Monthly Archives: July 2010

//July

Lease of Lands

Is it possible alocate lease of land (reforestation) as a finance lease?

By |July 28th, 2010|OTHER IFRS|1 Comment

Treatment of volume discount whether to adjust in turnover or not. How it is treated in IFRS

Volume Discount in Indian books we reduce it from the turnover but for UK accounting how it will be treated whether as direct cost or to be reduced from turnover.

By |July 24th, 2010|IAS 18|2 Comments

Treatment of Exchange Difference on Capital Asset

a. Exchange difference arising between spot rate on the date of bill of lading and forward cover rate. Whether this difference is to be capitalized when pertaining to purchase of fixed asset or to be charged off as revenue. How will you treat the above in UK books and Indian Books? In Indian books earlier [...]

By |July 24th, 2010|OTHER IFRS|3 Comments

IFRS for Insurers Course – Register by 20th August and save up £ 1.300 as an IFRSList Subscriber!

Dear members This is to inform you about IFRS for Insurers conference in Central London in 2010. Register by 20th August to SAVE up to up to £ 1.300! To claim your discount just quote VIP Code : KM6393LISTEM when booking (see attached email for more details). Kind Regards Simone Salvi Dear Colleague, This year’s ‘Practitioners Forum on IFRS for Insurers’ explores [...]

By |July 21st, 2010|EVENTS|2 Comments

Revenue recognition for taxes/service taxes

when we are paying taxes and subsquently recovering from customers, Can we net off and remaining can be shown as expenses. Do we need to show both lines seperately collection as revenue and payment as expenses

By |July 21st, 2010|IAS 18|2 Comments

Writing-Down Inventory

When it is possible to establish an allowance for writing down inventory and when it isn't?

By |July 14th, 2010|IAS 2|3 Comments

Consolidation

Dear all I have a doubt about the consolidation of fully owned subsidiary. While consolidat the financial statements, which rate of exchange we should apply : i think, for income statement, the rate should be average rate.for balance sheet items, the closing rate for monetory items and for non-monetory items the historical spot rate. further,what [...]

By |July 5th, 2010|CONSOLIDATION|3 Comments

IFRS Accounting Treatment of Initial set up costs – Investment fund

Dear Experts, I shall be grateful if anyone can advise me on the following: An Investment Fund (thereafter the “fund”) was established in April 2009 with the aim of investing, on behalf of the subscribers, on the local stock exchange. The fund incurred the following expenses, classified as “Initial set up fees” amounting to US [...]

By |July 4th, 2010|OTHER IFRS|5 Comments