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    IFRS 2019 Update: Major changes you should be aware of

    by Silvia

    Here we go again – another year has started and a number of changes or amendments of IFRS came into effect. I am pretty sure that you are aware of the biggest ones like new IFRS 16, but let me sum up all the new…

    Accounting Policies and Estimates, Consolidation and Groups, Financial Instruments, Financial Statements, Provisions and Other Liabilities, Revenue Recognition 36

    Tax Reconciliation under IAS 12 + Example

    by Silvia

    When I was an audit freshman, my least favorite task was to prepare the income tax reconciliation. I frankly hated it. Why? The main reason was that I did not understand the purpose of it. For me, it seemed like a bunch of numbers and…

    Provisions and Other Liabilities 97
    IFRS 16 Implementation Example

    Example: How to Adopt IFRS 16 Leases

    by Silvia

    In my last article I tried to outline the strategy and your choices when implementing the new lease standard IFRS 16 Leases. I am grateful for many responses and comments I got from you. Almost all e-mails I received from you asked me to publish…

    Provisions and Other Liabilities 280
    IFRS 16 Implementation

    How to Implement IFRS 16 Leases

    by Silvia

    The new lease standard IFRS 16 is exactly one of these earthshaking things that can make your head spin around. Well, especially if your company uses the operating lease as an effective tool of getting your assets quickly with relatively low risk. I wrote a…

    Provisions and Other Liabilities 57

    Troubles with IFRS 16 Leases

    by Silvia

    The new lease standard IFRS 16 can initially cause some troubles to the affected companies, because it introduces huge changes in the lessee’s accounting for leases. It was issued in January 2016 and we have to apply it for the periods starting 1 January 2019…

    Provisions and Other Liabilities 71
    IFRS 16 Leases

    IFRS 16 Leases – Summary

    by Silvia

    In January 2016, the new standard about lease accounting IFRS 16 was issued and it introduced a few major changes. The most significant are: New definition of the lease can cause that some contracts previously treated as “service contracts” can now be treated as “lease…

    IFRS Videos, Provisions and Other Liabilities 195
    IFRS Decommissioning

    How to Account for Decommissioning Provision under IFRS

    by Silvia

    When a company acquires certain types of long-term assets, it sometimes has an obligation to remove these assets after the end of their useful lives and restore the site. Typical example of such an asset is an oil rig or a nuclear power plant. When…

    Provisions and Other Liabilities 100
    IFRS 16 Leases

    IFRS 16 Leases vs. IAS 17 Leases: How the lease accounting changed

    by Silvia

    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…

    Most popular, Provisions and Other Liabilities 251
    IFRS Tax holidays

    Tax Incentives – IAS 12 or IAS 20?

    by Silvia

    In my previous article about accounting for government grants I asked you to give me some feedback and write me about some problems or issues in this area. Surprisingly, most of your responses asked one and the same question: How to account for tax incentives…

    Provisions and Other Liabilities 12
    IAS 20 Government Grants

    How to Account for Government Grants (IAS 20)

    by Silvia

    Almost every government supports certain companies or business by providing grants or other kind of assistance. As this is clear benefit and advantage comparing with other companies without such an assistance, it should be properly reported in the financial statements. How? Let’s explain the rules…

    IFRS Videos, Non-current Assets, Provisions and Other Liabilities 241
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