Monthly Archives: May 2009

IAS 8 – ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS

Dear Experts, Please give your opinion on the following on IAS-8 An expense provision was taken twice, Whether IAS 8 will apply and need restatement of previous year or to be considered as liability w/back and take it to income. An estimate of an expense was taken on adhoc and that was in excess of [...]

By |May 27th, 2009|OTHER IFRS|1 Comment

IASC Foundation IFRS Conference Seoul – Final Programme now available!

Dear members This is just to inform you about an interesting IASC Foundation IFRS Conference in Seoul next July. A special offer in case you register by 29th May 2009. Kind Regards Simone Salvi ----------------------------------------------------------------------------------------------------------------- VIP Code: KM2187IFRS IASC Foundation IFRS Conference Seoul Wednesday 29 July 2009 and Thursday 30 July 2009 Millennium Seoul Hilton [...]

By |May 26th, 2009|EVENTS|0 Comments

IAS 17 – Leases

Dear Experts, Could you please give your feedback on IAS-17 A company owns buildings under PPE and renting our applies IAS -17. Whether car park leasing will also to be accounted as per IAS-17 or as other income. If yes, then what if there are more than 1000 tenants with an amount of 1000 p.a. [...]

By |May 26th, 2009|OTHER IFRS|0 Comments

Live web presentation introducing the exposure draft on Derecognition ? 27 May 2009

Information for those who have not registered at iasb.org Live web presentation introducing the exposure draft on Derecognition ? 27 May 2009  In March 2009 the IASB published an exposure draft on Derecognition. The exposure draft is open for public comment until 31 July 2009. Stephen Cooper, Member of the IASB and Michael Mueller, Practice Fellow, will [...]

By |May 22nd, 2009|EVENTS, IAS 16|0 Comments

IASeminars courses – Save 10% on total order as IFRSLIST.com member within June 30, 2009.

Dear members Please find attached a selection of IASeminars IFRS courses scheduled by May, June, July and August. Remember: As IFRSLIST.com member you save 10% on total order for any public seminars booked through IASeminars website (within June 30th 2009). In order to benefit from this offer, please remember to use the IFRSList promotional code [...]

By |May 21st, 2009|EVENTS|0 Comments

IASC Foundation IFRS Conference: Milan – Register by 22nd May & SAVE up to 300 Euros!

Dear members This is just to inform you about an interesting IASC Foundation IFRS Conference in Milan (Italy) next June. A special offer in case you register by 22nd May 2009. Kind Regards Simone Salvi ----------------------------------------------------------------------------------------------------------------- VIP Code: KM2186IFRS IASC Foundation IFRS Conference Wednesday 24th June 2009 and Thursday 25th June 2009 Milan Marriott hotel [...]

By |May 18th, 2009|EVENTS|1 Comment

IFRS 3 – Business Combination

Dear All, My question is that, in a situation of merger or business combination, where the structure is such that a new company A is formed to take over the businesses of B and C. The question is whether IFRS 3 Business Combinations is applicable in this case as practically the entire IFRS 3 is [...]

By |May 18th, 2009|BUSINESS COMBINATION|4 Comments

Consolidation – IFRS

Dear All, Please let me know the treatment of Existing negative goodwill incase of first time adoption of IFRS Regards Chirag

By |May 15th, 2009|BUSINESS COMBINATION, CONSOLIDATION, DOCUMENTS, IFRS|3 Comments

Consolidation – Goodwill related questions

Hi all, Can you please help me with the following queries. Thanks in advance! 1. Goodwill - On consolidation, is it possible to actually increase goodwill figures or can goodwill only be reduced/impaired? 2. IFRS 3 states that negative goodwill is to be credited to the income statement. So if we CR Income, what's the [...]

By |May 14th, 2009|CONSOLIDATION|3 Comments

Good News from IFRSLIST.com and IASeminars

Dear members I imagine that many of you already know IASeminars, “a specialist independent provider of training courses around the world on international financial reporting issues (IFRS and US GAAP).” IASeminars offices are located in both the UK and the USA, but they offer more courses in more countries on more technical accounting topics than [...]

By |May 14th, 2009|NEWS|0 Comments

Costing Method

Respected All, Can Someone Guide Me about .... What Are The Major Distinction Points Between Costing Methods: 1 Job Order Costing & Contract Costing; 2 Process Costing & Continuous Costing & Batch Costing Kindly Also Mention That In Which industry Which Costing Method Is Favourit. Best Regards Naveed

By |May 12th, 2009|OTHER|0 Comments

Plant Replacement Reserve

Dear Members What does IFRS or GAAP say about plant repacement reserve . In particular I would like to know when/how one can use the reserve. Thanks.

By |May 12th, 2009|IFRS|2 Comments

Cash and cash equivalents

Hi, 1. The accrued interest for a deposit (maturity less than 3 m) is included in "cash and cash equivalents" in BS? 2. If yes, the accrued interest (increase/decrease) is not an item in operating cash flow (in order to reconcile the bottom line from cash flow with the first line in balance sheet)? (I [...]

By |May 9th, 2009|OTHER|3 Comments

Forex translation and cash flow statement

Dear all, I have to translate the financial statements from local currency (not a hyperinflationary economy) in EUR according IAS 21 (EUR is presentation currency) for a stand-alone company (no consolidation needed) for the first year of activity (no openings). Income statement is translated at the average exchange rates (sum of each month separately). Balance [...]

By |May 9th, 2009|OTHER|3 Comments