borrowing Costs under IAS 23

    by Silvia

    Should you capitalize or not? When it comes to determining the cost of your assets, most standards ask to include all directly attributable items. What about interest and other borrowing costs? Did you know that if you have 10 dollars in your pocket and no…

    Current Assets, Non-current Assets 183
    IAS 16 PPE

    3 Biggest Myths in Accounting for PPE

    by Silvia

    I often talk with many professionals about a practical application of IFRS and the topic of long-term tangible asset is very frequent. To my surprise I found out that a lot of them believed that with regard to accounting for property, plant and equipment (especially…

    Non-current Assets 144
    IAS16PPECostLL

    Can you capitalize it as PPE or not?

    by Silvia

    Is it an item of property, plant and equipment or a part of its cost? Or is it a piece of inventories instead? Or just an expense that goes straight in profit or loss? Hmmm, what about an intangible asset? In 90% of all cases,…

    Current Assets, Non-current Assets 457
    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
    IAS 8 Fully depreciated assets still in use

    Our machines are fully depreciated, but we still use them! What shall we do?

    by Silvia

    Do you work in the production company? And did you find out that some of your production assets are still in operation but they were fully depreciated? In this case, the original estimate of machinery’s useful life proved to be incorrect. Here’s one of the…

    Accounting Policies and Estimates, IFRS Videos, Non-current Assets 222
    IAS 36 Impairment of assets

    IAS 36 Impairment of Assets

    by Silvia

    Did you know that the world-wide economic crisis followed by the recession caused a sharp downfall of assets’ prices? In some countries, the prices of property fell by 30-50%! Such a steep and fast decrease had an impact on the IFRS financial reporting, too. Companies…

    IFRS Videos, Non-current Assets 80
    Pre-tax rate IFRS

    How to Calculate Pre-tax Rate for Value in Use

    by Silvia

    Dealing with impairment of assets, or cash generating units (CGU), involves one quite difficult task – to determine asset’s / CGU’s recoverable amount. Sometimes it might be an easy job, especially when fair value can be established and it is probably higher than value in…

    Non-current Assets 10
    IAS 16 Property plant and equipment

    IAS 16 Property, Plant and Equipment – summary

    by Silvia

    Standard IAS 16 prescribes the accounting treatment for property, plant and equipment and therefore it is one of the most important and commonly applied standards. The main issues dealt in IAS 16 are recognition of property, plant and equipment, measurement at and after recognition, impairment…

    IFRS Videos, Non-current Assets 518
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