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Dear members.
This is just to inform you about interesting IFRS courses organized by Infoline in Central London.
See attached notes for more details.
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A Practical Introduction to
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Including Case Studies & Worked Examples
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REFRESH YOUR UNDERSTANDING OF IFRS APPLICATION FOR 2010:
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The IASC Foundation is developing 35 stand-alone training modules – one for each section of the IFRS for SMEs. The modules are free-to-download. The training material has been subject to multi-level peer review. It has not been approved by the IASB. Modules are related to:
- Small and Medium-sized Entities
- Financial Statement Presentation
- Statement of Financial Position
- Statement of Comprehensive Income and Income Statement
- Notes to the Financial Statements
- Accounting Policies, Estimates and Errors
- Inventories
- Investment Property
- Property, Plant and Equipment
- Government Grants
- Borrowing Costs
- Events after the End of the …

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INTERNATIONAL FINANCIAL REPORTING STANDARDS
Questions and Answers | Developed by American Institute of Certified Public Accountants.
Here’s the link http://www.ifrs.com/ifrs_faqs.html

Hello all,
We have several positions of ‘commodity storages’ in our portfolio (oil storage tanks, underground gas storages, coal reserves…). These storages are considered as assets and are valued at a typical average winter/summer commodity spread (buy summer, sell winter). The complete portfolio is accounted using the “accrual” method. Within the trading business these spreads are also referred to as intrinsic value of a storage.
We are considering trading positions on these assets in the future… This implies that traders should be possible to take daily ’speculative’ positions on assets assigned in our physical …

Hello to all IFRS expert,
I would like to clarify the IAS 39 accounting entries for a forward contract.
My company currently open LC for purchase of machinery from japan for our trading business on 11 March 2010. Due to forex volatility, we entered into a forward contract for Japanese Yen. Say the yen amount is JPY25,000,000 @ 3.789 (for malaysia) maturity on 10 January 2011.
What is the double entry ? Is it correct that we debit financial assets at RM947,250 (Yen x 3.789/100) and credit financial liability RM947,250 at the same …

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Dear all
I suggest you an useful newsletter published by Deloitte (iasplus.com) that provides a high level overview of new and revised Standards and Interpretations that are effective for December 2009 and later accounting periods.
Have a good joining.
Simone Salvi
http://www.iasplus.com/iasplus/0912closingout2009.pdf

Dear all
Seasons greetings!!
We have purchased a fixed asset with value of USD 100,00/- specifically at the request of our client. We had the same equipment, but the client need two instead of one and the client agreed to reimburse the cost of additional one, once we install the same on site.
I just want to know whether I can capitalise the equipment as fixed asset in my books of account and claim depreciation on the asset.
The asset will be in our name and we are the owners of the asset. …

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How to treat the income which was earned and accounted in 2007, which is being partly refunded in 2009.
The organisation had legal rights to the income and there was no error in accounting, so it is not a prior period item and there is no changes in the accounting policy.  The income is just being refunded this year to keep the good faith and relations of certain parties.
Appreciate comments on the same.

Can a funding agency enter into a bilateral contract with an external auditor to subject a non-profit entity to an external financial audit? The supposed audit engagement fee will be paid directly by the funder to the external auditor. The non-profit does not become a party to the audit engagement. Then, who becomes the addressee of the audit report? Does the external auditor become an extension of the personality of the funder? IS there such a thing as a project audit that will not be within …

Para 4 of IAS 38 says “computer
software for a computer-controlled machine tool that cannot operate without
that specific software is an integral part of the related hardware and it is treated
as property, plant and equipment. The same applies to the operating system of a
computer.”
Its true for branded computers which come pre installed with windows. But If we buy a non branded computer (without opereating system, ofcourse) and purchase windows seperately. Should I recognize the windows under IAS 38 or include in hardware’s cost (treat it under IAS 16).

The Commission of European Communities has adopted:
- IFRIC 18 – IFRIC Interpretation 18 Transfers of Assets from Customers – http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:314:0015:0020:EN:PDF
Amendments to:
- IFRS 4 and IFRS 7 – http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:314:0021:0026:EN:PDF
- IFRIC 9 and IAS 39 – http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:314:0043:0046:EN:PDF