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COSO Internal Control Framework is globally recognized as the leading standard for designing, implementing, and evaluating internal control systems. Since its initial release in 1992, and especially after its 2013 revision, the framework has provided boards, executives, and auditors with a consistent structure to assess and strengthen governance, risk management, and compliance. The framework identifies … Read more
Topics hide What Are Management-Defined Performance Measures (MPMs)? Why This Matters IFRS 18 Requirements for MPMs Example The Governance Dimension What is public communications outside the financial statements? Challenges and Opportunities Ahead Final Reflection: From Storytelling to Accountability Sources Management-Defined Performance Measures Management-Defined Performance Measures Management-Defined Performance Measures Management-Defined Performance Measures Management-Defined Performance Measures Management-Defined … Read more
Use back button from the brower Business travel: Transportation of employees for business-related activities. Related Articles: Category 4 Upstream Transportation and Distribution – The best calculation guidance Category 6 Business Travel – The best calculation guidance Category 7 Employee Commuting – The best calculation guidance Category 9 Downstream Transportation and Distribution – The best read
Use back button from the brower Equity share: The equity share reflects economic interest, which is the extent of rights a company has to the risks and rewards flowing from an operation. Typically, the share of economic risks and rewards in an operation is aligned with the company’s percentage ownership of that operation, and equity … Read more
This is a complete almost 80-minute IFRS consolidation lecture that puts you on the solid starting point: The content of this lecture (with links to text versions) Introduction to group accounts / consolidation IFRS 3 Business Combinations – summary of rules IFRS 10 Consolidated Financial Statements – summary of rules Example: Basic consolidation step … Read more
Deferred tax is not a new concept – however, it is the concept quite misunderstood by many. Well, first of all – deferred tax is NOT a tax to be paid. Instead, it is an accrual for tax, working similarly as any other accrual or even a provision. The next confusing thing about the deferred … Read more
What are management-defined performance measures, the new requirement in IFRS 18? The guidance in IFRS 18 related to MPMs is quite extensive, however, in my humble opinion, most “outside-financial statements” measures will not meet the definition of MPM in IFRS 18. As a result, no specific disclosure will be needed. Why? Because, first, you need … Read more
Here the questions raised is how to account for revenue in a transfer of land. Or to put it more formally how to account for revenue recognition in a real estate contract that includes the transfer of land (as per IFRS 15 Revenue from Contracts with Customers) as per the same 2018 IFRS Interpretations Committee Agenda … Read more
Variable number of equity instruments or variable exercise price or IFRS 2 Shares to the value of a fixed amount Shares to the value of of if a variable number of equity instruments to the value of a fixed amount is granted, commonly known as ‘shares to the value of’, then such an arrangement is … Read more
IAS 8 Best summary policies estimates and errors comprises a high level summary of the three items in this standard: Accounting policies, Accounting Estimates Errors 1. Accounting policies Definition: Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. ↓ ↓ Selection and application … Read more