Can a funding agency enter into a bilateral contract with an external auditor to subject a non-profit entity to an external financial audit? The supposed audit engagement fee will be paid directly by the funder to the external auditor. The non-profit does not become a party to the audit engagement. Then, who becomes the addressee of the audit report? Does the external auditor become an extension of the personality of the funder? IS there such a thing as a project audit that will not be within …

Dear All,
Please guide me on below mentioned
1: If a group would not consolidate its account and use its group companies to hide its loses.
( Fradulant Presentation of Financial Statement )
Where it should be reported and how.specialy in focus of UAE.
1: If a chartered accountant firm voilating professional and ethical code of conduct and supporting to produce Fradulant Financial Statement.
Where it should be reported and how.specialy in focus of UAE.
I shall be obliged for quick and comprehencive guidance.
Ahmad

Greating Dear sir
Can we measure or assured the quality of audit?
With regard
kalehiwot

Dear All
Kindly feed me back regarding the reversal of any previuos writedown
that had been made in a previuos period. Is it possible to reverse a
wirte down for inventory made in 2007 to be reversed in 2008
Noting that I couldn’t reach any specific paragraph in the standards
relatated to this issue.
and how this could be made via entries.
But I think if it is possible to reverse wirtdown made in 2007 to be
reversed in 2008, it may distort results over accounting periods.
Thanks in advance for your prompt reply.

Hesham,
The writedown to inventory in 2007 …

Dear Collegues,Really appriciate if anybody could share me the Hotel Internal Audit
Procedure and plan, stretegy (Hospitality). or any website link, PDF,
presentation file.Thanks in advance

Dear all,
I have a question in relation to acquisition accounting in accordance with
IFRS3. In this case a parent company A acquires all the shares in
subsidiary company B for (say) 50M. This cost price represents a goodwill
over the fair value of the assets and libailities assumed of 15M. Where
should I record the 15M goodwill? Is this in the subsidiary company B or
in parent company A?

Based on IAS21, p. 47, I would say in the sub.
All the best, Farah

L’adresse e-mail de votre correspondant a changé. Elle devient:  prenom.nom@gdfsuez.com
Nous vous remercions de bien …

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 …

Dear all,
during an interview I was asked this question and I am still in doubt about the reply.
If you need to audit an entity which is going to change from a cash basis to an accrual basis accounting system, what would you audit first and why?
Thanks for your replies.

Fabiola

 
Dear Fabiola
 
First thing I would audit the statement for the period end under review containing the dues not receivable for the servcies or sales already done during the year and likewise, payment received from clients in advance for the sales or services …

Dear all,

Can you share me the international auditing standard document. Thanks

Danella,I double checked after the comment below, and I agree with Hemant. IAS 21.28 explicitly states that gains/losses on forex should be recognized in P&L. The forex is not attributable to the asset but to the financial liability.http://www.ifac.org/IAASB/
My apologies for my earlier answer.
Regards,
Jeroen

http://www.ifac.org/Store/Category.tmpl?Category=Auditing%2C%20Assurance%20%26%20Related%20Services

Hi, Members.
 
In regard to the above subject please help me to answer the following question.
 
One of the four categories of financial assets as classified in IAS 39, Financial Instruments: Recognition and Measurement is subject to “tainting rule”. Identify the category and explain what is tainting rule.
 
Thanks and Regards.
 

Kibona

Hi,

Tainting Rule means:
Where an entity sells or transfers more than an ‘insignificant amount’ of its held-to-maturity investments it must reclassify all of them as available-for-sale. It is then prohibited from classifying any assets as held-to-maturity for the next two full annual financial periods, …

Dear All , Kindly need your urgent help
We Have more than 10 companies in different countries and using different currencies :
1- our holding company send us every month end the conversion rate that we should use for each currency in order to be able to consolidate in 1 reporting currency.
2- Every month we report the PL ( Year to Date figures ) , and the balance with other schedules …
MY Question is : We should use the average rate of the PL and month end rate for Balance …

Hello

 
does anyone have sample internal audit questionary? SOX survey ? procedures etc.???
 
thanks

Dear
Could you specify the concerning areas u need sample questionnaires!

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 …

Hi…
I will really appreciate if someone can tell me the format of writing
inventory auditing report.
Thank u very much,
Ibn

Hi Please give some more information regarding what you need

Hi.. thanx. Recently i have taken physical stock at out warehouse n
have noticed some discrepencies. i wanna repot it. i want to know the
format of writing such reports. is there any standard format?

Por favor podría alguien indicarme en donde puedo encontrar
información sobre metodologías para la medición del deterioro del
Goodwill. Sería Adecuado usar multiplos como base para su medición.
Please could someone tell me where can I find information on
methodologies for the measurement of impairment of Goodwill. Could i
use the methodology of multiples as a basis of measurement
Sincerely
Wilmar

Wilmar
You can send me a private note in Spanish if you like
That said as the Group is an English speaking one here is my view
(others might disagree)
1. Under IFRS the impairment testing is two fold
a) Th consolidation …

I’m a CPA from the US. Is the ACCA something I should join? I’m a
member of the IMA and the AICPA in the US. Is ACCA some kind of
upstart or does anyone find it to add value to their careers and is it
recognized by global employers?
Thanks for the opinions, mostly just curious here.

Dear Justin,
ACCA is a British qualification mostly recognisted by European based
mutlinational corporations, British in particular. Please also consider
CIMA which is also Brtish qualification with more focus on management
accounting (controlling). With both qualifications you can take IFRS
path.
Please visit www.accaglobal.com …

Where can I find the training centre for IFRS in Mumbai – India, if I
register for course in IFRS with ACCA.
Regards
Asif

Asif,
ACCA provides Certification and Diploma in IFRS. You can take either
one of them as both are recognised. Certification is online but
Diploma in IFRS has examinations that are held every June & December
with exam center being in Mumbai.
THanks
Puneet

Hello,
 

If a company asks a third party to construct a fixed asset and at the end of the year, the fixed asset is not complete, but you have a statement of the costs incurred, would you capitalize the costs incurred under Construction in Progress with counterpart in accruals. Or would you record an entry only when it has been delivered to the company?
 
What IFRS would be applicable?
 
Thanks,
Isabelle

IFRS 16 would be applicable “Plant , Property and Equipemnt”
 
Recognisation -
Items of property, plant, and equipment should be recognised as assets when it is probable …

Please let me know about cost of create new web sit
will it be general expenses or intangible assets 
So, which treatment prefered to be confirmed to international accounting standard
 
thank you
 
Mahmoud Gbr
Auditor

General expense: if there is no link to future cash inflow through this
 
Intangible asset: if satisfy the conditions of IAS 38 ..cash inflow, technical feasibility, intention, available market etc.
 
Thank you,
Regards,
Debdulal

Do you expect with relative certainty that the development of the new web will bring new cashflows to the company?

 
If yes-then it should be recognised as an asset
If not-it is an expense and should be …

Hi

 
Please let me know the salient points in IFRS 7 which has been recently been made a mandatory disclosure in the audited financial statements.
Regards
Raghavan
 

 
Under IFRS 7 there are 12 requirements:
 

Requirement 1
Reconciliation of carrying amounts by classes of financial instruments to IAS 39 measurement categories (at least these categories are HTM, AFS, FVTPL, Loans and Receivables). An entity shall make the decision which classes of financial instruments are appropriate to the nature of the information disclosed taking into account the characteristics of those financial instruments.

Requirement 2
Description of processes for managing the …