I work in a company specialized in doing MRO for aircrafts, the issues that the work orders of the maintenance and repair takes from a month to 4 months direct salaries and materials are issued to the tasks and salaries are expensed in monthly basis and appears in the P&L while revenue will recorded once the job is completed and invoice is issued
Percentage of completion is not adopted, and the idea is to charge the cost to job order as work in progress (balance sheet) and recognize the revenue and …

Respected All,
Can Someone Guide Me about …. What Are The Major Distinction Points Between Costing Methods:
1 Job Order Costing & Contract Costing;
2 Process Costing & Continuous Costing & Batch Costing
Kindly Also Mention That In Which industry Which Costing Method Is Favourit.
Best Regards
Naveed

Hi,
1. The accrued interest for a deposit (maturity less than 3 m) is included in “cash and cash equivalents” in BS?
2. If yes, the accrued interest (increase/decrease) is not an item in operating cash flow (in order to reconcile the bottom line from cash flow with the first line in balance sheet)?
(I am asking because my auditor request that in BS cash & equiv include accrued interest but in cash flow statements the accrued interest is not included (has a separate line in operating cash flow).
Tks
Luminita

Dear all,
I have to translate the financial statements from local currency (not a hyperinflationary economy) in EUR according IAS 21 (EUR is presentation currency) for a stand-alone company (no consolidation needed) for the first year of activity (no openings).
Income statement is translated at the average exchange rates (sum of each month separately).
Balance sheet is translated at the closing rate (end-of-the-year exchange rate) for all items (including fixed assets and equity).
First case:
The equity contains the net profit/loss (already translated at the average exchange rates). To obtain the balance it result a “translation …

Dear Colleagues,
I have a practical case regarding the subject for a not-for profit organization based in USA having operations in several African countries.Most of functional currencies of the field operations are their respective local currencies (Neither USD nor hyper Inflationary).Funds are advanced to these places from HQ periodically and will be converted to the functional currency for operational and regulatory reason. At the end of the year, Its field offices prepare financial statement on local currencies.The translation to reporting currency becomes difficult for those field office banks don’t have Ask price for USD, it doesn’t …

Dear Group members
Please advice me on the following
Does the company need to prepare the income statement, even if it has not yet started its main operation ?
Thanking you in advance
Suraj

Dear Experts,
A Parent Company
B Subsidiary of parent company
C Joint Venture company : Share capital
Accumulated losses
B has adopted equity accounting to book the loss or profit of C.
C is under liquidation in next year and net assets distributed in JV partners.
How to book liquidation entries in the …

Hi all,
I have converted a Trading as into a CC, and want to sell the assets of the Trading as to the CC.
We need to notify Ministry of Finance about the “going concern” sale within 21 days, and they may then zero rate the VAT for the sales transaction. Both the trading as and CC is registered for VAT.
I have prepared the transactions for the “going concern sale”; can someone tell me if the entries are correct?
Going Concern Sale from T/A to CC
TRADING AS
DR – Creditors …

Dear All
 
Can any body tell me that is budget only for expenses or can be for Asset, liabilities and income also. My openion is it can be for all (Asset, liability, Expense and income). Please help me according to the IAS/IFRS.
–
Best regards
Mohammad

Dear Mohammed :-
 
Budget can be to revenue& expenses but when we put assets & liabilities we can called it Feasibility study to project we make this in starting of any activity .
 
