If a subsidiary has a retained losses and it increase from year to year

In the parent separate financial statement as Subsidiary was recognized at cost Is there is a need to impairment or write down the cost of the investment of this subsidiary??

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Should the receivable from 100% subsidiray requires impairment if there are accumulated losses in sub and net worth is negative?

If  it require impairment then what is the criteria to apply and specialy when audit report of that sub  has unqualified opinion and no issue for going concern.

According to IAS 27 (Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements)

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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 the person providing the advance.

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How will you report the ppe in the consolidated balance sheet if some of the units use historical cost and some the market valuation?

If there is no historical cost data available, could you use the market value?

thnak you

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Hello,

How much can be the maximum life given to Improvements for owned property as per IAS 16.  If the life of the property – building can be 40 years, Can we give the same life to Improvments done to the buidlings?

Thanks a lot.

Saj House

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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)

Programme Content
The Master’s programme in Accounting and Control provides advanced study of accounting and financial management. The programme is an academic one, approaching Accounting and Control from a scientific angle. It deals with all aspects of generating, reporting and using financial data in organisations, thus offering the student a thorough grounding in the field of financial management (’controlling’), financial reporting and auditing. The subjects covered include the provision of financial information, financial planning, financial operations management, the drawing up of the annual financial report and auditing the annual accounts.   The master’s programme takes one year, is fulltime and entirely English-taught.

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Recruiter in search of senior candidates familiar with FRS39/IFRS9 (Singapore experience)

Email maggie.ong@gsiconsultants.com

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The Board of Directors of Fiat S.p.A. approved the Group’s 2009 consolidated financial statements and the Statutory accounts of Fiat S.p.A.. This could be an example of IFRS Annual Report 2009.

http://www.fiatgroup.com/en-us/shai/banns/budgets/Documents/2010/Progetto%20Bilancio%202009_20100219_Completo_ENG.pdf.

This document includes also some disclosures about accounting principles, amendments and interpretations adopted from 1 January 2009:

IAS 1 Revised – Presentation of Financial Statements
IAS 23 Revised – Borrowing Costs
Amendment to IFRS 2 – Share-based Payment: Vesting Conditions and Cancellations
Improvement to IAS 16 – Property, Plant and Equipment
Improvement to IAS 19 – Employee Benefits
Improvement to IAS 20 – Government Grants and Disclosure of Government Assistance
Improvement to IAS 28 – Investments in Associates
Improvement to IAS 38 – Intangible Assets
Amendment to IFRS 7 – Improving Disclosures about Financial Instruments.

With reference to IFRS 8, Operating Segments, this Group opted for the early adoption of this standard in 2008. Here’s the link of 2008 Annual Report:

http://www.fiatgroup.com/en-us/shai/banns/budgets/Documents/Bilancio_2008/Bilancio%20Consolidato_UK_ott.pdf

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A company have a computer software (internally generated) which results in buying the programmes to users

The main customer of this programmes has bankrupt

so the software will not be sold ,Is Impairment should be ?

and also  a few programmes may be sold

So what’s the right Treatment For this according to IFRS?

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Are you looking for IFRS discussions?
A new exciting and easy way to find useful discussion, resources, Ideas about you International Financial Reporting Standards IFRS.
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Dear members.
This is just to inform you about interesting IFRS courses organized by Infoline in Central London.
See attached notes for more details.

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A Practical Introduction to
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IFRS Application for GENERAL Insurers
Including Case Studies & Worked Examples
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• Gain a basic understanding of the Key IFRS Accounting Principles and Requirements applicable to life and general insurers
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– IFRS4
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– IAS21
• Clarify the practical application of IFRS to:
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• Work through Case Studies and Examples to illustrate the Interpretation and Application of IFRS by with specific focus on the UK environment
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The IASC Foundation is developing 35 stand-alone training modules – one for each section of the IFRS for SMEs. The modules are free-to-download. The training material has been subject to multi-level peer review. It has not been approved by the IASB. Modules are related to:

