028: How to determine the functional currency when a company deals with more currencies?
Imagine you sell in EUR, make purchases in INR and your loans are denominated in USD… what is your functional currency in this case? Learn here!
Accounting for transfer of owner-occupied property under revaluation model to investment property
What to do with revaluation surplus when transferring your PPE to investment property? How to account for it at the date of transfer and subsequently? Learn here!
Is a hotel an investment property under IAS 40?
How to classify any property (not just a hotel) if you use it for more purposes? And, what to do if you provide some additional services on top of rental? Find out here!
How to capitalize exchange differences on loan as borrowing costs?
Can you capitalize exchange differences on foreign currency loans as borrowing costs? If yes, then how? Please find out here!
How to match a government grant with costs for which the grant compensates?
How should you match the government grant with expenses for which it compensates? Sometimes, it’s not very straightforward and we need to apply our judgement and experience. Learn how to account for the grant revenue here!
How to account for gift cards?
How to account for sale of gift cards? What do to when the customers don’t redeem them? Find out here!
How to classify expenses in profit or loss statement under IFRS?
How to classify depreciation of warehouse? Is it cost of sales or administrative expense? What to do when the classification changes? Learn here!
How to account for income from loan application fees?
How to account for the loan origination fees or the loan servicing fees? In profit or loss? Amortize? Find out here!
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…
IFRS 17 – The 3 Greatest Misconceptions
To err is human. But the following mistakes are not the ones you can afford to make in a board meeting or a job interview. Because, no matter how right these notions sound or how prevalent these views are, they are still very “wrong”: IFRS…
