Sirs/Madam,
I would like to know weather or not it is permissible to issue bounce shares against reserve created out of revaluation of fixed assets, with references. If not, can the revaluation reserves be used for any purpose before the sale/ de-recognition of the fixed asset

 
No, the revaluation reserve is restricted to use for revaluation increases and decreases only, see IAS 16 PPE sub 39 – 41, only when assets are sold, the whole surplus will be realized in the income statement or when depreciated, that part may be released to …

Hi All
This is Muhammad Naveed
I have a query regarding the consolidation of subsidiaries. Does IAS-27 allow us to not consolidate subsidiaries which are immaterial for the group?
Is it specifically mentioned somewhere in IAS?
 
Regards
Muhammad

Well Naveed
Actually materiality is an underlying concept of the Financial Statements.So anything which is immaterial needs not to be disclosed or adjusted.
 
Thanks and regards

IAS 1 is the overall standard to refer to:

Materiality and Aggregation
29.        Each material class of similar items shall be presented separately in the financial statements.  Items of a dissimilar nature or function shall be presented separately unless …

Good day,
Could you tell how we record loans interest should I have provision then I amortize it on yearly basis or should I record the interest expense at the end of each year according to IAS what should I do.
Regard.

Hi Amir,

 
First of all you need to make an estimation of what’s going to be the real lifetime of that contract which will be different than the nominal life. Then based on the net cashflows taking into consideration the original payment plan and any commissions/subventions, you have to recalculate the …

Hi all,
 
I am confused regarding the use of cost method or equity method in the separate financial statements of a parent company to report for investments in its subsidiaries.
 
Regards,
 
Osama

The Framework and IAS 1 allow both valuation methods. When company accounts are filed in combination with consolidated accounts it is normal business behaviour to include the investments in group companies/subsidiaries at equity value. This is to avoid that shareholders equity is different in the consolidated accounts as compared to the company accounts. However that is not ruled or prescribed by IFRS/IAS. Company …

Hello,
Have anybody know about KPI for Airlines industry.
Regard .
Amir

 
 
Amir,
 

Here’s a link that could be usuful for you.
http://www.europeanshippers.com/public/statements/archives/air_kpi_guide.htm

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Hi all,
I wanted complete set of IFRS Literature.If anyone of you have a  softcopy of it,then please forward it to me.Or else,if you have any idea about any site which provides the same,even that will help me.
Thanks
Rekha
 

You can check this website;   www.iasplus.com

 
 
Generally it is paid publication

 
But Deloitte has provided their e-Learning in IFRS for free…Pls try this site
 
http://212.135.140.61/
 
Regards
Srinivasan

As you know the IFRS standards text is copy right protected and all the literatures are available at www.iasplus.com and you may download but not distribute, copy or edit or use for any …

Good morning,
Could anybody please guide me where I can find the full text of “AICPA Audit and Accounting Guide Health Care Organizations”?? Thanks in advance.
Cheers,
Abed

Are you looking for a particular chapter in the guide? The reason I ask is because those guides are usually 12-15 chapters long and usually need to be ordered through the AICPA. If you have access to an online research tool, at least in the U.S it is part of the research package. A couple of packages that are pretty good are RIA-Thompson’s Checkpoint and …

Dear All
can some one explain the Para 19 of IAS 2.I want an example of the inventory held by a service provider.
 
Thanks and regards

–
Kamran

Inventories held by service providers are those which will be used incourse of providing services like an Electrician may provide serviceto his clients and can use some switches, wires etc.

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Sono una studentessa di Economia e Legislazione d’impresa, Università
degli Studi di Verona.
Sto preparando una tesi sulla proposta dello IASB di creare degli IFRS
per le PMI.
Volevo alcune notizie riguardo l’argomento.
Grazie
Barbara
Hello,
I have been looking for guidance pertaining to the Information Technology aspect of IFRS.  From your email, I think you are concentrating on the business aspect of IFRS. Are you familiar with IT Auditing and the rules surrounding it?

Hi Barbara, welcome to IFRS List.
For all IFRS List members, Barbara is preparing a thesis about IFRS, and asked for info, resources links, about …

Hi all!
I am a young chartered accountant from India presently working in a reputed engineering company at Baroda, India. In the long run I plan to start a consulting firm focused on IFRS implementation and compliance. In the medium term I plan to get an international exposure particularly in South East Asian countries like Singapore, Malaysia etc. As Indian CA is not recognized as such in those countries I plan to take up international qualifications like ACCA or Singapore CPA although I still have to inquire whether it is possible to …

Hey ya’ll,
 
I need some guidance with the following issue:
 
In August 2000, Company A bought Company B.
 
Company A hired an Advisor to help it in obtaining financial resources to buy Company B. The advisor fees will be paid by Company A with a 3% of the future dividends to be distributed by Company B. To me it seems that this fees are attributable to the business combination.
 
In November 2000, Company A – Company B and the Advisor signed off an arrangement which established that the advisory fees will be assumed by Company B.
 
So, I’m pretty much …

Dear All,

Our company has constructed a building which is to be our Head office. As part of improvements made on the buildings land, management decided to put up a garden with orchards and both Traditional and exotic trees. The garden is to beatify the environment as part of the environmental degradation measures and also enable the staff to go and relax. Out of the expenses so far incurred its felt we capitalize such expenses. I have gone thru the IAS 41 on agriculture where by they can be taken as …

Dear all,
 
 
I’m an Master student at the University of Antwerp, and I’m writing my masterscription about IFRS 5: disconinuity of the operational management in the annual accounts. I was wondering if someone has some good sources to find my way through the IFRS 5 theory. I allready found iasplus.com, but I was hoping to find some additional information…
 
 
Kind regards, 
 
 
 
Anouk

Anouk,
check this out:
http://www.pwc.com/extweb/service.nsf/docid/C18BBC933D69A9328025726100597CC9
br,

Dear all,
I am a Certified Accountant from Asia. What is the best auditing firm in UK? I got an offer to work there.
 

