Can anybody provide me a demo annual report from Indian Accounting Standards To IFRS.. It would be completely mine pleasure.
Also if there is any resource relating to that than also u can provide to me.

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Dear all,

Good day!

A holding company had a subsidiary which is 100% owned. In 6 March 2006, the subsidiary issued new shares from $2 to $50,000 which changed the shareholdings from 100% to 40%.  As I read this is considered as deemed sale. The year ended of the holding company and the subsidiary is 31 December 2006.

These are my queries:

In view of the Holding company, how much is the equity take up considering the date of deemed sale?

In view of the holding company, how to compute for the gain/loss of the deemed …

Dear Gents,
I have an inquiry regarding the FroEx for construction contracts, if I won a contract in Euro and my functional currency is USD, shall I fix the exchange rate at the time of signing the contract and and every month will calculate revenue based on POC using this fixed rate or shall I change the contract amount very month (which is not practical) – pls. advise.
Thanks,

It is recommended that you fix the rate of exchange at the date of contract with concent of contractee and payment made accordingly but …

If the entity’s policy is to capitalise borrowing costs and obtains a foreign loan probably taking advantage of the lower interest rates, any exchange differences should be capitalised as will during the period of construction of the qualifying asset.
Regards,

Nyasha

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Dear Fellow Members
I need your suggestions & explanations on below stated matter. If possible, please suggest with references of IAS.
An office is located in a bungalow, which is acquired on rent; the rent is paid in advance for a period of 1 year & the agreement is revised at the end of the term. It is mutually agreed that the bungalow will remain in the company’s possession for 5 – 8 years at least. We had to build rooms on the roof top, my …

Dear Collegue,
How do we recognise the revenue in Building Construction company.
Illustrate with good/understandable example.
Can anybody focus on it ?
Thanks in advance

Hi

Revenue to be recognized on the basis of percentage of completion POC basis. If you got contract to built builiding for a some one than POC method may suits you.

Actual cost divided by Estimated cost and then multiply by estimated revenue to recognized the portion of revenue recognised or if engineer can identify the percentage of construction completed you can use than percentage to …

As per the amended IAS 23, all borrowing costs on qualifying assets should be capitalised (no option to expense).
Does exchange differences on foreign currency loans qualify as borrowing costs to be capitalised?
Best regards
Allan

Hi Allan

To my understanding any positive/negative FX difference is expensed directly to the P&L.

Regards,
Marc

The change to IAS23 will come into force on Jan 2009. So far that is only allowed alternative, the benchmark tre
atment is to expense.
The exchange differences on foreign currency should be included to assets under construction and therefore capitalised. After capitalisation of qualifying asset any exchange …

Hi ,

If provision for Bonus was taken in 2007 for X amount and financial statements for 2007 closed and reported , and in 2008 the payout of Bonuses was more than the provisions amount. As per IFRS , what is acceptable??
1- should we classify the over expensed amount as Prior year expenses ( is this accp as per IFRS )
2- should i expense this amount in 2008 ?
I used to do this as prior year expenses , but i heard that as per IFRS now we should …

Dear All

Can you please advice me on the calculation of minority interest.

the case is like as below

The subsidary company has credit balance in the share application money and the share premium from parent company. the parent company is holding 60% shares in the subsidiary. so while calculation minority interest do we need to consider share application and share premium or only equity capital and other reserves will be considered.

Regards

While calculating minority interest consider the share premium and application money with equity capital and reserves.

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Dear All,
 
Good day ahead………….
 
We have purchased shares of a company as an investment only. We have purchased as lot by lot from the year 2005 onwards until year 2007 and it is now 110000 shares valuing  USD 2.5 mn and we have got bonus shares of 10% of the holding on March 2008. Now we have sold 28000 shares  on April 2008. All the shares we have purchased from share market only with different prices.
 
My issue is how I can co-relate the sale with the cost of investment, like first in …

Dear All 
i am working in a home finance company which is subsidary of german company, due to which we are require to prepare the financial from IGAAP to IFRS.
i have the following questions:-
1.we take a loan and in taking loan that we usually pay a processing fee.
2. we pay security deposit for taking Building on rent.
3. we pay Fringe benefit tax on varoius items
 
i want to know,how the above mentioned items will be Accounted in Books in IFRS.
thanks in advance
Vivek

