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loss making subsidiaries – consolidation

xavier — Wed, 01 Sep 2010 10:00:16 +0000

Hi,

my company has a subsidiary which is loss making. The capital has been fully consumed with accumulated losses. In consolidation, we have accounted for the losses. Now we are closing the company. What is the accounting treatment for the investment? in consolidation, this is offset against capital. How to account fo the write-off of the investment in consolidation?

thank you for your suggestion

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Consolidation After Merge

yahya mohamed — Fri, 27 Aug 2010 03:17:47 +0000

If company (A) has a subsidiary(b) during acquisition no goodwill was recognized then the subsidiary (b) was merged with another company resulted for change it’s capital structure , so the Investment of (A) at (b) is now greater than it’s share of new capital of (b) is the difference recognized as goodwill or what

please Help

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IFRS Updates 2010: IFRS List 10% Discount – London + Zurich

admin — Mon, 23 Aug 2010 15:29:29 +0000

IFRS 2010 Update

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IFRS Classification in Income Statement

jay — Mon, 23 Aug 2010 13:43:52 +0000

If a project is directly related to the project i.e software maintenance & development. How do I tag it in the income statement. Is it alright to say ” project implementation cost’

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Minority Interst

dina — Sun, 22 Aug 2010 09:49:24 +0000

Do I still need to account for a 1% minority interest?
Are receivable from shareholders (part of share capital) eliminated in consolidation or not.

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Financial Statement Consolidation

dina — Sun, 22 Aug 2010 06:45:24 +0000

If the subsidiary was established prior to the parent company, what are the possible complications? I.e. because the Holdings require higher initial capital the management decided that once the subsidiary generates revenue. the revenue can be use to fund the share capital of the parent.
On the establishment of the subsidiary the shareholders put more money over the share capital. can i transfer the excess of shareholders capital in the subsidiary to the parent company? what would be my entry?Please help.

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Acquisition – Business Combination

dina — Thu, 19 Aug 2010 19:06:25 +0000

How do i record an acquisition without investment made by the parent to the subsidiary?

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IFRS for Insurers: Save up to £1050 plus an extra IFRS List 10% Discount

admin — Tue, 17 Aug 2010 12:44:44 +0000

This year’s ‘Practitioners Forum on IFRS for Insurers’ explores how new financial reporting requirements will impact preparers of insurance company accounts over the coming months.

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London – IFRS Training courses – SPECIAL 10% Discount for IFRS List Dear members. This is just to inform you about interesting...

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Revaluation of Leasehold land

Venkateswarlu K — Mon, 16 Aug 2010 13:28:09 +0000

We have land on 99 years lease. Unexpired lease is 60 years. we revalued land in 2005 and created revaluation reserve. Same auditor is signing the annual accounts since 2005. This year, auditors say that we have to reverse the reavaluation part saying that as per IFRS, revaluation of leasehold land is not possible

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COS in intirim statements

Mladek — Sun, 15 Aug 2010 08:20:22 +0000

I ran into a situation where a company takes a physical inventory (serially manufactured products) annually. In its interim statements, it would like to omit the change in inventory from its cost of sales calculation (since including it would require a physical inventory in the interim). Assuming it publishes condensed interim statements, would this be acceptable? Or should it estimate the change? If so, any suggestions as to how?

(sorry if this was posted twice, the firs time I got a server timeout).

The comparability of IFRS financial statements Dear Sir/Madam, As part of my PhD in Applied Economic...

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Capitalization of internally developed software

rmandic — Thu, 12 Aug 2010 11:17:45 +0000

My company develops software for internal use (although it could also be sold to other similar companies). It almost always replaces the software we purchased at earlier time, so it generates visible economic benefits by reducing costs. Can we capitalize our internally developed software?

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Realized exchange – or Revaluation differences?

info@fmch.nl — Wed, 11 Aug 2010 12:45:18 +0000

Dear All,

We run a SAP system with a company in EUR as Local currency and USD as reporting currency. When we book a 100 EUR invoice automatically SAP books it based on the system rate as f.e.150 USD in the reporting currency. Sofar everthing is in order. When we pay the 100 EUR from a EUR bank account 14 days later USD rate is 1,4. In Local currency we have no realized exchange differences nor revaluation differences. In the reporting currency however we are facing a difference of 10 USD. I tend to treat this difference as a revaluation difference, due to the fact that if we would have run a revaluation just before we did the payment the difference would have been posted as a revaluation difference. Do you agree to this methodology? Or based on what IAS or other IFRS rule it should be a realized exchange difference?