- Small and Medium-sized Entities
- Financial Statement Presentation
- Statement of Financial Position
- Statement of Comprehensive Income and Income Statement
- Notes to the Financial Statements
- Accounting Policies, Estimates and Errors
- Inventories
- Investment Property
- Property, Plant and Equipment
- Government Grants
- Borrowing Costs
- Events after the End of the Reporting Period

Source: http://www.iasb.org/IFRS+for+SMEs/Training+material.htm

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Real-Time-You is a new exciting way to join IFRS List community.
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3. Update their Status
4. Quote Info
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Go to http://www.ifrslist.com/real-time-you/

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INTERNATIONAL FINANCIAL REPORTING STANDARDS

Questions and Answers | Developed by American Institute of Certified Public Accountants.

Here’s the link http://www.ifrs.com/ifrs_faqs.html

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Hello all,

We have several positions of ‘commodity storages’ in our portfolio (oil storage tanks, underground gas storages, coal reserves…). These storages are considered as assets and are valued at a typical average winter/summer commodity spread (buy summer, sell winter). The complete portfolio is accounted using the “accrual” method. Within the trading business these spreads are also referred to as intrinsic value of a storage.

We are considering trading positions on these assets in the future… This implies that traders should be possible to take daily ’speculative’ positions on assets assigned in our physical ‘accrual’ portfolio. Doing so, they can benefit from the liquidity seen on the summer/winter spreads, capturing extrinsic value from the market. Contrary, our trading positions are accounted using the “mark-to-market” accounting method.

I am searching for some guidance within the IFRS rules:  How can I assign my accrual accounted locked portfolio assets for daily trading purposes (mark-t0-market accoutning)?  

Thank you for your appreciated inputs,

Best Regards,

Bert

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Hello to all IFRS expert,

Our company elects to use fair value at the date of transition as the deemed cost $100 of an item of property, plant and equipment. How we can account the difference $5 of the carrying amount $95 of the asset at that date with its deemed cost $100? Is it correct that we debit PPE $5 and credit Return Earning $5?

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Hello to all IFRS expert,

I would like to clarify the IAS 39 accounting entries for a forward contract.

My company currently open LC for purchase of machinery from japan for our trading business on 11 March 2010. Due to forex volatility, we entered into a forward contract for Japanese Yen. Say the yen amount is JPY25,000,000 @ 3.789 (for malaysia) maturity on 10 January 2011.

What is the double entry ? Is it correct that we debit financial assets at RM947,250 (Yen x 3.789/100) and credit financial liability RM947,250 at the same time once we entered into the forward contract ? Or don’t recognized it in the balance sheet, but instead only measure it at fair value or mark to market whereby the differences go to PnL a/c and inventory from time to time before the contract mature.

Thanks.

Regards,

Michael

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We are pleased to announce that as IFRS List member you can now SAVE 15% on total order for any public seminars booked through IASeminars website (within June 30th 2010)

In order to benefit from this offer, please remember to use the IFRSList promotional code (“LIST15 “) when prompted to do so whilst placing an order IASeminars website.

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Hoping you’ll find this news a good news.

Comments and feedback are welcome: salvi.simone@gmail.com

Best Regards
Simone Salvi

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Dear all
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 2009 and later accounting periods.
Have a good joining.
Simone Salvi

http://www.iasplus.com/iasplus/0912closingout2009.pdf

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Dear all

Seasons greetings!!

We have purchased a fixed asset with value of USD 100,00/- specifically at the request of our client. We had the same equipment, but the client need two instead of one and the client agreed to reimburse the cost of additional one, once we install the same on site.

I just want to know whether I can capitalise the equipment as fixed asset in my books of account and claim depreciation on the asset.

The asset will be in our name and we are the owners of the asset. After completion of the contract with our client, the asset will be in our custody and client doesnt have any right on the same. They are reimbursing the cost because they want to complete the project as early as possible

Thank you

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