https://accountely.com/blog Accounting guides, practice tips, and IFRS/GAAP insights from Accountely. en-us Fri, 11 Sep 2026 16:00:00 GMT https://accountely.com/blog/ias-21-foreign-exchange-rates https://accountely.com/blog/ias-21-foreign-exchange-rates Fri, 11 Sep 2026 16:00:00 GMT Three rates, three categories of balance, and one rule that decides everything: monetary items retranslate, non-monetary items at historical cost do not. A full worked foreign purchase from transaction date through year end to settlement. https://accountely.com/blog/ias-23-borrowing-costs https://accountely.com/blog/ias-23-borrowing-costs Mon, 07 Sep 2026 16:00:00 GMT Interest incurred while building a qualifying asset is capitalised, not expensed. Here is what counts as a qualifying asset, the difference between specific and general borrowings, worked calculations of both, and the three timing rules. https://accountely.com/blog/ifrs-5-held-for-sale-discontinued-operations https://accountely.com/blog/ifrs-5-held-for-sale-discontinued-operations Sat, 05 Sep 2026 16:00:00 GMT An asset can be held for sale without being a discontinued operation. Here are both classification tests, why depreciation stops at classification, and the asymmetry that catches everyone — income statement comparatives are restated, balance sheet ones are not. https://accountely.com/blog/ias-36-impairment-of-assets https://accountely.com/blog/ias-36-impairment-of-assets Wed, 02 Sep 2026 10:00:00 GMT Recoverable amount is the HIGHER of fair value less costs of disposal and value in use — the single most commonly inverted rule in the standard. Worked examples for a single asset and a CGU, plus why goodwill impairment is never reversed. https://accountely.com/blog/ias-38-intangible-assets https://accountely.com/blog/ias-38-intangible-assets Sat, 29 Aug 2026 10:00:00 GMT IAS 38 is mostly a standard about saying no. Research is always expensed, development is capitalised once six criteria are met, and internally generated brands never qualify. The PIRATE criteria and a worked split of a real project spend. https://accountely.com/blog/ias-12-income-taxes-deferred-tax https://accountely.com/blog/ias-12-income-taxes-deferred-tax Thu, 27 Aug 2026 10:00:00 GMT Deferred tax stops being mysterious once you see it as a balance sheet exercise. Here is the tax base concept, taxable vs deductible temporary differences, and worked examples of accelerated tax depreciation and a warranty provision. https://accountely.com/blog/ias-10-events-after-the-reporting-period https://accountely.com/blog/ias-10-events-after-the-reporting-period Mon, 24 Aug 2026 16:00:00 GMT Did the event provide evidence of a condition that already existed at the reporting date? That single question decides whether you change the numbers or just disclose. Worked examples, the dividend trap, and the going concern override. https://accountely.com/blog/ias-8-accounting-policies-estimates-errors https://accountely.com/blog/ias-8-accounting-policies-estimates-errors Thu, 20 Aug 2026 10:00:00 GMT Two of these are applied retrospectively and one is not — and telling them apart is the whole question. Here is the classification test, the treatment for each, and worked examples of a useful life revision and a prior period error. https://accountely.com/blog/ias-7-statement-of-cash-flows https://accountely.com/blog/ias-7-statement-of-cash-flows Tue, 18 Aug 2026 10:00:00 GMT IAS 7 is the standard behind the statement students dread, because it is the only one built by undoing accrual accounting. Here are the three activity sections, what counts as a cash equivalent, and a full indirect method reconciliation worked line by line. https://accountely.com/blog/ias-1-presentation-of-financial-statements https://accountely.com/blog/ias-1-presentation-of-financial-statements Sat, 15 Aug 2026 10:00:00 GMT IAS 1 sets out the five statements a complete set of financial statements must contain, the current/non-current split, and the difference between profit or loss and OCI. Presentation marks are the cheapest marks in an exam — here is how to stop losing them. https://accountely.com/blog/ifrs-15-revenue-recognition-five-step-model https://accountely.com/blog/ifrs-15-revenue-recognition-five-step-model Mon, 10 Aug 2026 10:15:00 GMT IFRS 15 replaced a patchwork of revenue rules with one five-step model used for every contract. Here is each step explained, plus a worked example allocating a bundled contract price. https://accountely.com/blog/ias-37-provisions-contingent-liabilities https://accountely.com/blog/ias-37-provisions-contingent-liabilities Sun, 09 Aug 2026 10:15:00 GMT IAS 37 decides whether an obligation gets recognized as a provision, disclosed as a contingent liability, or ignored entirely. Here's the three-question test and a worked warranty provision. https://accountely.com/blog/ias-16-property-plant-equipment