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Hi…
 
Anyone can help me about intangible assets?
 
Documents, e-books, …
 
thank’s and enjoy the weekend!
 
Daniel

You need to be a little more specific on your question. 
-Sonny

Hi Daniela,
 
www.answer.com and www.wykipedia would give you details and examples.
 
e.i. bons, shares,

 
U CAN VISIT www.intangiblebusiness.com

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Hi,
I am specifically interested in IFRS 7 and am looking to join a group/forum
who may discuss this specific standard.
Thanks
Ronan

Hi , IFRS 7 about Cash Flows? What is your question(s) about this?

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Dear Sir,
 
I am a Chartered Accountant with more than two decades experience audit including listed and private companies and giving consultancy to various other corporate entities.
 
To become IFRS compliant, what are the Accounting Standards, which need to be modified substantially and what are the factors that need to be considered to make the Corporate India’s Financial Statements to be IFRS compliant.
 
What are the opportunities as an Indian I will have in international area and in emerging economies I will have in the next one or two years and Can I …

Good Day,
I am a semi-retired accounting professional with 14 years of consulting experience in IT and securities settlement systems and 15 years of industry experience principally in the financial services sector (banking, trust and investment dealers).  In order to continue to be productive, at least on a part-time basis, I am interested in acquiring sufficient knowledge about the transition to IFRS reporting to offer my services on a consultative basis.  My principal market will be in Canada which is transitioning to IFRS by 2011, however, I would also like to …

Hello,

I am a student of bcom(ecom)-5 n doing a project on the failure of ENRON.
 
Its failure involves many issues like lack implementation of corporate governance , SOXNORMS , Accounting standards ,etc.
 
Hence i would like to  welcome any suggestions from you , as IFRS is also included in it.
 
And i m very happy to read  your mails and i hope i would also be able to join in the discussions later.
 
Yours Sincerely,

Krish
 

Dear Krish ,
Sorry not to be able to be of big help due to lack of information about the Enron case , in case you …

Do I email you to suggest a new topic?

I saw that the disclosures for IAS 7 were a recent topic of interest.  I thought readers might be interested in reading about disclosures required for IAS 12.
IAS 12 (Income Taxes) requires a minimum of five disclosures, and potentially more than fifteen, depending on the complexity of the organization and their taxes.  Two good resources are www.taxstream.eu/ias_12 and http://www.iasplus.com/standard/ias12.htm.
Hope that helps.

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Forwarded conversationSubject: [IFRS List] standards for sme's:not for profit organizations ————————
From: ann silvers <annsilvers@yahoo.com>Date: Wed, Nov 28, 2007 at 11:40 AM To: ifrs@ifrslist.com

On 11/27/07, ann silvers <annsilvers@yahoo.com> wrote:

November 27, 2007
 
Dear Elena,
 
I understand that accounting standards for smes are still in the drawing boards after asking for comments and suggestions from different sectors.
 
I am a practising accountant in the Philippines.  My concern is on the issue of not-for-profit organization, which in the Philippine context are also known as non-government organizations (NGO's).
 
These NGO's are generally funded by grants both from domestic and international funding …

Dear All
 
I am going to attend a job interview at Deloitte about the position of Audit. My BA and MPhil degree are not relevant to accounting or finance, and I don’t have any background knowledge about audit. I know in the interview you might ask me to give some examples of working in a team or under pressure, and I can handle them. However, I do not have much knowledge about business issues or what exams I will take in the first year. Can anyone tell me how to get …

Dear Elena,
I understand that accounting standards for smes are still in the drawing boards after asking for comments and suggestions from different sectors. I am a practising accountant in the Philippines.  My concern is on the issue of not-for-profit organization, which in the Philippine context are also known as non-government organizations (NGO’s). These NGO’s are generally funded by grants both from domestic and international funding agencies which have their own reportorial requirements aside from statutory requirements of state regulatory bodies. To satisfy both “users” ,  the  NGO will need to prepare both  special purpose and general purpose …

I need some help, I just moved to London, and I am looking for a job but I found out that the interviews are very tough. I am from Mexico, I have worked for Citigroup in Madrid over the last three years.
Sometimes I don’t know how to answer the question….How would I describe my skills as Internal Auditor….? and when they ask for situations o examples I am afraid to tell information about Citigroup…!! I am a bit lost….???
I will appreciate if someone tell how should I answer the interview …

Does anyone have any interest in working on a research project of how IFRS have affected debt covenants in their country?

–
Regards/Saludos
Stephen

Dear Stephen,
 
I would be really glad to help you out with this project. But in my country we still haven’t implemented IFRS framework, we are going to do that on January 1, 2009.

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Dear IFRS List Folks
Hi I am a  Professor of Accounting at The University of Texas at EL Paso. I have been reading the many emails on this list and I wonder if any of you might be willing to tell me how the change to IFRS from their own GAAP has affected Debt covenants?
Thanks and Regards
Stephen

Hi Stephen,
regarding  to your request,  I don´t see any change on Debt covenants after IFRS application in Slovakia.  
However I´m not sure I understand your question correctly.  Could you describe deeper that case ?
I´m from  Slovakia (Midd Europe). We …