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Deferred tax is neither deferred, nor tax: it is an accounting measure, more specifically an accrual for tax. I’m very proud to publish the first guest post ever in this website, written by Professor Robin Joyce FCCA who will explain you, in a detail, how to understand deferred taxation and how to tackle it in … Read more
In July 2014, the standard IFRS 9 was finally completed and the latest amendments brought us new impairment rules (besides the other things). In my humble opinion, new impairment rules will cause a lot of headaches for mainly financial institutions. Why? Well, they will have a hard time to adjust or upgrade their own information … Read more
Joint venture or joint operation? What is joint control? How to account for joint arrangements? In our consolidation series, we have already covered investments in subsidiaries (IFRS 3 and IFRS 10), associates (IAS 28) and other financial instruments. Today, we’ll take a look at the investments in joint arrangements which can be either joint venture … Read more
The year 2014 brought us some very significant changes in IFRS. While some changes might not give you a hard time to adopt, the other changes can cost you a lot of money and time to make them effective in your company. The year 2014 was rich in exactly these “revolutionary” changes that may require … Read more
Transactions in foreign currencies are sometimes a nightmare. Obviously, we are trading with each other, our own currencies are different and foreign exchange rates are jumping up and down constantly. We are all aware of basic rules with regard to selection of appropriate exchange rate to apply. If you would like to refresh a bit, … Read more
Hedge accounting has a reputation as being one of the most difficult areas for people to get to grips with, which is a shame because it is a very useful accounting “technology”. You can find several articles related to basics of hedge accounting in line with the current rules, for example about differences between fair … Read more
IFRS 15 Contracts with Customers introduced a huge change and a very difficult challenge for almost every single company. After I wrote a couple of articles about IFRS 15 here and here, and after I discussed with some of my friends CFOs or auditors, there are two types of reactions: Either people feel that this … Read more
I bet every single company needed to change something in its accounting records and financial statements. Often, the change is very small, so you just don’t worry about it and make correction on the go. But sometimes, the change can impact companies quite hard. For example: You are adopting new IFRS. You forgot to revalue … Read more
If you work for a bank or any other financial institution, then you are very well aware of the fact that IFRS is a little bit different there. OK, not quite like that: IFRS is still the same, just the way how you use it is a bit different. Why is it so? Unlike product-based … Read more
Today’s article is totally different from any other post on this website. Why? I was invited to participate in an International IFRS Conference in Hyderabad, India on March 14-15 2015 and here, I’d like to share my own impressions and experiences from the touch with India’s professionals, professors, teachers, research scholars, practitioners, students and of … Read more