Posted inFinancial Accounting

Factsheet Series: IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

In the preparation of the financial statements, entities apply various judgements in the area of accounting estimates and accounting policies to account for the effect of transactions, conditions and events in the financial statements. Financial statements prepared must also faithfully represent the effects of transactions, conditions and events. When errors are identified in the financial […]

Posted inFinancial Accounting

10 key takeaways on the Practice Statement 2, Making Materiality Judgements

The preparation of financial statements requires an entity to make materiality judgements to determine what and how financial information should be presented and disclosed in the financial statements. In one of our articles in the Accounting 101 series, we have highlighted that materiality is one of the considerations in the preparation of the financial statements. […]

Posted inFinancial Accounting

IFRIC Tentative Agenda Decision: Costs necessary to sell inventories

In addition to the IFRIC Tentative Agenda Decision: Preparation of financial statements when an entity is no longer a going concern, IFRIC on 12 February 2021 also issued another tentative agenda decision – Costs necessary to sell inventories. This tentative agenda decision is open for public comments until 14 April 2021. What are the accounting […]

Posted inFinancial Accounting

IFRIC Tentative Agenda Decision: Preparation of financial statements when an entity is no longer a going concern

On 12 February 2021, the IFRS Interpretation Committee (“IFRIC”) issued a tentative agenda decision on the issue relating to the preparation of financial statements when an entity is no longer a going concern. The tentative agenda decision is open for public comments until 14 April 2021. This issue submitted to IFRIC is quite an interesting […]