Balance sheet items in the annual report: recognition, measurement, accounting (Latvia + IFRS) — small group (8 seats)

We are launching the first seminar in our balance sheet items series. In this session, we will focus on the accounting and measurement of the most material and most commonly encountered balance sheet items in practice: intangible assets, property, plant and equipment, investment property, inventories, accrued liabilities, and provisions. We will review the key accounting considerations both from the perspective of Latvian legislation (Republic of Latvia) and in line with internationally recognised good practice (International Financial Reporting Standards, IFRS).

This seminar is designed for CFOs and chief accountants who want to:

• be confident that their chosen accounting approaches are well-founded;
• understand how to form key professional judgements and make decisions on estimates and accounting policies;
• apply good-practice examples based on IFRS;
• reduce the risk of “last-minute” adjustments at the final stage of the annual report.

During the seminar, we will cover the theory and discuss real-life practical examples, common pitfalls, and actionable recommendations.

Topics of the first seminar

Intangible assets

• recognition criteria and initial measurement
• measurement and accounting approaches for intangible assets identified/recognised by the company
• practical examples

Property, plant and equipment (PPE)

• initial recognition and subsequent accounting
• specific aspects of revaluation accounting
• selection of depreciation and amortisation methods
• derecognition (write-off/disposal)

Investment property

• classification and practical use cases
• measurement and presentation in the financial statements
• reclassification specifics

Inventories

• organising inventory accounting and cost determination methods
• inventory measurement
• presentation in the annual report

Accrued liabilities and provisions

• nature and key differences (when each applies)
• when provisions are required, calculations and documentation
• practical examples

Seats are limited (up to 8 participants). Participation will be confirmed by an email from the organiser.