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Standard cost example

Mladek — Mon, 09 Aug 2010 19:14:14 +0000

Does anyone know where I can find an example of how standard costing would be reported under IFRS.

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Change in accounting policy

fergiemother — Sat, 07 Aug 2010 14:14:34 +0000

IAS 8 provides for chnages in accounting policies. Do you know of any companies that have changed their accounting policy from Market to historical costs for PPE

Change in life of computer software IAS 16, IAS 8 Dear Experts, If useful life of computer software is revised...

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The 2010 Practitioners’ Summit on IAS 39 Replacement – Register by Friday 13th August to SAVE up to £1200!

admin — Mon, 02 Aug 2010 20:54:04 +0000

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IFRS for Insurers Course – Register by 20th August and save up £ 1.300 as an IFRSList Subscriber! Dear members This is to inform you about IFRS for Insurers conference in Central...
Infoline’s IFRS events in December 2009 (Zurich) – SAVE up to €. 1.500 (Register by the 13th Nov 2009) Dear members This is to inform you about an interesting...
IFRS for Insurers: Save up to £1050 plus an extra IFRS List 10% Discount This year’s ‘Practitioners Forum on IFRS for Insurers’ explores how...

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Lease of Lands

luiz lombardi — Wed, 28 Jul 2010 19:34:18 +0000

Is it possible alocate lease of land (reforestation) as a finance lease?

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Treatment of volume discount whether to adjust in turnover or not. How it is treated in IFRS

Bjv123 — Sat, 24 Jul 2010 04:17:53 +0000

Volume Discount in Indian books we reduce it from the turnover but for UK accounting how it will be treated whether as direct cost or to be reduced from turnover.

IFRS for Insurers: Save up to £1050 plus an extra IFRS List 10% Discount This year’s ‘Practitioners Forum on IFRS for Insurers’ explores how...
IFRS Updates 2010: IFRS List 10% Discount – London + Zurich IFRS 2010 Update A step-by-step guide through the complexities of...
London – IFRS Training courses – SPECIAL 10% Discount for IFRS List Dear members. This is just to inform you about interesting...

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Treatment of Exchange Difference on Capital Asset

Bjv123 — Sat, 24 Jul 2010 03:51:25 +0000

a. Exchange difference arising between spot rate on the date of bill of lading and forward cover rate. Whether this difference is to be capitalized when pertaining to purchase of fixed asset or to be charged off as revenue. How will you treat the above in UK books and Indian Books? In Indian books earlier it used to be capitalized but now it is to be charged off as revenue

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IFRS for Insurers Course – Register by 20th August and save up £ 1.300 as an IFRSList Subscriber!

Simone Salvi — Wed, 21 Jul 2010 13:20:11 +0000

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This year’s ‘Practitioners Forum on IFRS for Insurers’ explores how new financial reporting requirements will impact preparers of insurance company accounts over the coming months.

The 2010 Practitioners’ Forum on
IFRS for Insurers
Implementing New Approaches to Financial Reporting
in Response to the IASB Exposure Draft
22 September 2010 • Central London

Pre/Post-Conference Workshop

An Introduction to
The Implications of Solvency II for Financial Accountants
21 September 2010 • Central London

Implementing a Framework for
Integrated Financial Reporting under IFRS 4 Phase II & Solvency II
23 September 2010 • Central London

Remember this is in addition to your 10% discount courtesy of IFRSlist, just Quote VIP Code: KM6393LISTEM

To register for these events click here.

Alternatively, email custserv@infoline.org.uk or call us on +44 (0)20 7017 7702, quoting VIP code: KM6393LISTEM.

IFRS for Insurers: Save up to £1050 plus an extra IFRS List 10% Discount This year’s ‘Practitioners Forum on IFRS for Insurers’ explores how...
The 2010 Practitioners’ Summit on IAS 39 Replacement – Register by Friday 13th August to SAVE up to £1200! The 2010 Practitioners’ Summit on: IAS 39 Replacement Addressing Technical...
Infoline’s IFRS events in December 2009 (Zurich) – SAVE up to €. 1.500 (Register by the 13th Nov 2009) Dear members This is to inform you about an interesting...

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Revenue recognition for taxes/service taxes

Ram Holani — Wed, 21 Jul 2010 09:53:45 +0000

when we are paying taxes and subsquently recovering from customers, Can we net off and remaining can be shown as expenses.
Do we need to show both lines seperately collection as revenue and payment as expenses

What do you make of proposed amedments to IAS 12 Income Taxes ...

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