5-Step Model for Revenue Recognition under IFRS 15 + Journal Entries
The standard IFRS 15 has been with us for a while now, yet I still receive the same question: What precisely is 5-step model and should we really apply it to even the simple shop sales to the customer? The short answer is YES, you…
Should we create a provision for major overhauling?
How to deal with anticipated major repairs, maintenance, overhauling, regular replacement of small parts and similar items under IFRS? Find out here!
Example: Consolidation with Foreign Currencies
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…
Accounting for the sales of software licenses with subsequent updates
How to apply 5-step model of IFRS 15 to the licenses of intellectual property? Are there any special considerations? Learn here!
How to account for barter transactions?
How to account for exchanges of inventories or long-term assets under IFRS? Or other barter transactions? Learn here!
Accounting for transfer of owner-occupied property under revaluation model to investment property
What to do with revaluation surplus when transferring your PPE to investment property? How to account for it at the date of transfer and subsequently? Learn here!
How to capitalize exchange differences on loan as borrowing costs?
Can you capitalize exchange differences on foreign currency loans as borrowing costs? If yes, then how? Please find out here!
How to account for gift cards?
How to account for sale of gift cards? What do to when the customers don’t redeem them? Find out here!
How to account for warranties under IFRS 15?
Should you book a provision for warranties under IFRS? Or, is it a separate performance obligation and you should allocate some revenue to it? Find out here!
Impairment Test in the Covid-19 Pandemic
Here we are, another year comes closer to its and – and what a year! Pandemic entered into our lives in early 2020 and we all must admit it – this was totally new experience, since only older generations can remember similar situation. Yes, it…
