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Accounting for discounts under IFRS

Just refer to IAS 18.7 or IFRS 15.47 and following). In other words, discounts reduce the amount of your revenue and do not represent cost of sales (or cost of promotion etc.). For example, …

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033: How to account for settlement discounts under IFRS …

IFRS Answer 033. Settlement discount is a discount for prompt payment of invoice by the customer. Let’s say you sell something for 1 000 on 30-day credit and you offer 3% off …

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032: How to determine the discount rate for lessees …

IFRS 16 defines the rate implicit in the lease as the discount rate at which: the sum of the present value of the lease payments and unguaranteed residual value equals to. the sum of the fair …

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Deferred Tax: The Only Way to Learn It

We record the tax depreciation off-balance sheet: Off-Balance Sheet: Year 0: Year 1: Year 2: Year 3: Year 4: Year 5: Tax-1 000: Tax depreciation-250-250-250-250: 0: Tax base-1 000-750 …

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How to Account for Government Grants (IAS 20)

Grant of CU 10 000 to cover the expenses for ecological measures during 20X2 – 20X5. ABC assumes to spend CU 3 000 in 20X2-20X5 and CU 2 000 in 20X6 (CU 14 000 in …

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Example: IFRS 10 Disposal of Subsidiary

Now, we can calculate Group’s gain in the consolidated financial statements: Fair value of consideration received: CU 180 000. Less Group’s share on Baby’s net assets at …

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How to Adjust your Local Accounts to IFRS (Part 1)

Step 1: Identify financial statements’ items with differences. That’s probably the most difficult and demanding part. You shall possess a solid knowledge about both your local GAAP and IFRS …

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IFRS Reporting in Hyperinflationary Economy (IAS 29)

The main objective of IAS 29 is to provide guidance on the financial reporting of the entity whose functional currency is the currency of hyperinflationary economy. The reason is to …

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How to Account for Employee Loans (interest-free or below …

After I wrote an article about capitalizing borrowing cost, I got a lot of e-mails asking me actually HOW to account for loans that do not bear the interest rate reflecting market conditions.. In …

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How to Account for Debt Factoring or Selling of Receivables

Debit Bank account (CU 300 000*90%): CU 270 000. Profit or loss – finance expenses (see note below): CU 30 000. Credit Receivables: CU 300 000. Note: Most of these finance expenses …

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Bad debt provision under IFRS 9

The reason is that all receivables that were written off (CU 500) were in each stage over their life. For example, all written off receivables amounting to CU 500 were current (within maturity), or …

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How to Calculate Fair Value for Share Based Payments

Step1: Determine a set of assumptions to feed into the Monte Carlo model. Key point to note: All the assumptions are determined at the date of grant. Any information after this date is ignored …

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How to Account for Artwork under IFRS

How to account for office artwork. As we may classify office artwork as an item of PPE in line with IAS 16, you have 2 models to choose from: Cost model, under which you hold your assets at …

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Tax Reconciliation under IAS 12 + Example

Current income tax calculation We will start with the accounting profit and then we will make all the necessary adjustments. Deduct – total (C)-106 100Taxable profit (A+B+C)62 …

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Deferred tax asset on tax losses carried forward

Imagine you generated a tax loss of CU 12 000 in the year 1. The tax legislation permits offsetting this loss against future taxable profits in three consecutive years, at maximum amount of one …

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Depreciation when asset is disposed off

Instead, you should recognize the depreciation for 9 months first, that is CU 1 800 (CU 200*9): Debit Profit or loss – depreciation: CU 1 800. Credit PPE: CU 1 800. The carrying amount at …

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How to Capitalize Borrowing Costs under IAS 23

The bank loan at 6% p.a. was taken in July 20X1 to finance the construction of a new production hall (construction began on 1 March 20X1). The bank loan at 8% p.a. and debenture stock …

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