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In my previous article about accounting for government grants I asked you to give me some feedback and write me about some problems or issues in this area. Surprisingly, most of your responses asked one and the same question: How to account for tax incentives of various kinds? Are they a government grant or not? … Read more
After graduating from a university I started my career in a famous, then Big 5 audit company. If you work in auditing I bet you got the worst tasks and assignments during your first year at work! Just as I did. I remember taking part in numerous inventory counts, including those who should be avoided … Read more
The financial instruments belong to the most complicated and difficult areas in IFRS and therefore, I dedicated many articles to making the things understandable a bit. However, until now, we haven’t even touched the complexity of the disclosures about financial instruments as required by IFRS 7 Financial Instruments: Disclosures. Therefore today, I’m happy to publish … Read more
One of the biggest issues related to property, plant and equipment is accounting for spare parts, servicing equipment, stand-by equipment and similar items. IFRS standards are pretty silent about this topic, the guidance is very limited and as a result, companies need to rely on careful assessment of the situation and their judgment. There are … Read more
The year-end is coming closer and closer; the closings have already started to push their pressure on all of us, the exam season approaches and we live the busy lives. I know that this part of the year is usually the second busiest for any accountant or CFO (right after January), but let me stop … Read more
In the past few years, the revenue recognition rules changed dramatically with introduction of the new standard IFRS 15. All affected companies face a lot of challenges and work related to the proper implementation of the new standard. I have written 2 articles about the new rules in the past, namely: IFRS 15 vs. IAS … Read more
Companies are very watchful when it comes to an audit of their financial statements. How to deal with our auditors? Do they know everything? Should we listen to them? Can they force us to do something we don’t want? I worked as an audit assistant, audit senior and audit manager for some years and I … Read more
In January 2016, IASB issued another important and long-discussed standard: IFRS 16 Leases that will replace IAS 17. Ever since then I receive lots of e-mails asking me to sum up what’s new. OK, so here you go. In this article, you’ll learn about the main changes that IFRS 16 introduces to the accounting for … Read more
A few weeks ago I published an article about top 3 dilemmas with your auditors and I wrote the story about a company selling mobile phone credits via its machines. I explained that the company served as a medium of sale and was not responsible for providing telecom services to the end users, but still … Read more
During my ACCA studies some years ago I had an amazing tutor. He was very smart, always to the point and on top of that, I simply loved his dry British sense of humor. When we talked about inventories, he told us a story about an audit assistant performing audit in a big distribution company. … Read more