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    5-Step Model for Revenue Recognition under IFRS 15 + Journal Entries

    by Silvia

    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…

    IFRS Videos, Revenue Recognition 0
    IFRS overhauling

    Should we create a provision for major overhauling?

    by Silvia

    How to deal with anticipated major repairs, maintenance, overhauling, regular replacement of small parts and similar items under IFRS? Find out here!

    Non-current Assets 13
    Foreign Currency Consolidation

    Example: Consolidation with Foreign Currencies

    by Silvia

    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…

    Consolidation and Groups, Financial Statements, Foreign Currency, IFRS Videos 79
    IAS 38 Software

    Accounting for the sales of software licenses with subsequent updates

    by Silvia

    How to apply 5-step model of IFRS 15 to the licenses of intellectual property? Are there any special considerations? Learn here!

    Revenue Recognition 20

    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
    IFRS transfers of property

    Accounting for transfer of owner-occupied property under revaluation model to investment property

    by Silvia

    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!

    Non-current Assets 20
    IFRS capitalize exchange rate differences

    How to capitalize exchange differences on loan as borrowing costs?

    by Silvia

    Can you capitalize exchange differences on foreign currency loans as borrowing costs? If yes, then how? Please find out here!

    Non-current Assets 12
    IFRS Breakage

    How to account for gift cards?

    by Silvia

    How to account for sale of gift cards? What do to when the customers don’t redeem them? Find out here!

    Revenue Recognition 22
    IFRS Warranty

    How to account for warranties under IFRS 15?

    by Silvia

    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!

    Revenue Recognition 17

    Impairment Test in the Covid-19 Pandemic

    by Silvia

    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…

    Non-current Assets 7
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