IFRS online private training

REGISTER HERE IFRSs are frequently revised to present relevant, useful, and transparent information to users. This regular change in rules can make IFRS implementation challenging or even daunting. Though our IFRS online private training sessions, you can get up to speed with recent IFRS developments, and earn your CPDs at the same time. Why train … Continue reading IFRS online private training

Online private tuition for ICAEW & ACCA exams

REGISTER HERE Why train with us? Our lead tutor – Orestis Papacharalambous, is an experienced qualified accountant (ACA, CFE) specializing in IFRSs, ISAs, and BankingSince 2010, he has been training ICAEW & ACCA students for their advanced stage exams with excellent results (well above global average rates), and several of his students obtained global and national … Continue reading Online private tuition for ICAEW & ACCA exams

ACCA SBR & AAA live online courses for June 2021 exams

REGISTER HERE Why train with us? Our lead tutor – Orestis Papacharalambous, is an experienced qualified accountant (ACA, CFE) specializing in IFRSs & ISAsSince 2010, he has been training ICAEW & ACCA students for their advanced stage exams with excellent results (well above global average rates), and several of his students obtained global and national … Continue reading ACCA SBR & AAA live online courses for June 2021 exams

IFRS 16, IAS 16, and IAS 23: Timing of Depreciation of a Right of Use Asset and IAS 23 Capitalization

What is the interaction of IFRS 16, IAS 16, and IAS 23 when a right-of-use asset (RoUA) is used to construct an item of property, plant, and equipment (PPE)? Scenario Entity A enters into a contract for a ground lease of land and begins construction of a manufacturing facility where it will operate its manufacturing … Continue reading IFRS 16, IAS 16, and IAS 23: Timing of Depreciation of a Right of Use Asset and IAS 23 Capitalization

Effects of the COVID-19 on 2020 Reporting Periods

For reporting periods ending on or after 31 January 2020, the effects of the COVID-19 would need to be incorporated into the preparation of financial statements. The financial reporting implications will depend on the facts and circumstances of each entity. The following are some of the financial reporting considerations that entities and engagement teams need … Continue reading Effects of the COVID-19 on 2020 Reporting Periods

IFRS 15 – Performance obligations satisfied over time

Revenue can be recognized either over a period of time or at a point in time, depending on when a performance obligation is fulfilled. An entity must consider 3 criteria to determine whether control over an asset is transferred over time. If any of these criteria is met, then the entity should recognize revenue over … Continue reading IFRS 15 – Performance obligations satisfied over time

IFRS 16 and Short-term Leases

IFRS 16 provides an optional exemption from the full requirements of the standard for short-term leases (leases with a lease term of 12 months or less). If the entity elects to take the exemption, lease payments are recognized as an expense on a straight-line basis over the lease term or another systematic basis. The short-term lease exemption must be applied consistently to all … Continue reading IFRS 16 and Short-term Leases

IFRS 16 – Substitution Rights

Under the new standard, a lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. In applying the definition of a lease, there are several criteria that must be met: There is an identified assetThe lessee obtains substantially all the economic benefitsThe lessee … Continue reading IFRS 16 – Substitution Rights

IFRS 16 and COVID-19 related rent concessions

On 28 May 2020, the IASB issued amendments to IFRS 16, which provide relief for lessees in accounting for rent concessions granted as a direct consequence of COVID-19. Normally this type of rent concessions would meet the definition of a lease modification, which requires lessees to remeasure the lease liability based on the revised consideration … Continue reading IFRS 16 and COVID-19 related rent concessions