IFRS: a help or a headache?
Well, maybe the International Financial Reporting Standards are a bit of both. But rest assured, this Master’s will give you a solid grounding in IFRS, one that will enable you to understand the increasing complexity of state-of-the-art financial reporting > www.feweb.vu.nl/masteraccountingandcontrol (application deadline 1st of April 2010)

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 redazionecasaeditrice@uniroma1.it.
This book examines and compares the reporting of stockholders’ equity as required by U.S. GAAP, SEC rules and regulations, and IFRSs (International Financial Reporting Standards), including proposed Exposure Drafts, Discussion Papers and relevant convergence efforts of the FASB and the IASB. The book also identifies grey …

Hello fellow accountants,
I am Ravishankar Reddy, a Chartered Accountant from India. I have certain doubts as to the accounting treatment of rental deposit paid.
For example, ‘X’ pays rent of $ 10,000 per month for an office premises. He enter into a agreement with his landlord for a period of 3 years. He also pays a rental deposit of $1,00,000. Should there be any accounting effect for the ‘interest lost’ on this rental deposit as the tenant (X) is foregoing $ 1,00,000? Assume market interest rate of 10%
 Can anyone explain all …

Dear All,
Your guidance is required for the following issue.
Company has received some funds in foreign currency from its Parent company . A portion of the same was booked under the head “secured loan” and another portion as “Advance against sharecapital”. When we are restating the foreign currency liability is there any need to restate the portion shown as Advance against sharecapital? IAS21 does’nt give a clear picture for the same. Kindly guide me.
Thanks
Anupam

Dear All
Please help me to know the treatement of Scrap sales related to Capital Work in progress (CWIP). The income generated from the sale of scrap directly linked with the CWIP should be reduced from CWIP or should be taken to P&L?
 
Thanks & Regards
Anupam

The AICPA and IASC Foundation’s International Financial Reporting Standards (IFRS) in North America 2009 (October 29-30, 2009 in New York with Pre-Conference Workshops October 28) conference features in-depth presentations, panel discussions and extensive Q&A sessions on the most current developments impacting you and your organization with Sir David Tweedie from the IASB, Bob Herz from the FASB, leaders from other U.S. Regulatory bodies in addition to Paul Volcker (participtation is subject to confirmation), Chairman, U.S. Economic Recovery Advisory Board. Delegates will hear from companies that have already adopted IFRS, giving …

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.

Question:
When you’re talking about material class of similar items, does that mean for example that you have to break rent out of G&A line item?  Both rent and G&A are material amounts and so which is the standard way to do things.
(1) group both in one line item and disclose in notes the two material amounts
(2) group in unique line items
Thanks in advance

Dear Experts,
What is the accounting treatment of capital work in progress for the period before commissioning under the following two scenarios?
1. The assets are finance from the company’s internal sources.
2. The assets are financed by the govt in form of a grant from an international financial institution.
Kind refer to the applicable IAS/IFRS.
Benaya

Hi All,
Can someone advice the correct treatment of the below case under IFRS.
A company is trading in Fuel Oil. It purchases fuel oil, stores it in tanks and sells it.
As a result it incurs fuel costs and also storage costs (tank rentals).
In a particular transaction, the company purchased fuel oil in Dec 2008 and stored it in tanks hired particularly for this transaction and sold the fuel in Jan 2009.
The question is on the treatment of the storage costs (tank rentals) of the particular tank for the month of Dec …

EY published the following items:
- 2008 edition of Good Group that contains the IFRS consolidated financial statements of a fictitious company, Good Group (International) Limited, a manufacturing company with subsidiaries, incorporated and listed in Euroland, with a reporting date of 31 December 2008. The standards applied in these consolidated financial statements are those that were in issue at 30 September 2008
- 2008 Disclosure checklist that covers all standards and interpretations approved and issued by the IASB as of 15 October 2008.
Have a good joining…

Dear Experts,
An Org. is into construction of building and renting to tenants for offices as considered as PPE due to other revenue significant.
Building under construction remain in CWIP. Now at the year end what if contractor has not submitted payment certificate up to year end and on sending confirmation to him, there is difference in balance
payable.
Do we need to account CWIP and LIABILITY without having payment certificate for value of work done up to 31.12.08.
There wont be any impact on Dep due to CWIP.
What if building is capitalised in 2008 …

Could any body tell me that as per the IFRS what will be treatment of the administrative expenditure (revenue expenditure) before the commencement of business, Will it be treated as revenue expenditure and come in P&L A/c or it will come under the definition of capital expenditure bcoz we have expensed it before the commence ment of busineess?

I suggest you an useful newsletter published by Deloitte (iasplus.com) that provides a high level overview of new and revised Standards and Interpretations that are effective for December 2008 and later accounting periods.
Have a good joining.
Simone Salvi

hi
where can i get financial reports of IFRS compliant companies
specially in the finance field

Dear allThis is just to inform you that IFRS file (pdf) in all EU Languages is
now online.Find your resource pdf here |
http://eur-lex.europa.eu/JOHtml.do?uri=OJ%3AL%3A2008%3A320%3ASOM%3AEN%3AHTMLHave a good joining.
Regards
Simone Salvi

Dear all,
can anyone please guide me if there are any guidelines as to establish
date of commercial production in a manufacturing concern in IFRS.
thanks and regards
deepak

Hi Deepak,
I assume you are inferring to either intangible assets.
There is no specific guidance as to this date.
However, it is not unusual to assume the date of commercial production
to be the date (month) in which the first commercial orders are
processed in relation to the intangible.

Hi Alan
My query is regarding trial run expenditures in a manufactuing
concern. Till when can the trial run expenditures be capitalised in a
manufacturing …

To all,
Can any one clarify whether it is necessary for provision for
commission to agents to be made for the premiums not yet received, at
the end of every month.
jay

For any provision, I think you’d first need to look at IAS 37 paragraph 14.
Is there a present obligation as a result of a past event?
Is it probable that there will be an outflow of resources to settle
the obligation?
Can the amount be reasonably estimated?
Whether or not the premiums have been received is not relevant.
Craig

If you recognise an income in the Profit & Loss …

Dear IFRS team,
We provide for early retirement or termination charges. Would it be
right in making the provision for the whole liability
(which could be for 5-10 years) that we know about in the year which
we make that commitment, or should this cost just hit the P&L as and
when it occurs?
Many thanks for your help,
Sheetal

Hi Sheetal
Termination benefits are recognized only when the employer has
demonstrated its commitment to provide the benefits with a formal
detail plan for the dismissal of group of employees, when the employer
has contractually agreed to pay a termination benefit to …