IFRS Box

http://traffic.libsyn.com/ifrsqa/036ContractAssetReceivable.mp3 Podcast: Play in new window | Download Show notes IFRS Question 036: What is the difference between a contract asset and an account receivable? What is the difference between contract asset and an account receivable? I know that contract asset is a new term under IFRS 15, but I just don’t understand when we … Read more

http://traffic.libsyn.com/ifrsqa/037SoftwareLicenses.mp3 Podcast: Play in new window | Download Show notes IFRS Question 037: How to account for the sales of software licenses with subsequent updates? Hi Silvia, we are a software company. We develop various technical software programs and sell them to the clients together with 1-year of updates. How to account for the sale … Read more

http://traffic.libsyn.com/ifrsqa/038DTExpectedManner.mp3 Podcast: Play in new window | Download Show notes IFRS Question 038: How to calculate deferred tax when different tax rates apply to the recovery of the same asset? I work in a country with more than one tax rates and I have issues with the correct calculation of our deferred taxes. It relates … Read more

http://traffic.libsyn.com/ifrsqa/039_IFRS15Distinct.mp3 Podcast: Play in new window | Download Show notes IFRS Question 039: How to determine whether the performance obligation is distinct? I work for a software company. We develop software and sell it to our clients. Clients can buy the installation services from us. Also, we provide 1-year of support services after the purchase. … Read more

http://traffic.libsyn.com/ifrsqa/040_InvestmentGold.mp3 Podcast: Play in new window | Download Show notes IFRS Question 040: Accounting for investment gold under IFRS Hi Silvia, how should we account for the gold under IFRS, especially if it was acquired as a form of value storage? Should we account for the gold under IFRS 9 and IAS 32 as a … Read more

Did you note that with the globalizing world, the number of large entities decreases and their size increases? Just as an example – 20 years ago, there were about 50 large media companies in the USA, controlling US entertainment industry. I mean film studios, TV stations and similar companies. These days, there are just 6 … Read more

The pandemics of coronavirus, or COVID-19 has been here for a while and after the first shock of its quick spread and effect on people’s health, we are all seeing its economic consequences. In order to stop the spread, governments in many countries ordered complete lockdown. Many businesses had to stop their operations and thus … Read more

The standard IAS 10 has been here for a long time. In fact, it is one of the oldest standards in place. It is sweet and short and often it is seen as a minor thing compared to other complex standards. However, the ongoing pandemic of coronavirus brought this standard to light. Clearly, the biggest … Read more

Some time ago I published an article about calculating bad debt provision in line with IFRS 9. Precisely speaking, it was about measuring expected credit loss using simplified approach for trade receivables – just to be on the safe side. Since then, I keep receiving loads of questions such as: “Why did you not use … Read more

Agriculture is a huge sector, significantly contributing to the world’s GDP. According to the World Bank, in 2018 the value added in the agricultural sector represented 10.39% on total GDP in average – which is HUGE! After all, we all need to eat. Besides its importance as an industry, agriculture is very interesting accounting subject. … Read more