IFRS
How Covid-19 impacts interim financial statements?
Our Covid-19 financial reporting resource centre provides guidance on a broad range of financial reporting topics impacted by the Covid-19 outbreak. It covers both annual and interim financial statements. What’s the issue? For calendar year end companies, the 2020 interim reporting period will be the first reporting period when the impacts of the Covid-19 co […]
IFRS 16: understanding the principles of lease terms
While they might look straightforward at first, all new IFRS® Standards require a certain level of interpretation and judgement that give way to challenges and questions. IFRS 16 is no exception and its lease term assessment is a great example. Of course, as you might already suspect, simple contractual arrangements are not always the best answer when it com […]
IFRS 15 and COVID-19: don’t roll the dice on revenue estimates (Part 2)
In my last blog, we discussed how the coronavirus outbreak impacts contract modifications and the existence of a customer contract. As promised, in this article we will take a closer look at how to deal with revenue estimates and revenue related assets in light of the current pandemic. Variable consideration The first thing that comes to mind when thinking of […]
IFRS 15 and Covid-19: what to consider when it comes to revenue recognition (Part 1)
2019 marks only the second year that companies have had to report their revenues under IFRS 15. Some issuers may still be unfamiliar with it and now have to face the challenge of complying with it in the current market conditions. IFRS 15 is extremely detailed with plenty of aspects that issuers need to take into account. In this article, we will walk you throug […]
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 […]
