Untitled document Loans to Parent Companies Please comment on the requirement if any to disclose "loans to Parent" in the consolidated accounts of the parent. Particularly under IFRS 24. Example: Subsidiary capital and surplus $10 million Loan to Parent by Subsidiary $80 million (major asset of subsidiary and major liability of parent) Loan at a [...]
Advance given to purchase the fixed assets- How the presenation should be in the balance sheet? Should we show under CWIP? or other receivables?
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As per IFRS, how should we recognize the revenue for constructions activities. can we still use percentage completion basis or fully Completed basis as per IAS 18. If % completion basis is allowed, then what is the minimum % should be, before revenue is recongnised and % completion should be certified by whom?
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 [...]
How would you treat a fixed asset in the situation below? The energy supplier operates a piece of equipment rented from the government for a defined period of time. In the end of the period the company should transfer the asset back to the government. The energy supplier makes an agreement with the government, according [...]
A company has received advance for issue of its own shares in foreign currency. On translation in the functional currency the Company had exchange gain. What should be treatment of this exchange gain? should this be: 1. Credited to profit and loss account; 2. Credited directly to retained earnings; or 3. Showned as liability to [...]
Dear all, This is my first participation in this forum. i have questions regarding the land as an operating lease. We have a leased land used for a project. Currently the lease rent is being capitalised as land costs- Property Under Development, on the basis that this cost was incurred to bring the assets into [...]
1. is it possible for an audit engagement agreement as a tripartite audit engagement contract: auditor, auditee (non-stock non-profit) and funder (funding agency)? 2. Can a funder (funding agency) enter into a bilateral audit engagement contract with an external auditor to audit a third party a non-stock non profi entity? 3. The new standard for [...]
We transferred cash to our Austrian parent. At month end we were charged loss on foreign exchange on our P&L. What is the proper posting logic for a cash transfer to a foreign owned parent company on the same day? tx for the advice karen
What is the accounting treatment if bonds will mature within 1 year and received a coupon. Should I make an accounting entry to treasury bills representing the coupon.
The topic of IFRS roadmap will certainly be revisited under the new SEC leadership of Schapiro/Niemeier. Will this slow adoption efforts?