EDNA Vlog

IFRS 5 fundamentally changes the measurement and presentation of non-current assets and disposal groups that are classified as held for sale. A thorough understanding of when this change is triggered, how an entity measures these items, including required disclosures, are essential to properly account for held-for-sale assets in accordance with IFRS 5. And because these are non-recurring transactions, it is not something you encounter every day, so it’s even more important to be ready to do it correctly when the time comes. Looking to understand the accounting and reporting of held-for-sale assets under IFRS? If so, then this CPE-eligible, eLearning course (1.0 CPE) has got you covered! Take our self-study eLearning course here: https://revolution.gaapdynamics.com/learn/course/external/view/elearning/256/ifrs-5-held-for-sale-assets Learn more about GAAP Dynamics: https://www.gaapdynamics.com/ Check out our other online courses on the Revolution: https://revolution.gaapdynamics.com/l… Subscribe to GAAP Dynamics to see more videos like these!

Reinsurance is a financial transaction by which risk is transferred (ceded) from an insurance company (cedant) to a reinsurance company (reinsurer) in exchange of a payment (reinsurance premium). After discussing WHY entities enter such transactions, this CPE-eligible, eLearning course (1.0 CPE) provides examples of the various types and forms of reinsurance entered into by insurance companies. However, the accounting for reinsurance contracts under U.S. GAAP depends on whether risk is properly transferred from the cedant to the reinsurer, so we spend a fair amount of time on risk transfer, including providing you with a list of red flags" that may call into question whether risk has indeed transferred. This online course concludes with walking through the accounting for ceded and assumed reinsurance transactions, including those transactions that fail the risk transfer analysis. Take our self-study eLearning course here: https://revolution.gaapdynamics.com/learn/course/external/view/elearning/161/insurance-industry-fundamentals-reinsurance-contracts Learn more about GAAP Dynamics: https://www.gaapdynamics.com/ Check out our other online courses on the Revolution: https://revolution.gaapdynamics.com/l… Subscribe to GAAP Dynamics to see more videos like these!

Companies operating internationally may have transactions in foreign currencies, invest in foreign operations, and/or present their financial statements in a foreign currency. And changes in foreign currency exchange rates impact how such transactions are presented in the IFRS financial statements. IAS 21 The Effects of Changes in Foreign Exchange Rates prescribes how to include foreign currency transactions and foreign operations in the IFRS financial statements of an entity and how to translate financial statements into a presentation currency. The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. Confused? Don’t be. We’ve got you covered! In this CPE-eligible, eLearning course (1.0 CPE), besides getting you comfortable with foreign currency exchange rates, we cover the main concepts and requirements within IAS 21 including: Determining the functional currency, accounting for foreign currency transactions, and translating the results of foreign operations. Are you ready to travel around the world? Your airplane is waiting. Let’s go! Take our self-study eLearning course here: https://revolution.gaapdynamics.com/learn/course/external/view/elearning/254/foreign-currency-overview-of-ias-21 Learn more about GAAP Dynamics: https://www.gaapdynamics.com/ Check out our other online courses on the Revolution: https://revolution.gaapdynamics.com/l… Subscribe to GAAP Dynamics to see more videos like these!

In this video, we will explain What is Common Size Statements, its types, uses, and calculations. What is a Common Size Statement? A common size statement means all items of an income statement brought under a common denominator. In a common size statement, each element of financial statements (both Income Statement and Balance Sheet) is shown as a percentage of another item. There are three types of analyses for Common Size Statements: – Horizontal and Trend Analysis – Vertical Analysis – Ratio Analysis Uses of Common Size Statement: – Easy comparison of financial reports of companies – Promotes effective management decision – It gives a perfect indication of how much sales revenue improved or declined #wallstreetmojo, #commonsizestatements For more details, you can refer to our article at – https://www.wallstreetmojo.com/common-size-statement/ Subscribe to Our Channel – Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/ Facebook https://www.facebook.com/wallstreetmojo Instagram https://www.instagram.com/wallstreetmojoofficial/ Twitter https://twitter.com/wallstreetmojo

Hear from the finance & accounting professionals about their experiences at ENGAGE and why it is the accounting and finance industry’s premier event of the year.

The premier event for CPAs and financial professionals working within all types of dealerships. Top experts provide the latest updates, current best practices and technical tools you need to shift your business into high gear. #cpa #auto #conference

The premier event for CPAs and financial professionals working within all types of dealerships. Top experts provide the latest updates, current best practices and technical tools you need to shift your business into high gear. #cpa #auto #conference

Once the auditor has a solid understanding of the companys revenue and collection cycle, the auditor can identify (a) significant accounts and (b) relevant assertions. The auditor should first identify the significant accounts. An account is significant if there is a reasonable chance it could contain a material misstatement. The auditor can use the audit risk model to identify significant accounts, as follows: Set audit risk at a level (e.g., low) with which the auditor is comfortable Assess the risk of material misstatement (both inherent risk and control risk) Set detection risk at the appropriate level for the account Certain accounts will be at a higher risk of material misstatement, so the auditor needs to focus the most attention on those accounts (thereby decreasing detection risk for those accounts). Note that there is always presumed to be a fraud risk for revenue recognition, so sales revenue will be a significant account. Accounts receivable will almost always will be a significant account, with limited exceptions (e.g., a company has a small, immaterial accounts receivable balance). After identifying the significant accounts (sales revenue and accounts receivable), the auditor should identify the relevant assertions. An assertion is relevant if there is a reasonable chance it could contain a misstatement that leads to the financial statements being materially misstated. Certain assertions are more important than others. For example, occurrence is important for sales revenue whereas existence is important for accounts receivable. While the completeness assertion should also be tested for sales and receivables (the company might have neglected to record a sale), it is less critical than occurrence (for sales) and existence (for receivables) because management usually has an incentive to overstate (rather than understate) sales. Below is a list of assertions that management is making about revenue transactions, along with potential misstatements. Occurrence: Revenue recorded when goods havent yet been shipped or services havent yet been rendered; alternatively, revenue recorded for sales to fictitious customers. Completeness: Goods shipped or services rendered, but revenue not recorded. Authorization: Goods shipped at unauthorized prices, on unauthorized terms, or to customers who are a poor credit risk. Accuracy: Revenue recorded for the wrong dollar amount. Cutoff: Revenue recorded in the wrong accounting period. Classification: Revenue not properly classified. Below is a list of assertions that management is making about accounts receivable balances, along with potential misstatements. Existence: Some (or all) of the accounts receivable dont actually exist. Rights and obligations: The company doesnt hold or control the rights to the accounts receivable (e.g., it sold the accounts receivable to a factor). Completeness: Not all of the accounts receivable were recorded. Valuation: Accounts receivable werent recorded at the right amounts and/or the uncollectible portion hasnt been correctly estimated. Classification: Accounts receivable havent been recorded in the correct accounts. 0:00 Introduction 0:16 Identify significant accounts 1:08 Identify the relevant assertions 1:40 List of assertions about revenue transactions 3:01 List of assertions about accounts receivable balances Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspiras mission is to make a high-quality business education accessible to all people. SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING A 44-PAGE GUIDE TO U.S. TAXATION A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS MANY MORE FREE PDF GUIDES * http://eepurl.com/dIaa5z GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin ACCESS INDEX OF VIDEOS * https://www.edspira.com/index CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/