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I rarely publish articles about specific sectors, but this time, I decided to make an exception. Why? The reason is that although most of you do NOT deal with agriculture, it is still one of the most important industries in the world. It is so important and so different from other industries that it has … Read more

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 few articles in the past for you: Summary of IFRS … Read more

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 solved numerical example to see how to implement IFRS 16 … Read more

Buy one, get one free… Discounts on future purchases… Coupons for free products… Loyalty points… Sounds familiar? Well, if you work in a company that sells some products or services to individuals or general public (not the other businesses), then you probably use some “carrots on the stick” to persuade people to buy. Here, the … Read more

If you invest your savings to the purchase of some shares on the stock exchange, then you probably perform some analysis in order to select the right stock. Well, this is at least what you should do. Still, your own hard-earned money needs to work efficiently to make you enough profits for your retirement (or … Read more

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 percentages that never add up and the magic table never … Read more

Sometimes, the things can happen behind your back – without you even noticing. And, these things can affect you somehow. Let me tell you a short story. I participated in an audit of a big insurance company and our senior asked me to look at its investments. Not surprisingly, this insurance company held lots of … Read more

About 3 years ago, I was reviewing the financial statements of a medium-sized company providing consumer loans. They needed the IFRS financial statements due to lots of loans taken from foreign banks. Usually, these banks require bigger debtors to provide the financial statements annually. So I was checking the notes to the financial statements. The … Read more

If you have a large portfolio of trade receivables, then you face the same issue over and over again: How to calculate bad debt provision to these receivables? When I worked as an auditor, I used to discuss this issue with my colleagues very frequently. Everyone of them agreed that yes, there is always some … Read more

During my audit days in Arthur Andersen I had a privilege to lead audit engagements in a few subsidiaries of international holdings and groups. For me, it was very interesting and educative. First of all I learned that the local management of these subsidiaries is often just a formal function and the real decisions are … Read more