IFRS Box

It seems that these days everything changes and goes south as a consequence of a pandemic. And yes, it seems yet another country is undergoing economic collapse, albeit perhaps not as a direct result of the pandemic. This time, it is Lebanon – it is imploding fast. Not only economic experts warn that the financial … Read more

The new lease standard IFRS 16 has been here for a while and yes, it imposed a challenges on all companies who leased their assets under operating leases. The reason is that IFRS 16 requires presenting ALL the leases in the same way, regardless whether they were classified as finance or operating. Just for the … Read more

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 was and still is hard for all of us. The … Read more

My dear readers, subscribers, followers, and friends, I am very excited to announce that IFRSbox has been rebranding to CPDbox. As you can see, our URL has already changed to www.cpdbox.com, and our logo has also changed. More changes will follow shortly to make a transition smoothly.   Why CPDbox? Because I want this site … Read more

A few years ago I wrote an article about differences between IFRS and US GAAP. And, I was completely wrong! Why? I assumed, or better said – I expressed the hope that by 2015, we would have a single set of the global reporting standards. Now, it is 2020 and although the world has come … Read more

http://traffic.libsyn.com/ifrsqa/QA001_DualRatesIFRS.mp3 Podcast: Play in new window | Download   Transcript: What closing rate should you apply when more rates are available? Hi guys, this is Silvia of IFRSbox.com and welcome to the very first episode of IFRS Q&A or questions and answers with me. I’m here for you, and each week I hope I’ll be … Read more

http://traffic.libsyn.com/ifrsqa/IFRS_QA_002__How_to_handle_different_useful_lives_of_PPE_within_the_group_.mp3 Podcast: Play in new window | Download   Show notes IFRS Question 002: Different useful life of PPE within the same group We have a head office in Singapore and subsidiaries in various countries. The headquarters of the parent company set the useful lives of the property, plant and equipment (PPE) for the whole … Read more

http://traffic.libsyn.com/ifrsqa/QA003DemolitionCostsIFRS.mp3 Podcast: Play in new window | Download   Show notes IFRS Question 003: Capitalizing demolition cost and carrying amount of old building We are auditors and need your advice on the following situation for our client: They have freehold land with building with total cost of CU 20 mil. acquired in 2015. The building … Read more

http://traffic.libsyn.com/ifrsqa/QA004LoansVariableInterest.mp3 Podcast: Play in new window | Download   Show notes IFRS Question 004: Variable-interest loan with collateral – at amortized cost? We provided a loan with a variable interest rate and there is a limitation for max/min interest rates to be paid. Will this feature prevent this loan from passing SPPI test (solely payment … Read more

http://traffic.libsyn.com/ifrsqa/QA005DividendstoEmployees.mp3 Podcast: Play in new window | Download   Show notes IFRS Question 005: Accounting for dividends paid to employees Our company policy is to pay 2% of the net profit to our employees who worked for us during the full previous year – from 1 January to 31 December. We booked the dividends for … Read more