Hi , I had read IAS 32-39 and if you like …

Dear Vatsla
can you answer my following question in details.
1. we take a loan  and pay processing fee for taking loan.
for eg. if we take a loan of rs 10 lacs , we generally pay processing fee of rs.50000. if you see the net amount in hand is rs 9.5 lacs
As per Indian Generally Accepted Accouting Prolices(IGAAP), we recognise the loan at rs. 10 lacs and rs 50000 is expensed off in the year in which loan is taken.
But in IFRS  treatment for this is different.  can you favour me to …

Dear All
 
If a company is issuing shares to its parent compnay on stage by stage basis then what will be procedure to calculate goodwill and minority interest.
 
for eg.
 
on 20/03/2008 – suppose a Company (ABC) – subsidiary comapny issues shares to its parent company (XYZ). at that time the % of share holding of parent is 33% and again on May 2008 ABC issues shares to XYZ. After the 2nd allotment the holding of XYZ becomes 70%.
 
Now please advice the method for calculating goodwill and minority interest for the Financials as on 31.12.2007.
 

Suraj

Dear …

Dear Moderators,
 
I need the difference b/w “Current Cost” & “Replacement Cost” as per IAS/IFRS. Plz elaborate with examples. . . .
 
thanx & b/rgrds,
ammad

no difference.

–
best regards,
Tope

Current Cost

- Current cost is the cost that would be
incurred at the present time to replace an asset, the
replacement cost or the lower recoverable amount. See
also historical cost and nominal dollars and constant
dollars.
 
 
 

FIFO Method
- Under FIFO, the first costs inventoried
are the first costs transferred to cost of goods sold.
Ending inventory includes the most recently incurred
costs; thus, the ending inventory balance approximates
replacement cost. In …

If an institution is recognizing income by using flat rate method, but IFRS requires to recognize by using effective rate method. My questions are:
a) policy remains but financial statements it should be based on effective rate. Is it?
b) How to convert portfolio by using effective rate.?
 
 
asim

I don’t think so, see this link

 
http://en.wikipedia.org/wiki/IFRS
 

Hello:
 
Can anyone confirm if the PRC has officially transitioned to full IFRS GAAP reporting and if so, what was the effective date?  Are companies mandated to report in IFRS GAAP or can they still report in PRC GAAP up …

Dear Ali,
It is very nice for me to see your name in our group since I have remember our past in Arthur Andersen.
 
Referring to your question, I think the fixed part should be evaluated as fixed and the overtime part as variable.
 
Kind regards,
 
Alper

Hello All …

This is an interesting question – but I would argue that the simple ‘variable – v – fixed’ cost focus is constrained if one doesn’t take a broader view of these costs.
As clearly the (“blue-collar”) labour involved is a ‘Cost of Sales’, the amount of labour …

On the date of transition, a company could choose, as it´s deemed cost, historical cost if the previous gaap is not significantly different than IFRS or fair value for PPE, Intangibles and Investment property. I am not sure if I have it clear but under IAS 16, one can choose the deemed cost on a per-item basis on the date of transition.
Is the option at date of transition to use FV or historical cost on a per-item basis available for IAS 40 Investment Properties and IAS 38 Intangibles?
For measurement after recognition, all …

HELLO EVERYBODY,
The Institute of Chartered Accountants of India is planning  for a 3 days residential workshop ON IFRS from 23rd May, 2008 to 25th May, 2008.
The venue would be at a resort near CALICUT, IN KERALA.
Eminent faculties have been fixed.
You may pass on these message to your friends in advance as the  number of participants  is restricted to 40.
CA.K.KANAGARAJ

Can anybody sent me a write up on FAS 157. I know it is availaible on web but i am looking for something which is self explanatory.

 
Thanks in advance
Manish

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Hi Everyone
Need a little help on this one.
When it has been determined under SIC 12 that an SPE will need to be consolidated, where would one book the equity of the SPE in the consolidated financial statements of the parent entity? Does anyone in the group have a worked example of the consolidation procedure?
Thanks
Vatsala

It would simply a separate form of equity (call it Special equity or Other
equity) without control over the core parent company and subsidiaries and
with special rights in respect of the allocation of income.
Disclose the specialties around this …

Dear all,
I cannot find how can I book the fx loss, gain into profit and loss
account. Should I book it as other cost/revenue or financial
cost/revenue?
–
Taczmann

Book it as a separate component of financial expenses and income, so the
categories should be:
Interest income
Interest expense
Foreign currency gains (losses)
Net financial results = sum
Kind regards,
Henk

Dear Judit
In practice most of the company showing FX charges in  Financial
charges.
With Best Wishes and Regards

Thank you for your answer, however in Austrian GAAP, the f/x loss is
shown as other cost and f/x gain on a/p or a/r is shown as other
revenue. …