IFRS Sustainability Reporting Just Behind Your Door

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It is here. Two newest standards, IFRS S1 and IFRS S2, were published in June 2023. I think that’s not news for anybody with two eyes and ears, because the information spread everywhere. Well, my usual approach is rather practical, so I will skip all these talks about WHY we need sustainability and WHY it … Read more

Accounting Errors

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Last updated: 20 October 2023 Accounting errors may arise due to a range of factors inherent in the complex and intricate nature of the accounting processes. As businesses manage countless transactions, these errors can stem from simple data entry mistakes, mathematical inaccuracies, misunderstandings of applicable IFRS, oversights or misinterpretations of facts. Other causes include technological … Read more

Accounting Estimates

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Last updated: 20 October 2023 Accounting policies often necessitate estimating certain amounts in financial statements, as these amounts can’t be directly observed. The use of estimates is integral to financial statement preparation and does not undermine their reliability (IAS 8.33). Indeed, even highly uncertain estimates often remain the most accurate representation of certain transactions or … Read more

Global Minimum Tax – Who? How? Any IFRS Impact?

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when it comes to taxes, the world can sometimes feel like a vast and intricate puzzle. Different countries, different rules and different rates. Hmmm, that sounds like a good scope for tax planning departments of huge corporations, isn’t it? Why not designing some nice and complex schemes to shift tax liabilities to the tax jurisdictions … Read more

IFRS 2022 update – IAS 8 Definition of Accounting Estimates – Your best read

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Topics hide IFRS 2022 update – IAS 8 Definition of Accounting Estimates Definition of an accounting estimate Changes in accounting estimates Illustrative examples Fair value of an investment property Cash-settled share-based payment liability Effective date and transition In practice IFRS 2022 update – IAS 8 Definition of Accounting Estimates Effective for annual periods beginning on … Read more

IFRS 2022 update – Classification of non-current liabilities with covenants – Best read

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Topics hide Overview – IFRS 2022 update – Classification of non-current liabilities with covenants Why this change? The 2022 amendments Separarate presentation Disclosures Right to defer settlement The 2020 amendments What’s new compared to the current IAS 1 Example 1 Loan subject to covenants Example 2 Foreign curency convertible bond Overview – IFRS 2022 update … Read more

IFRS 2022 update – IFRS 16 Lease Liability in a Sale and Leaseback – Best read

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Topics hide IFRS 2022 update – IFRS 16 Lease Liability in a Sale and Leaseback Key requirements Background Amendment to IFRS 16 Effective date and transition Illustrative examples to IFRS 16 IFRS 2022 update – IFRS 16 Lease Liability in a Sale and Leaseback Effective for annual periods beginning on or after 1 January 2024. … Read more

IFRS 15 Pre-Contract Establishment Date activities – Important to know

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Topics hide Pre-Contract Establishment Date activities Partially Satisfied Performance Obligations Before the Identification of a Contract TRG Update — Pre-CED Activities Q&A Partial Satisfaction of a Performance Obligation Before Identification of the Contract — Revenue Recognition Food for thought — Trial Periods Food for thought — Free Trial Period Pre-Contract Establishment Date activities or Partially … Read more

Cumulative catch-up approach 2 complete the finest read

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Use back button from the brower Topics hide Cumulative catch-up approach IFRS 9 IFRS 15 Accounting for contract modifications Modification not a separate contract Changes in the transaction price Q&A IFRS 15 Case – cumulative catch-up adjustment Calculation example cumulative catch-up adjustment Reassessment of estimated volume discounts Cumulative catch-up approach The cumulative catch-up approach is … Read more