Maximizing Efficiency: Drafting Notes to Financial Statements using LLMs
This blog post explores how Large Language Models (LLMs) can significantly speed up the drafting of notes to financial statements, allowing accountants to focus on critical review and judgment areas, and provides a structured approach to achieving high-quality, efficient drafts.
IAS 23 Borrowing Costs – Capitalisation, Part 2
This blog post explores practical issues and solutions related to IAS 23, focusing on the capitalization of borrowing costs, including the treatment of equity costs, provisions, investment income, hedging, and foreign exchange differences. It provides detailed guidance on handling specific borrowing scenarios and calculating capitalized borrowing costs under IAS 23.
IAS 23 Borrowing Costs – Capitalisation, Part 1
This blog post explains the core principles of IAS 23 Borrowing Costs, detailing how to capitalize borrowing costs for qualifying assets, with an illustrative example of calculating and capitalizing interest expenses during the construction of office buildings.
IFRS 16 Lease Contract Reader
The blog post introduces a Python-based tool called "IFRS 16 Lease Contract Reader" that uses OpenAI's ChatGPT to automate the extraction of essential lease data from contracts, streamlining the IFRS 16 calculation process by generating a structured dataset and summary in Excel.
IFRS 16 Lease Liability and RoU Asset Schedules
This blog post introduces a Python-based tool that helps accountants quickly generate IFRS 16 lease liability and Right of Use (RoU) asset schedules by inputting key lease details, producing detailed amortization tables in Excel for straightforward lease scenarios.
Accounting for Assets Held for Sale
This blog post explains the framework of IFRS 5 for accounting for non-current assets held for sale, providing a practical example of how to classify, impair, and dispose of these assets, including handling disposal groups and reclassifications if sale plans change.
Beta Journal Entry Pattern Detector
This blog post introduces a beta tool for detecting anomalies in journal entries using an Isolation Forest algorithm, which analyzes general ledger data to identify and flag unusual transactions based on patterns in dates, accounts, amounts, and descriptions.
Impairment Test (Value in Use)
This blog post provides an illustrative Cash Generating Units (CGUs) impairment test Excel file.
Calculation of Carrying Amounts for Cash Generating Units
This blog post details the process of calculating carrying amounts for Cash Generating Units (CGUs) under IFRS, including the allocation of directly attributable assets, goodwill, corporate assets, and working capital, ensuring consistency for impairment testing.
Reversal of Impairment for Cash Generating Units
This blog post explains the process of reversing impairment for Cash-Generating Units (CGUs) under IFRS, detailing the conditions and steps for reversal, including the allocation of reversals to eligible assets and the treatment of goodwill, with an illustrative example.