https://accountely.com/blog/ias-16-property-plant-equipment Sat, 08 Aug 2026 10:15:00 GMT IAS 16 covers what goes into the initial cost of PP&E, how depreciation is calculated, and the revaluation model most students have never used. A worked example of each. https://accountely.com/blog/ias-2-inventories-explained https://accountely.com/blog/ias-2-inventories-explained Fri, 07 Aug 2026 10:15:00 GMT IAS 2 governs how inventory is measured and when it must be written down. Here's the lower-of-cost-and-NRV rule, FIFO vs weighted average, and a worked example of a write-down journal entry. https://accountely.com/blog/ifrs-vs-us-gaap-differences https://accountely.com/blog/ifrs-vs-us-gaap-differences Thu, 06 Aug 2026 10:15:00 GMT IFRS and US GAAP diverge on inventory costing, leases, development costs, and more. Here are the seven differences accounting students hit most often. https://accountely.com/blog/direct-vs-indirect-cash-flow-method https://accountely.com/blog/direct-vs-indirect-cash-flow-method Wed, 05 Aug 2026 10:15:00 GMT IAS 7 allows two ways to present operating cash flows. Here is exactly how the direct and indirect methods differ, with a worked comparison. https://accountely.com/blog/trial-balance-not-balancing https://accountely.com/blog/trial-balance-not-balancing Tue, 04 Aug 2026 10:15:00 GMT A trial balance that doesn't balance means there's an error somewhere. This guide walks through the most common causes and how to track them down. https://accountely.com/blog/accounting-equation-explained https://accountely.com/blog/accounting-equation-explained Mon, 03 Aug 2026 10:15:00 GMT The accounting equation is the foundation of double-entry bookkeeping. Learn what it means, why it always balances, and see it in action. https://accountely.com/blog/income-statement-vs-balance-sheet https://accountely.com/blog/income-statement-vs-balance-sheet Sun, 02 Aug 2026 10:15:00 GMT Income statement and balance sheet look similar at first glance but answer completely different questions. Here's exactly how they differ. https://accountely.com/blog/t-accounts-explained https://accountely.com/blog/t-accounts-explained Sat, 01 Aug 2026 10:15:00 GMT Once a journal entry is recorded, it has to be posted to the ledger. Here is how T-accounts work and how to find an account balance. https://accountely.com/blog/straight-line-depreciation-method https://accountely.com/blog/straight-line-depreciation-method Fri, 31 Jul 2026 10:15:00 GMT The straight-line method is the most common way to depreciate a fixed asset. Here is the formula, a full worked example, and the journal entry. https://accountely.com/blog/ias-24-related-party-disclosures https://accountely.com/blog/ias-24-related-party-disclosures Thu, 30 Jul 2026 10:15:00 GMT IAS 24 changes what you disclose, never what you measure. Who counts as a related party, who deliberately does not, what must be disclosed even with no transactions, and a worked scenario. https://accountely.com/blog/ifrs-16-leases-explained https://accountely.com/blog/ifrs-16-leases-explained Wed, 29 Jul 2026 10:15:00 GMT IFRS 16 put almost every lease on the balance sheet. Here is the single lessee model, how to measure the right-of-use asset and lease liability, a worked example with journal entries, and the two exemptions. https://accountely.com/blog/adjusting-entries-types-examples https://accountely.com/blog/adjusting-entries-types-examples Mon, 27 Jul 2026 12:53:25 GMT Adjusting entries are where most students lose points on exams. Here are the five types you will always see, each with a worked example. https://accountely.com/blog/debits-and-credits-explained https://accountely.com/blog/debits-and-credits-explained Tue, 21 Jul 2026 09:26:16 GMT Forget memorising tables. Understand the one rule behind debits and credits, see it applied to every account type, and learn the DEALER mnemonic that makes it stick. https://accountely.com/blog/income-statement-vs-cash-flow-statement https://accountely.com/blog/income-statement-vs-cash-flow-statement Tue, 21 Jul 2026 09:26:16 GMT Profit is not cash. Learn what the income statement and cash flow statement each measure, why a profitable company can run out of money, and how the two statements reconcile. https://accountely.com/blog/how-to-prepare-a-balance-sheet-step-by-step https://accountely.com/blog/how-to-prepare-a-balance-sheet-step-by-step Tue, 21 Jul 2026 09:26:16 GMT A practical, step-by-step guide to preparing a balance sheet: ordering assets and liabilities, classifying current vs non-current items, and making it balance — with a worked example. https://accountely.com/blog/journal-entry-practice-problems-with-solutions https://accountely.com/blog/journal-entry-practice-problems-with-solutions Tue, 21 Jul 2026 09:26:16 GMT Ten journal entry practice problems with full solutions and explanations — from owner investment to accrued expenses. Learn the debit/credit logic behind each one.