Monthly Archives: August 2008

//August

Have a PRC GAAP/IFRS Question

Can anyone confirm if the PRC has officially transitioned to full IFRS GAAP reporting and if so, what was the effective date?  Are companies mandated to report in IFRS GAAP or can they still report in PRC GAAP up to a certain point? Thanks for any clarification any of you can provide. Also, if you have any resources you might refer me to, that would be great. Debbie […]

By |August 28th, 2008|IFRS|0 Comments

What is IFRS

My question is what  is ifrs is about? why we need it? what is the link of IFRS with IAS and financial statements   See link to wikipedia http://en.wikipedia.org/wiki/Ifrs regards, Henk   Thanks for the nice message.please can you visit iasb website so you can get more and more.otherwise contact me.

By |August 28th, 2008|IFRS|0 Comments

Fixed vs Variable Wage Expense

Hello all, Our company is operating in aircraft maintenance, repair and overhaul (MRO) sector. Wages are paid to the direct&indirect blue collar employees on monthly basis, regardless of how much man/hour spent. But overtime is paid for the excess time charged. Regarding the classification of wages paid to the blue collar as fixed and variable, what do you [...]

By |August 28th, 2008|IAS 2|0 Comments

Fair value model for PPE

The company should have used the (IAS 16) from the beginning, as this is illiquid investment. Any way it is possible to apply the cost principle instead of the value, but there should be a reversal of the previouse capital earnnings recognized under ( IAS 40). In addition a footnote disclosure stating all the effects [...]

By |August 28th, 2008|FAIR VALUE|0 Comments

Internal audit report

Hey all , need some help in writing an internal audit report , i'm an internal auditor , i'm a very good in auditing and finalizing the working papers or create work papers and good in the business that i audit .but i face lot of difficulties in wording an internal audit report , i [...]

By |August 28th, 2008|AUDIT|0 Comments

Share application monies

Sirs and madam, would like too seek help on how to disclose a share application monies? thanks… jinn […]

By |August 28th, 2008|FINANCIAL INSTRUMENTS|0 Comments

IAS 2 Inventories

Can anyone help me to understand the IFRS – IAS 2 – 1. Inventory – wrtie-down and write-up of inventory cost?? 2. IAS 2 – Does this apply to work-in-process?? Thanks for your assistance. Ray […]

By |August 28th, 2008|IAS 2|0 Comments

IAS 39

Dear Sir/Madam, I would like to have some detailed information about IAS 39. Thanks and Regards Karim Do you mean ias 39? Well you can access the publication Financial instruments under IFRS  by Pricewaterhousecoopers at www.pwc.com/ifrs. regards S ...

By |August 28th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39, IFRS|0 Comments

Fixed assets evaluation ( if not official)

IF a company was operating under the name A with shareholders X and Y, in 2008 the shareholders sold 40% of the company to Mr, Z and they changed the name of the company to be B the company is Printing press so has significant Fixed assets Value. As per IFRS , it is acceptable [...]

By |August 28th, 2008|IAS 16|0 Comments

Audit program

I do need audit program on laboratory process/ lab testing process. Any body can help me by providing it.   Audit program totaly depends on nature of operation. you may take help from bangaldes auditing stanard for bsic sence of audit program. if you need help  may contract with me zakaria   Sorry have no [...]

By |August 28th, 2008|AUDIT|0 Comments

Effective date of business combination

Suppose Entity A acquires Entity B in a business combination and all the considerations have been completed by 31 December 2007 except that government approval which was still pending as at year end. Should entity A consolidate Entity B as at 31 December 2007? Regards, Nyasha I believe the answer lies in the issue of [...]

By |August 28th, 2008|BUSINESS COMBINATION|0 Comments

CIA exam

Good day. Have anybody intend to take this exam. Could advise me how I should register and where can I get the exam. In Jordan Regard […]

By |August 28th, 2008|AUDIT|0 Comments

Foreign Currency

Dears I have a question regarding bank a/c in foreging currency, as we have one bank account in euro, where as we are maintaing our books in local currency (other than euro). Every month we there is difference in exchage rate, and we closing our books...

By |August 28th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39|0 Comments

Need material on IFRS

Dear Friends, Can somebody help me in providing material on IFRS. I am a Chartered Accountant and a starter in this area and need to upgrade myself for better oppurtunities. Regards Asif […]

By |August 28th, 2008|IFRS|0 Comments

Contingent Liabilities

Friends, I have a query regarding a case, which is like that: A company have a practice to set off its creditors against it debtors and for that it gives a note for contingent liabilities , now the company don’t want to give the note for contingent liabilities as it is affecting its borrowing capacity , is it possible for company to do so, is there any case law for that, Please Guide me it is urgent.   Thanks Abhishek […]

By |August 28th, 2008|IFRS, OTHER IFRS|0 Comments

Audit software

Can you please tell me where I can download software for automating auditing for use in Nigeria? thanks […]

By |August 28th, 2008|AUDIT|0 Comments

Free hold land

Dear Members Please advice me on the following issue If the comany has a barren free hold land but intends to construct it in the near future and use for leasing it to get the rental income. please suggest should i treat this barren land as of now under IAS 16 or under IAS 40. Please advice. Best regards […]

By |August 28th, 2008|OTHER IFRS|0 Comments

NRV

Hi all, Need your help on this. I am trying to look into my Inventory valuation in my Accounting system hence if you have any suggestions pls do reply me. Currently we are using Navision system and if any of you are using the same system it will be good if I can hear your feedback because I am trying to get my vendor to do NRV valuation for my Inventory and they give me negative answers. In addition we are using FIFO method but in the system it doesn’t calculate it this way. But my vendor tells me this is the way it is. Any good websites which can help will be helpful Regards, Sylvia   […]

By |August 28th, 2008|IAS 2|0 Comments

Companies Act 1985 Query

Hello all, I wanted to find out whether the introduction of the Companies Act 2006 should replace the following statutory paragraph on non-trading accounts filed with companies house.  The paragraph reads as follows:- “The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 249A(1) of the Companies Act 1985. No notice has been deposited under section 249B(2) of the Companies Act 1985. Shareholders holding 10% or more of the nominal value of the company’s issued share capital have not issued a notice requiring an audit. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 221 of the Companies Act 1985, and for preparing accounts which give a true and fair view of the state of affairs of the company as at 30th June 2007 in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Act relating to the accounts so far as applicable to the company.” Is this still relevant or do we still carry on using references to the Companies Act 1985? Many thanks, […]

By |August 28th, 2008|OTHER|0 Comments