Best Regards
Aly

Budgets are prepared both for revenue and capital expenditure. Revenue Budget gives you the financial progress of the company …

In Canada, public companies and financial institutions (generally)
will be adopting IFRS in 2011. Private companies will have the choice
between IFRS and or local Canadian standards specifically for them. It
has not been announce yet what will happen with “Not-for-profit”
organizations (generally charities), but it seems likely they will
also have a choice between IFRS and local Canadian standards designed
specifically for not-for-profit organizations (essentially the private
company accounting standards with some extras/exceptions).
Can I ask what happens in other countries that are using (or adopting)
IFRS? Do private companies have a choice to adopt IFRS, are there
local …

Dear all,
I need your suggestion.
Hmm… I just already join as a DETASERING in a NEW telecomunication
company, a subsidiary of my previous company. Just for your
information, the holding company is a company that related to supply
gas energy.
We couldn’t adopt an accounting polcies from the holding. So, I must
try to make some accounting policies that implicable dan suitable for
this new company. Is there someone could help me to give an
information about accounting treatment for this company? Is there
special principt or regulation about telecomunication. Oyash, we have
a plan to sale in a wholesale? …

i need different methods of valuing a company both quoted and unquoted
companies. Detailed note and explanations would be appreciated please.Deji.

Appropriate method would be weighted average cost.
Best Regards,
Hemant

Hi,
Can any body tell me how to go for valuation of closing stock of tools
& sapres of various machinery parts?
Thanks
–
PANKAJ

AICPA has issued a standard on valuation services…that is quite informative.
Regards
RV
you may get through this link below ….caution…abide by its
conditions…copyright et al.
http://fvs.aicpa.org/NR/rdonlyres/672E1DD4-2304-47CA-8F34-8C5AA64CB008/0/SSVS_Full_Version.pdf

Hello all,
I wanted to find out whether the introduction of the Companies Act 2006 should replace the following statutory paragraph on non-trading accounts filed with companies house.  The paragraph reads as follows:-
“The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 249A(1) of the Companies Act 1985. No notice has been deposited under section 249B(2) of the Companies Act 1985. Shareholders holding 10% or more of the nominal value of the company’s issued share capital have not issued …

What is the different between budget control and budgetary controls 

million thanks 

I’m looking for the meaning of the acronym EPF, the context is auditing. Could “error propagation factor” be correct?
Kind regards,
 
 

Acronym
Definition

EPF
Earth Preservation Fund

EPF
Eclipse Process Framework (Java open source framework)

EPF
Ecole Polytechnique Federal (Federal Polytechnical School, Switzerland)

EPF
Educational Publishing Foundation

EPF
Emergency Plant Facilities

EPF
Employee Performance File

EPF
Employees Provident Fund (Malaysia)

EPF
Employment Policy Foundation

EPF
Engineering, Procurement and Fabrication

EPF
Ensuring Positive Futures (UK)

EPF
Environmental Planning Function

EPF
Epidemiological Flight

EPF
Eritrean Public Forum (Eritrea)

EPF
Error Propagation Factor

EPF
Established Programs Financing (Canada)

EPF
Estates Project Force (Church of Scientology)

EPF
Europäische Psychoanalytische Föderation (European Psycho-Analytical Federation)

EPF
European Panel Federation

EPF
European Patients’ Forum

EPF
European Powerlifting Federation

EPF
European Psycho-Analytical Federation

EPF
Exploitation Product Data File

 
Maybe something would fit?
Regards,
Anna

Hi all,
I have to update our Group accounting manual. The latest update was done in November 2006.
My goal is to make sure that our group accounting policies are conducted in respect of IFRS.
I have to update our policies and to implement new policies in accordance to the new rules implemented since then.
Can you lease advice on the best way to tackle this task? I will be very thankful for any guidance, templates, links or suggestions.
Best regards
Hi Adil,

Not sure you realize the task taken on! Only way to complete this is …

For Example:
A ) In Jan-2008 We have Invested 100,000,000 $ for that 50% (50,000,000) we took a loan from financial institution and 50% (50,000,000) we invest from our capital.
B) Rate of interest for borrowing (50,000,000) is 8% flat yearly.
C) We need to pay extra (cost) of $ 1,000,000 for incurring cost monthly.
C) We sold out this investment in 120,000,000. in June-2008.
Can anybody guide me to calculate IRR (Internal Rate of Interest).
Also convey with if you have any easy example/function/theory.
Best Regards,
Zakariyya

 
Anyone who knows where is to download IAS or other downloadable  standards??