How to Calculate the IFRS 16 Right of Use (ROU) Asset
IFRS 16 requires the recognition of a “right of use” (ROU) asset on the balance sheet for ALL leases undertaken by a business. This ROU asset is recorded under the …
What is the Accruals Concept?
The accruals concept is one of most important accounting concepts to understand. It forms a crucial role in ensuring the accuracy of the financial statements. Accruals can often confuse those …
Calculating Holiday Pay Accruals (FRS 102)
Under FRS 102, there is a requirement to recognise a holiday pay accrual for any employees who have a remaining leave balance at the year end. The accrual is essentially …
What is an Income Statement?
The income statement is one of the key financial statements that businesses produce. It provides an insight into a business’ performance as it allows the user to see a business’ …
How to Use the Excel PV Function for IFRS 16 Calculations
The Excel PV function is the easiest way to make your IFRS 16 calculations more simple and efficient. By using the PV function, we are able to calculate the present …