Monthly Archives: September 2010

//September

International GAAP ® : Generally Accepted Accounting Practice under International Financial Reporting Standards (IFRS), 2010

International GAAP ® : Generally Accepted Accounting Practice under International Financial Reporting Standards (IFRS), 2010 International GAAP® 2010 goes much further than explanation. It interprets IFRSs, sets them in a relevant business context and provides insights into how complex practical issues should be resolved in the real world of global financial reporting. This book is [...]

By |September 26th, 2010|BOOKS & RESOURCES|Comments Off on International GAAP ® : Generally Accepted Accounting Practice under International Financial Reporting Standards (IFRS), 2010

Wiley: Applying IFRS for SMEs

Applying IFRS for SMEs An invaluable aid to companies and auditors involved in first-time adoption of the new SMEs standard Applying the IFRS for SMEs provides expert insights and explanations of the International Financial Reporting Standards (IFRS) for small and medium enterprises (SMEs) issued by the International Accounting Standards Board (IASB). This important book includes [...]

By |September 26th, 2010|BOOKS & RESOURCES|Comments Off on Wiley: Applying IFRS for SMEs

International GAAP – Online Edition

International GAAP: Generally Accepted Accounting Practice under International Financial Reporting Standards (IFRS), Enhanced Online Edition with IASB standards International GAAP 2010 is fully revised and updated in order to: Deal with all new and amended authoritative pronouncements, including the recent and signifi cant revisions to IAS 1 (Presentation of Financial Statements), IAS 23 (Borrowing Costs), [...]

By |September 25th, 2010|BOOKS & RESOURCES|1 Comment

Goodwill Calculation

Dear Members Please advice on the below query Company A buys 70% shares of Company B and become the holding company during 2008. so while preparing accounts for the year 2008, goodwill is calculated. Now in 2009, Company A acquires additional shares but the share holding remains the same. so while preparing accounts for 2009, [...]

By |September 23rd, 2010|BUSINESS COMBINATION|7 Comments

IFRS Updates: Regulations approved by European Union

Please find attached some link to Regulations approved by European Union Commission Regulation (EU) No 662/2010 of 23 July 2010 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Interpretations Committee's (IFRIC) Interpretation 19 and International Financial Reporting [...]

By |September 22nd, 2010|IFRS UPDATES|3 Comments

Shareholders current account

Here’s the scenario. There are 2 companies involved: Company A & B whereas Company A is the Holding Company. The capital of Company B is US$80,000. However, the sum of shareholder’s contribution totaled to US$120,000. The purpose of the excess (120,000-80,000) US$ 40,000 is as a reserve and to be considered as part of the [...]

By |September 22nd, 2010|Uncategorized|2 Comments

Shareholde’s current account

What is the treatment of shareholders current account in consolidation? Does it need to be eliminated?

By |September 20th, 2010|CONSOLIDATION|8 Comments

Meet The Expert 2010 – 1st & 2nd November 2010 – 10% Discount as IFRSList member

Meet The Experts 2010 1st & 2nd November 2010 Hilton London Metropole, London Now in its 12th successive year, this year’s event will take place on 1st & 2nd November 2010 at the Hilton London Metropole, London. Meet the Experts by the Number...

By |September 20th, 2010|DOCUMENTS, EVENTS, TRAINING|2 Comments

Accrued Liabilities

I know it’s a probably stupid question, but it keeps popping up, so I guess it’s important to somebody. For example, XYZ uses electricity in its retail outlets. On 31.12.Y1, it estimates the expense to be 25,000 and records this amount as year 1 “electricity expense” On 15.1.Y2, it receives a formal invoice from the [...]

By |September 14th, 2010|OTHER IFRS|6 Comments

IAS 18.11 Revenue Discounting

Does revenue discounted to cash basis at initial recognition need to be subsequently measured for changes in market interest rates for interest-free credit sales transactions?

By |September 14th, 2010|IAS 18|4 Comments

Question about goodwill

Hello, I would be grateful for your advice on the following situation: Company P buys 100% of company A and recognises goodwill in its consolidated financial statements. 3 months later the two companies merge and in the next period's financial statements the goodwill is no longer separately presented, but presented in the notes as part [...]

By |September 9th, 2010|AUDIT, CONSOLIDATION, IAS 38, OTHER IFRS|8 Comments

New Members

Hello, everyone ... New to the discussion and eager to participate, as time and commitments allow ... 'Till later ... PPB

By |September 8th, 2010|COMMUNITY|1 Comment

IFRS Application for Insurers Training Courses. Receive a special 10% discount as an IFRSList Subscriber!

This is to inform you about 2 interesting IFRS courses in Central London. Book by Friday 10 th September to SAVE up to £100 plus your 10% IFRS LIST Discount! See attached email for more details. IFRS Application for Insurers Training Cours...

By |September 6th, 2010|DOCUMENTS, EVENTS, IAS 39, TRAINING|2 Comments

Interest free loan

Holding company has transfered money to subsidary as a long term loan without any interest. How it should be presented as per IFRS. Should we show as equity loan without any discounting/with discounting? or we need to show as long term loan with or without discounting.

By |September 5th, 2010|FINANCIAL INSTRUMENTS|6 Comments

loss making subsidiaries – consolidation

Hi, my company has a subsidiary which is loss making. The capital has been fully consumed with accumulated losses. In consolidation, we have accounted for the losses. Now we are closing the company. What is the accounting treatment for the investment? in consolidation, this is offset against capital. How to account fo the write-off of [...]

By |September 1st, 2010|CONSOLIDATION|14 Comments