The idea
Why people get this wrong, and what separates memorising from understanding.
Library
Summaries that respect your time
Each summary answers one question you meet at work: it explains the treatment, works it through with balanced entries, shows the errors that keep recurring, and closes with the question interviewers ask.
4 published summaries34 min read
IFRS 15 — Revenue from Contracts with Customers
Revenue recognition: the five steps
When revenue is recognised, and why the invoice date is not the answer.
IAS 2 — Inventories
Inventory: cost and net realisable value
What enters inventory cost, and when the carrying amount must come down.
IFRS 16 — Leases
Lease accounting from the lessee's side
Why the operating lease disappeared from the lessee's books.
IAS 37 — Provisions, Contingent Liabilities and Contingent Assets
Provisions and contingent liabilities
When an obligation is recognised, and when it is only disclosed.
How every summary is built
The treatment
The rule as it is applied, split into decisions you can actually make.
Worked example
Teaching amounts and balanced entries showing the effect of the decision.
Errors and a question
What recurs in real files, and an interview question with its answer.