Simplifying accounting fundamentals

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Impairment of Assets

Impairment occurs when an asset devalues and is no longer worth its carrying amount. Both ASPE (ASPE 3063) and IFRS (IAS 36) have clear...

Impairment: Cash Generating Units

A Cash Generating Unit (CGU) is defined as the smallest identifiable group of assets that are able to generate cash inflows. Additionally,...

Impairment: How to Record and Account for an Impairment

Impairments are recorded similarly for both individual assets and Cash Generating Units (CGU). However, CGU impairment accounting...

Impairment: Reversal IFRS only

IFRS permits the reversal of impairment for long-lived assets (IAS 36). However, impairments cannot be reversed in ASPE (ASPE 3063)...

Construction Contracts: Measuring Revenues, Expenses and COGS

Construction contracts can span several fiscal years/reporting periods, which makes it difficult to determine how much revenue, expense...

Leases: IFRS 16

IFRS 16 now replaces IAS 17 guidance in how entities should report leases. Under IFRS 16, lessees will record a Right-of-Use Asset (similar

Bank Reconciliations

Bank Reconciliations form part of Internal Control. Performing a bank reconciliation involves comparing the bank statement to the general le

Non-Current Assets Held for Sale and Discontinued Operations: IFRS 5

IFRS 5 provides guidance to help us determine when and how we should classify a non-current asset or disposal group as held for sale.

Financial Statement Comparisons: IAS 1 (IFRS)

IAS 1 ensures that financial statements are reported in a manner that allows readers to easily compare statements between reporting periods.

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