Articles in the IFRS Category
The Company was incorporated in Oct 2007.Could you please give your
expert opinion on the treatment of preliminary expenses (Revenue
generation is not yet started) e.g. rent, salary, traveling etc.
incurred during Oct 2007- Aug 2008. Please reply in reference to IFRS.
Revenue is expected in Sept 2008.
In my view, preliminary expenses can be accumulated and amortized when
revenue is started due to matching concept.
Preliminary expenses / startup costs, etc. cannot be deferred. They
have to be charged off to income statement in the year of actual
startup of operations.
Thanks & Regards
Whether to Deffer the preliminary …
Please inform which website can give me detailed IFRS and IAS access
free of cost. Deloittee IAS PLUS gives summary.
For a summary of the scope of each Standard you may want to rely on
the official site of the International Accounting Standard Board
(www.iasb.org). Detailed information on each standard are instead
subject to a subscription which however provides you also with regular
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Tell a …
I would like to know how a company would record shares in its books if
these were received as a gift.
Shares held by Mr. Brown in Company A were transferred to Company B as
a gift. How would these shares be recorded in the books of Company B
under IFRS? Please refer me to the applicable IFRS
I look forward to your response
TraciaOne would need to refer to the terms and conditions of the transfer of
the gift for the more detailed aspects of recording the transaction.However, assuming that it is a vanilla …
Has anyone in the group dealt with carbon credit accounting under IFRS
yet? If so, please advise.
No business case as such. IFRIC 3 dealt with Emissions and was applied
by many companies until its withdrawal in 2005 as it resulted in
massive volatilities in the financial statements though it was the
correct way to apply IFRS for carbon credit accounting. IAS 8 applies
now.A fellow professional asked me this question and my research proved
unsatisfactory. I just want to know if any colleagues on this list are
still applying IFRS accounting and how they are dealing …
Please give your export opinion on the following query:
The Company issues lease agreement for 12 months for rent of 120000
from 1 Jan 2008 to 31 Dec 2008. The Company gives concession for 2
months from 1 Jan 2008 to 28 Feb 2008 for 20000 i.e. a customer has to
Rent Amortization : Spread 12000 monthly over 12 months
Concession : Spread over concession period 2 months 10000 monthly
Do you think that concession should have been amortized over 12 months period.
Please mention the reference of IFRS.
As per IAS 17, the first …
A non-profit organisation based in Virginia, USA was donated part of
real estate’s value.Currently the real estate is being adminstered by
an agent.I would appreciate if any one could hint me what both IFRS
and USGAAP recommends for treating such transaction.
When you say value, I assume a cash donation was made to buy the
property. Is the property been transferred in the name of this
organization. If it has, this means that risks and rewards of
ownership have been trasferred.
I would assume, IAS 20, Grant accounting rules will need to be followed.
The amount of …
We are constucting a new building in our factory for which we of
course capitalize all the costs involved. However to build the new
building we had to tare down the old building that still had some book
value. Does anyone know if we would be able to capitalize the
bookvalue of the old building as part of the costs to construct the
new building or do we need to take the old book value directly to P&L?
You can capitalize demolition costs themselves, but need to write-down
the Book Value of old building, because its …
———- Forwarded message ———-From: Simone Salvi <firstname.lastname@example.org>Date: Sun, Dec 14, 2008 at 7:46 PMSubject: Fwd: [IFRS List] Basis for Valuation of closing stock.To: email@example.com
Forwarded conversationSubject: [IFRS List] Basis for Valuation of closing stock.————————
From: pankaj sharma <firstname.lastname@example.org>Date: Fri, Sep 12, 2008 at 5:23 AMTo: email@example.com
Can any body tell me how to go for valuation of closing stock of tools& sapres of various machinery parts?
–PANKAJ SHARMA———-From: Hemant Tejraj Bhandari <firstname.lastname@example.org>Date: Tue, Sep 16, 2008 at 10:12 AMTo: email@example.com
Appropriate method would be weighted average cost.
Hemant Tejraj BhandariFinancial AnalystDubai Airport Free ZonePO Box …