Monthly Archives: March 2009

//March

By: admin

Message from Catherine Thank you for your help. If my portfolio valuation shows negative value for the put options at year end. How do I recognise it in the financial statements? Thanks and regards Catherine

By |March 31st, 2009|Uncategorized|Comments Off on By: admin

By: admin

Message from Alexandre The initial value to be booked in the BS is the mark-to-market (based on black and scholes model if price not available in the street) whatever the way you pay the premium (up front or running). At the following closing date, you...

By |March 28th, 2009|Uncategorized|Comments Off on By: admin

Fradulant Presentation of Financial Statement

Dear All, Please guide me on below mentioned 1: If a group would not consolidate its account and use its group companies to hide its loses. ( Fradulant Presentation of Financial Statement ) Where it should be reported and how.specialy in focus of UAE. 1: If a chartered accountant firm voilating professional and ethical code [...]

By |March 25th, 2009|AUDIT|0 Comments

IAS 39 & IFRS 7

Dear Group members please advice me on the following 1) do we need to fair value the retention money, which is payable in after 18 months 2) do we need to fair value the secured loan, where the payment of the prinicpal amount will start from April 09 t...

By |March 25th, 2009|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39, IFRS 7|1 Comment

IAS 23 – Borrowing cost capitalization

Dear Experts, I would like to request for your opinion on IAS 23 Funds Borrowed $100 for construction projects Int @5% p.a. Out of above $100, kept in bank fixed deposits $80 and balance utilized for construction projects. Later on further $40 paid from FD for Construction projects. Interest on $100 accounted as interest expense [...]

By |March 22nd, 2009|OTHER IFRS|3 Comments

Business Combinations, Consolidation (IFRS 3 and IAS 27) literature

Hello, I am an Austrian student and I would like to write about consolidation. More specifically I am going to write a comparison between full consolidated corporations and consolidation at equity. As far as I know, equity consolidation exists as te...

By |March 19th, 2009|BUSINESS COMBINATION, CONSOLIDATION, DOCUMENTS|3 Comments

Bonds

What is the accounting treatment if bonds will mature within 1 year and received a coupon.  Should I make an accounting entry to treasury bills representing the coupon.

By |March 12th, 2009|Uncategorized|0 Comments

Joint Venture Accounting

Dear Experts, A Parent Company B Subsidiary of parent company C Joint Venture company : Share capital Accumulated losses B has adopted equity accounting to book the loss or profit of C. C is under liquidation in next year and net assets distributed in JV partners. How to book liquidation entries in the books of [...]

By |March 11th, 2009|OTHER|1 Comment

IAS 8 Revised

Dear all, kindly advice if the Suggested treatment of fraud,error e.t.c discovered which result in overstatement of cash book balance is correct: Scenario During preparation of bank reconciliation the cash book balance is discovered to be more by say $550,000.the accountant then decides to transfer this amount to debtors saying that this where it came [...]

By |March 11th, 2009|OTHER IFRS|1 Comment

Category of Assets

Dear All, The company has equipment which will be used in providing their service (communication equipment). this equipment will be sold to the costomer or will be given to the costumer temporarly during the service period which the company provides. After the costomer ceased agreement with the company, the equpment is returned to the company [...]

By |March 11th, 2009|OTHER IFRS|4 Comments

Treasury bills

Hi to all members, I am writing to inquire about the accounting treatment/entry for Treasury bills from placement to maturity.  Also, may I know the corresponding IAS/IFRS (if applicable). Thanks! More power.

By |March 11th, 2009|OTHER IFRS|1 Comment

Financial Reporting Excellence Conference

Building a Proactive IFRS Transition Plan- Utilizing the Latest Guidance to Drive Accurate and Timely Financial Reporting Event Date: 18-19 May 2009 Location: The Charles Hotel, Harvard Square, Cambridge, MA, USA Effective corporate financial reporting remains one of the most crucial functions within a company.In today’s constantly changing global business environment with new regulations and [...]

By |March 10th, 2009|EVENTS|0 Comments

How to account intragroup trading under Business combination

Dear all, I need clarification with regard to how to treat an intra group trading b/n parent and subsidiaries group accounts during preparation of consolidated statement of financial position as well as income statement. I always confuse and need a clear guideline on how to treat it. For instance the subsidiary sold to the parent [...]

By |March 10th, 2009|BUSINESS COMBINATION|5 Comments

DEFERRED TAXATION

dear experts, im facing difficulties on the computation of my deferred taxation , and my boss required to do some proofing to ensure the accuaracy. my formula is as follows: however i have purchased some assets which is under Hire purchase , please advise how do i do my proofing? 2007 2006 S$ S$ Net [...]

By |March 5th, 2009|TAX|0 Comments

Audit quality control

Greating Dear sir Can we measure or assured the quality of audit? With regard kalehiwot

By |March 3rd, 2009|AUDIT|2 Comments

By: admin

Message from an other member Hi, Deferred tax Again under taxation, TOBAGC transfer assets at Tax Written Down Value (TWDV). This will create a temporary timing difference on a financial reporting point of view, namely on the Motor Vehicle. Example: TW...

By |March 2nd, 2009|DOCUMENTS|Comments Off on By: admin

By: admin

Message from Alan Hi, Deferred tax Again under taxation, TOBAGC transfer assets at Tax Written Down Value (TWDV). This will create a temporary timing difference on a financial reporting point of view, namely on the Motor Vehicle. Example: TWDV ...

By |March 2nd, 2009|DOCUMENTS|Comments Off on By: admin