Ifrs Q&a By Silvia Of Ifrsbox

How to determine whether the performance obligations in the contract are distinct or not distinct under IFRS 15? Find out here, with example included! The post 039: Distinct or not distinct under IFRS 15? appeared first on IFRSbox - Making IFRS Easy.

What if the tax rate on capital gains is different from the tax rate on profit? How to calculate deferred tax on assets that will be recovered via both use and sale? Learn here! The post 038: Deferred tax when different tax rates apply appeared first on IFRSbox - Making IFRS Easy.

How to apply 5-step model of IFRS 15 to the licenses of intellectual property? Are there any special considerations? Learn here! The post 037: Accounting for the sales of software licenses with subsequent updates appeared first on IFRSbox - Making IFRS Easy.

What is the difference between contract asset and receivable? When to book a contract asset and when a receivable? Learn here (with example)! The post 036: Contract asset vs. account receivable appeared first on IFRSbox - Making IFRS Easy.

Market prices of most non-financial assets are usually not available, because these assets might be outdated or highly customized or simply not traded on the market. How do you set the fair value of these assets in this case? Learn here! The post 035: How to determine the fair value of a machine? appeared first on IFRSbox - Making IFRS Easy.

What is a financial guarantee? What is it NOT? And, how to account for financial guarantees under IFRS 9? Learn here! The post 034: How to account for financial guarantees under IFRS 9? appeared first on IFRSbox - Making IFRS Easy.

Should you recognize settlement discount as a cost at the time when the payment is received? Or, should you adjust revenue? How? Learn here! The post 033: How to account for settlement discounts under IFRS 15? appeared first on IFRSbox - Making IFRS Easy.

Can you use the same incremental borrowing rate for all your leases under IFRS 16? Why can't you use your own implicit rate in the lease if you are a lessee? Learn here! The post 032: How to determine the discount rate for lessees under IFRS 16? appeared first on IFRSbox - Making IFRS Easy.

If you are using third-party supplies within your product or service, are you an agent or a principal? How should you recognize revenue in this case? Learn here! The post 031: We rent apartments and supply utilities with rent. Are we agent or principal? appeared first on IFRSbox - Making IFRS Easy.

What happens when you buy lots of assets below your capex threshold, but still high expense? And, should you revise your capex threshold retrospectively? Learn here! The post 030: How to deal with capex threshold for property, plant and equipment? appeared first on IFRSbox - Making IFRS Easy.

How to classify depreciation of warehouse? Is it cost of sales or administrative expense? What to do when the classification changes? Learn here! The post 029: How to classify expenses in profit or loss statement under IFRS? appeared first on IFRSbox - Making IFRS Easy.

Imagine you sell in EUR, make purchases in INR and your loans are denominated in USD... what is your functional currency in this case? Learn here! The post 028: How to determine the functional currency when a company deals with more currencies? appeared first on IFRSbox - Making IFRS Easy.

How to allocate fixed overheads to the cost of inventories? What if your production is abnormally high or abnormally low? Find out here with examples included! The post 027: Examples: How to allocate cost of conversion to inventories at abnormal levels of production? appeared first on IFRSbox - Making IFRS Easy.

What to do with revaluation surplus when transferring your PPE to investment property? How to account for it at the date of transfer and subsequently? Learn here! The post 026: Accounting for transfer of owner-occupied property under revaluation model to investment property appeared first on IFRSbox - Making IFRS Easy.

How to classify any property (not just a hotel) if you use it for more purposes? And, what to do if you provide some additional services on top of rental? Find out here! The post 025: Is a hotel an investment property under IAS 40? appeared first on IFRSbox - Making IFRS Easy.

Can you capitalize exchange differences on foreign currency loans as borrowing costs? If yes, then how? Please find out here! The post 024: How to capitalize exchange differences on loan as borrowing costs? appeared first on IFRSbox - Making IFRS Easy.

How should you match the government grant with expenses for which it compensates? Sometimes, it's not very straightforward and we need to apply our judgement and experience. Learn how to account for the grant revenue here! The post 023: How to match a government grant with costs for which the grant compensates? appeared first on IFRSbox - Making IFRS Easy.

How to account for assets which you gave for free to your clients for promotion purposes? Branded refridgerators, stands, displays, lights, signs - can you capitalize them? Find out here! The post 022: Can you capitalize assets placed in customer’s premises? appeared first on IFRSbox - Making IFRS Easy.

Should you book a provision for warranties under IFRS? Or, is it a separate performance obligation and you should allocate some revenue to it? Find out here! The post 021: How to account for warranties under IFRS 15? appeared first on IFRSbox - Making IFRS Easy.

How to account for sale of gift cards? What do to when the customers don't redeem them? Find out here! The post 020: How to account for gift cards? appeared first on IFRSbox - Making IFRS Easy.