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Real-Time-You is a new exciting way to join IFRS List community. With Real-Time-You all members can… [more]

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Latest IAS 39 treatment on forward contracts

Hello to all IFRS expert, I would like to clarify the IAS 39 accounting entries for a forward contract. My… [more]

Latest IAS 39 treatment on forward contracts Latest IAS 39 treatment on forward contracts

Are you looking for IFRS discussions?

Are you looking for IFRS discussions? A new exciting and easy way to find useful discussion, resources,… [more]

Are you looking for IFRS discussions? Are you looking for IFRS discussions?

Save 15% on IASeminars courses as IFRS List member

We are pleased to announce that as IFRS List member you can now SAVE 15% on total order for any public… [more]

Save 15% on IASeminars courses as IFRS List member Save 15% on IASeminars courses as IFRS List member

UE adopted IFRIC 18 and other amendments to IFRIC and Standards (IAS39 + IFRIC 9 and IFRS 4 + IFRS 7)

The Commission of European Communities has adopted: - IFRIC 18 - IFRIC Interpretation 18 Transfers of… [more]

UE adopted IFRIC 18 and other amendments to IFRIC and Standards (IAS39 + IFRIC 9 and IFRS 4 + IFRS 7) UE adopted IFRIC 18 and other amendments to IFRIC and Standards (IAS39 + IFRIC 9 and IFRS 4 + IFRS 7)

IFRSPMI.it – New IFRS Portal in Italian

Dear all This is just to inform you that a new IFRS Portal is now available in Italian. Visit | http://www.ifrspmi.it Join… [more]

IFRSPMI.it – New IFRS Portal in Italian IFRSPMI.it – New IFRS Portal in Italian

IFRSLIST.COM »

[8 Feb 2010 | One Comment | 0 views]
Are you looking for IFRS discussions?

Are you looking for IFRS discussions?
A new exciting and easy way to find useful discussion, resources, Ideas about you International Financial Reporting Standards IFRS.
Search your needed topics using tag (key word) search. Just visit http://www.ifrslist.com/tag/ page and click on your tag.

EVENTS, TRAINING »

[8 Feb 2010 | One Comment | 0 views]
London – IFRS Training courses – SPECIAL 10% Discount for IFRS List

Dear members.
This is just to inform you about interesting IFRS courses organized by Infoline in Central London.
See attached notes for more details.
Special 10% discount for IFRS List – Quote VIP code: KM6384IL-10%discount
A Practical Introduction to
IFRS Application for LIFE Insurers
Including Case Studies & Worked Examples
15 & 16 April 2010 • Central London

A Practical Introduction to
IFRS Application for GENERAL Insurers
Including Case Studies & Worked Examples
28 & 29 April 2010 • Central London

REFRESH YOUR UNDERSTANDING OF IFRS APPLICATION FOR 2010:
• Obtain an overview of Financial Reporting Requirements for Insurance Companies
• Gain a basic …

IFRS FOR SME, IFRS FOR SME (SMEs), RESOURCES »

[3 Feb 2010 | 4 Comments | 38 views]
IFRS for SMEs – Free training material by IASC Foundation

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 …

IFRSLIST.COM »

[2 Feb 2010 | 3 Comments | 59 views]
Real Time You

Real-Time-You is a new exciting way to join IFRS List community.
With Real-Time-You all members can easily
1. Meet other IFRSList members
2. Start new Discussions
3. Update their Status
4. Quote Info
5. Share useful Links and Documents
Start now to enjoi.
Go to http://www.ifrslist.com/real-time-you/

RESOURCES »

[1 Feb 2010 | 2 Comments | 71 views]
IFRS FAQ

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

FAIR VALUE, FINANCIAL INSTRUMENTS »

[28 Jan 2010 | One Comment | 94 views]
Speculative trading position on accrual accounted asset?

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 …

FAIR VALUE, FINANCIAL INSTRUMENTS, IFRSLIST.COM »

[9 Jan 2010 | 5 Comments | 344 views]
Latest IAS 39 treatment on forward contracts

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 …

IFRSLIST.COM, NEWS »

[7 Jan 2010 | 2 Comments | 206 views]
Save 15% on IASeminars courses as IFRS List member

We are pleased to announce that as IFRS List member you can now SAVE 15% on total order for any public seminars booked through IASeminars website (within June 30th 2010)
In order to benefit from this offer, please remember to use the IFRSList promotional code (“LIST15 “) when prompted to do so whilst placing an order IASeminars website.
Discover in detail the benefit and IASeminars worldwide courses. Click here – http://www.iaseminars.com/en/ifrslist.html?utm_source=ifrslist0509&utm_medium=email&utm_campaign=ifrslistmay
Hoping you’ll find this news a good news.
Comments and feedback are welcome: salvi.simone@gmail.com
Best Regards
Simone Salvi

RESOURCES »

[5 Jan 2010 | 2 Comments | 284 views]
IAS PLUS Updates – IFRS Closing Out 2009

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

OTHER IFRS »

[28 Dec 2009 | 9 Comments | 307 views]
Fixed Asset Capilization

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. …

JOB »

[23 Dec 2009 | Enter your password to view comments | 138 views]

There is no excerpt because this is a protected post.

IAS 18 »

[10 Dec 2009 | 5 Comments | 340 views]
Refund of earned income

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.

AUDIT »

[6 Dec 2009 | 3 Comments | 334 views]
Non Profit Agency and Auditing

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 …

IAS 38 »

[5 Dec 2009 | 3 Comments | 306 views]
Treatment of Windows Operating System License

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).

IFRSLIST.COM, NEWS, RESOURCES »

[3 Dec 2009 | One Comment | 268 views]
UE adopted IFRIC 18 and other amendments to IFRIC and Standards (IAS39 + IFRIC 9 and IFRS 4 + IFRS 7)

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