Simplifying accounting fundamentals

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Property Plant and Equipment: Statement of Financial Position/Balance Sheet

The Property, Plant and Equipment (PPE) classification is shown on the Statement of Financial Position/Balance Sheet under Non-Current...

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Property Plant and Equipment: Subsequent Measurement, Revaluation and Disposals

In our previous article, we reviewed the basics of PPE: how we define PPE, what is included in the costs of PPE, how we eventually...

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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...

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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,...

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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...

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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)...

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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...

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Leases: ASPE 3065

ASPE 3065 addresses the two different types of leases recorded for accounting purposes: Capital Lease and Operating Lease.

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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

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