Can We Interrupt Depreciation due to Covid-19 Pandemics? 3 Tips & Tricks
Lockdowns stripped many businesses of their revenues due to temporary closures and ban on activities. However, businesses still have assets and related expenses. For example depreciation. Many businesses still need to charge the depreciation despite having zero revenues, and as a result they end up…
Accounting for CAPEX threshold and its change under IFRS
What happens when you buy lots of assets below your capex threshold, but still high expense? And, should you revise your capex threshold retrospectively? Learn here!
Impairment Test in the Covid-19 Pandemic
Here we are, another year comes closer to its and – and what a year! Pandemic entered into our lives in early 2020 and we all must admit it – this was totally new experience, since only older generations can remember similar situation. Yes, it…
Can you capitalize demolition cost under IFRS?
If you acquired land with some old building and you plan to demolish that building, how should you treat the demolition cost and the carrying amount of old building? Can you capitalize it to the new asset? Or expense it? It depends…
Coronavirus and IFRS – What is happening?
Over past few months, coronavirus became the most mentioned word everywhere. No wonder – not only it takes lives of our dear ones, but it also affects our daily life in many different ways. In many countries, people cannot go to work, kids cannot go…
How to Measure Fair Value in Agriculture – IAS 41 and IFRS 13
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…
How to Account for Cryptocurrencies in line with IFRS
Cryptocurrencies + their accounting under IFRS explained very clearly. Video included!
Example: Cash flow projections and value in use under IAS 36
In my last article, I tried to outline the main things to consider and to avoid when preparing the cash flow projections for the impairment tests under IAS 36. Here let’s illustrate the theory and show the numerical example of making cash flow projections for…
How to Make Cash Flow Projections for Impairment Testing under IAS 36
Impairment tests are one of the most judgmental areas in IFRS. It is all about estimating, judging, evaluating and forecasting. Sometimes it is almost like fortune telling, isn’t it? When I audited a few companies, I really disliked going through their impairment tests because all…
How to account for free assets received under IFRS
The best things in life are free… … at least that’s what Janet Jackson sang in one of her top hits. However, when your company receives some free assets, then the question is: Are they really received at no cost and no strings attached? Is…
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