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    Impairment Test in the Covid-19 Pandemic

    by Silvia

    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…

    Non-current Assets 7

    Example: Leases under IFRS 16 during COVID-19

    by Silvia

    The pandemics of coronavirus, or COVID-19 has been here for a while and after the first shock of its quick spread and effect on people’s health, we are all seeing its economic consequences. In order to stop the spread, governments in many countries ordered complete…

    Provisions and Other Liabilities 69

    Adopting IFRS 16 – What Is The Best Option For You?

    by Silvia

    Let’s compare different transition options that you have when adopting IFRS 16 in your company. Let’s see what they are, which one is easier and which one has the smallest impact on your equity.

    Financial Statements, Provisions and Other Liabilities 44
    Disposal of subsidiary IFRS 10

    Example: IFRS 10 Disposal of Subsidiary

    by Silvia

    Updated 2025: Disposal of a subsidiary step-by-step under IFRS 10 lecture: Some time ago I published an article with an example of very simple method of consolidating a parent and a subsidiary. This article still applies and you can learn the basic steps and methodology…

    Consolidation and Groups, Financial Statements, IFRS Videos 82

    Example: Construction contracts under IFRS 15

    by Silvia

    How to account for construction contracts under IFRS 15? Learn here on a complex solved example with calculations and journal entries!

    Revenue Recognition 126
    IFRS deemed disposal

    Accounting for Deemed Disposal of Associate (IAS 28)

    by Silvia

    Sometimes, the things can happen behind your back – without you even noticing. And, these things can affect you somehow. Let me tell you a short story. I participated in an audit of a big insurance company and our senior asked me to look at…

    Consolidation and Groups 28
    IFRS 16 Implementation Example

    Example: How to Adopt IFRS 16 Leases

    by Silvia

    In my last article I tried to outline the strategy and your choices when implementing the new lease standard IFRS 16 Leases. I am grateful for many responses and comments I got from you. Almost all e-mails I received from you asked me to publish…

    Provisions and Other Liabilities 283
    IFRS Decommissioning

    How to Account for Decommissioning Provision under IFRS

    by Silvia

    When a company acquires certain types of long-term assets, it sometimes has an obligation to remove these assets after the end of their useful lives and restore the site. Typical example of such an asset is an oil rig or a nuclear power plant. When…

    Provisions and Other Liabilities 104
    IAS 2 Inventories

    IAS 2 Cost Formulas: Weighted average, FIFO or FOFO?!

    by Silvia

    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…

    Current Assets 103
    PrepaymentsForeignCurrencyIFRSL

    Accounting for Prepayments in Foreign Currency under IFRS

    by Silvia

    Last update: 2023 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…

    Financial Instruments, Foreign Currency 107
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