How to prepare financial statements when going concern does NOT apply?
IFRS do not specify any rules for presenting the financial statements when the going concern basis does not apply. So, what to do? How to present the financial statements? What should we take care of? Find out here!
Summary of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
When a company (or another entity) plans to sell an asset and / or stop some part of its business, then it might affect its future cash flows, profitability and overall financial situation. Therefore, the users of financial statements, mainly investors, should be informed about…
Current or Non-Current?
Most balance sheets present individual items in distinction to current and non-current (except for banks and similar institutions). This seems so basic and obvious that most of us do not really think about classifying individual assets and liabilities as current and non-current. We do it…
3 Biggest Myths in Accounting for PPE
I often talk with many professionals about a practical application of IFRS and the topic of long-term tangible asset is very frequent. To my surprise I found out that a lot of them believed that with regard to accounting for property, plant and equipment (especially…
