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By the number of questions on your forum, you can judge the most problematic aspects of IFRS. What are the most difficult areas for accountants?

M. M.: Many questions relate to leases, but this is probably because IFRS 16 is a relatively new standard that affected nearly every company. I noticed that many accountants did not register the IFRIC agenda decision finalised during the November 2019 meeting which states that entities should consider the broader economics of the contract and economic incentives when assessing lease term. I see accounting lease term being too often equated with non-cancellable contractual term. Another common theme is related party transactions which are often difficult to account for when they seemingly lack economic substance and sometimes aren’t even properly documented.

In your opinion, should a modern accountant deal with non-financial reporting issues? Is it just a fashion trend or a real need?

M. M.: I think that larger prepares will employ non-financial reporting experts and they won’t be the same people as GAAP experts. The knowledge and expertise required in these two fields is just too broad. Is it a real need? I think so, but I see it as one of many tools complementing actions (to be) taken by governments.

How do you feel about the predictions of futurologists regarding the withering away of the accounting profession in the near future?

M. M.: I don’t expect to say goodbye to the accounting profession, but it will change for sure. I hope that software will relieve us from repetitive accounting tasks such as recording invoices, booking accruals etc. If your work involves lots of repetitive tasks, it’s time to build expertise in more advanced accounting topics where professional judgement plays an important role!