IFRS | GAAP in practice
Since time is precious, this site is designed to be scanned quickly. Details are available, but only on demand.
Rollovers such as this make the reading experience more fluid.
Expandable text that remains expanded provides a more stable environment for more demanding sections.
The links to these text blocks are marked with down arrow. They are expanded / collapsed with a click.
Links that neither pop open nor have a ∨ symbol 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 charts of account that are not stuck in the 1980s.
Simplification is often presented as the solution. However, a rational, hierarchal design combined with limits on ad hoc accounts or sub-ledgers yields superior results.
The COAs on this site are designed to make creating IFRS | US GAAP compliant financial reports less challenging. That they bring operational benefits is merely a bonus.
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: