IAS

Choosing the right accounting policy under the IFRS framework

Accounting policy refers to the specific rule or principle that an entity applies to a transaction, other event or condition when preparing and presenting its financial statements. It encompasses everything from recognition and measurement to presentations and disclosures. For most transactions, other events or conditions, specific IFRS Standards apply. But what […]
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The company car accounting question: employee benefit or lease?

When the IASB published IFRS 16 Leases, I doubt they imagined the huge debate that would ensue over something as seemingly simple as a company car. It’s pretty easy to imagine writing pages about whether a contract meets the definition of a lease or whether a lease term should include the renewal or termination option, but the lease of a company car? It tur […]
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Materiality in IFRS: it’s on

Several major new IFRS standards have become effective recently or will do so soon and, as is the case for every new standard, these will mean changes and new requirements not only for accounting treatments but also for disclosures. Altogether, there will undoubtedly be a lot of additional work for both financial statement preparers and their auditors. Theref […]
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Disclosing judgements under IFRS: a guide

As you may have noticed, IFRS accounting is often not straightforward. Preparers frequently lose time digging through IFRS literature to decide how to account for a transaction. A few particularly grey areas would be: consolidate an entity or not (IFRS 10) equity versus liability (IAS 32) investment property or owner-occupied one (IAS 40) lease cla […]
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The easy-to-overlook new requirements of IAS 7

With new major standards (IFRSs 9, 15, and 16) coming thick and fast, it might be easy to forget about other, newly effective requirements—notably IAS 7 Statement of Cash Flows. To comply with IAS 7, companies must adhere to new disclosure requirements that may be easy to overlook. We find it particularly important not to do so, especially given that both the […]
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