IFRS | GAAP in practice
Since time is precious, this site is designed to be scanned quickly. Details are available, but only on demand.
While rollovers such as this can make the reading experience more fluid, expandable text that stays expanded is also necessary.
This text is marked by a ⌄ and is expanded / collapsed by clicking.
Links that neither pop up nor have a down arrow (below) function as regular hyperlinks.
Occasionally criticized for being text heavy, this site prefers avoiding superfluous imagery.
So, we could have greeted visitors with a face like this or even this, but we decide to just say no (link).
The chart of accounts section presents expandable and customizable charts of account that, unlike most, are not stuck in the 1980s.
Googling "chart of accounts" brings up a myriad of results:
Most strictly adhere to the same primitive, flat block structure that should have disappeared along with green eyeshades but, for some inexplicable reason, continues to hang on. Probably just sheer force of will or (as with the last two examples) legislative mandate.
The COA from Investopedia does take a baby step towards modernity by introducing one delimitation. But then it gets frightened by all that innovation and scurries back to the way it has always been done ¯\_(ツ)_/¯
But there is hope. The one from CFO.com shows promise.
The illustrative examples section focuses on illustrating IFRS | GAAP using, as the name implies, examples.
While showing is practically always more useful than telling, sometimes, extemporization is unavoidable.
However, while it contains hundreds of examples, each illustration page begins with a concise, readily scannable summary with the details available on demand.
As in this introduction, detail, commentary, supplemental information, etc. is presented in expandable blocks such as this.
Why?
While recognizing transactions such as the sale of goods for cash requires little commentary (even though the applicable guidance is hundreds of pages long), breaking down a sales contract with multiple deliverables occurring at various intervals, does. Similarly, buying a single CNC machine is as straightforward as straightforward gets. Acquiring a production line (or assets and liabilities comprising a business in a business combination) may become more involved. In the same vein, the accounting for an office space rental is as simple as sliced pie. If the agreement contains special features, complications may arise. And so on.
This implies, not everything needs to be spelled out, but some things do.
But we do try to keep this additional commentary to a minimum.
On this site you will find: