For development of qualifying assets we took a loan from bank, as per ias 23, interest cost on loan taken for qualifying assets will be capitalized to those assets, as per the loan agreement interest rate was libor+1.5, initially libor was high so to c...
Hello, Can anyone tell me how the “loss identification period” (the period between the loss event and when the company becomes aware of it) should affect the probability of default in a collective provision model under the current IFRS sta...
I work in a company specialized in doing MRO for aircrafts, the issues that the work orders of the maintenance and repair takes from a month to 4 months direct salaries and materials are issued to the tasks and salaries are expensed in monthly basis and appears in the P&L while revenue will recorded once [...]
New book “Accounting for Equity and Other Comprehensive Income: Dual Reporting Under U.S. GAAP and IFRSs”.
The book “Accounting for Equity and Other Comprehensive Income: Dual Reporting Under U.S. GAAP and IFRSs”, by Francesco Bellandi, CPA, CA, ACCADipIFR, MBA, Sapienza Rome State University Press is now available on-line at at Dualgaap.com or Casalini.com. Paperback purchases can be ordered at email@example.com. This book examines and compares the reporting of stockholders’ equity as [...]
Dear all, We have given a contract to ship builders for construcing a vessel. As per the contract terms, if the builder delay the delivery of the vessel beyond agreed delivery date, they have to give us penalty of USD 10,000 per day. Now they have delivered the vessel after 373 days of the agreed [...]
Dear IFRS Experts, Could you please give your opinion on the following: 1. Computer softare is to be considered as Intangible Assets or PPE 2. Which type of computer software can be capitalized / expensed out Whether following type can be capitalized or expensed out Photoshop Illustrator Adobe Writer AutoCAD AutoCAD 3D Max AutoCAd lite [...]
we have a contract for development of a fixed assets, as per the contract:- Total Contract amount = 260 Million AED We have to pay this amount in Euro that is already fixed as per the contract it is 4.49 AED per Euro whatever is the rate prevailing currently doesnt matter bcoz it has been [...]
Can someone please share thoughts around generic accounting issues in the marine industry. The nature of activities will involve using small ships (bareboat) to provide marine terminal services to clients on ports around the world ? From the top of my head, I can see following major issues to be considered: - Revenue recognition - [...]
ACo, an offshore company, makes non-interest bearing loans of $10m in FY00, to ZCo a related entity in a tax paying jurisdiction. Repayment terms are 5 equal annual installments from FY05, ending FY10. Whilst i agree that one would generally FV the loan by discounting the future receivables to PV using market rates, what would [...]
Case: Party gets into a long term construction contract to prepare the machinery which takes 2 years to complete Cost elements – Labor $ 3mm and Materials $ 5mm Total $ 8mm Revenue against – Labor $ 10mm and Materials $ 10mm Total $ 20mm Margin – Labor 70% Material 50% on total project 60% [...]
Dear all, This is my first participation in this forum. i have questions regarding the land as an operating lease. We have a leased land used for a project. Currently the lease rent is being capitalised as land costs- Property Under Development, on the basis that this cost was incurred to bring the assets into [...]
Company ABC and Company DEF both own Company XYZ (50%0 each). Company XYZ in turn owns subsidiary GHI (100%) and subsidiary XYZ (100%). Company ABC sells it s share in Company XYZ to Company DEF for a consideration of $1 and in turn buys 100% share of subsidiary GHI for $100,000. How do I account for sale of subsidiary GHI in [...]