dear sir or mam   When one company adopt the IFRSs 1 first time then what are the irems exempted from national GAAP in the case of convergance to IFRSs.   Thanks   Sincerely yours, Rakesh dear rakesh pls read ifrs 1 and see the exemption given for the same there are 10 exemptions Regards Jignesh [...]

By |December 15th, 2008|IFRS|0 Comments

Interest Capitalization

The Company has taken a loan for construction of projects. A part of amount is kept in FD with the Bank. Interest is capitalized on the amount paid as per payment certificates like draw down. If the project is capitalized and 2 payment certificates received after the capitalization date. Now question is whether interest will [...]

By |December 15th, 2008|IFRS|0 Comments


Hi all, A non-profit organisation based in Virginia, USA was donated part of real estate's value.Currently the real estate is being adminstered by an agent.I would appreciate if any one could hint me what both IFRS and USGAAP recommends for treating such transaction. Thank you Aklilu Hi, When you say value, I assume a cash [...]

By |December 15th, 2008|IFRS|0 Comments


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 regard...

By |December 14th, 2008|AUDIT, IFRS, OTHER, TAX|0 Comments

Cash basis – accrual basis

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...

By |December 14th, 2008|AUDIT, IFRS, TAX|0 Comments

Impairment Goodwill

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 inform...

By |December 14th, 2008|AUDIT, CONSOLIDATION, DOCUMENTS, IAS 36, IFRS|0 Comments

Loan Impairment

Is there any guideline for measurement of loan impairment and recognition of interest income by using effective rate method Asim well Esther the UK leads the path i.e. the UK tax authorities are the only ones in Europe which accept IFRS reporting to the extent that its website does have a section allocated to [...]

By |December 14th, 2008|IFRS|0 Comments

Just one question

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 [...]

By |December 14th, 2008|IAS 38|0 Comments


Hi ,I m doing a project on objective of financial reporting ,but one of te question is heating on me and i will really appritiate if some of u can give me ur suggestion.   well ,the question is whether the stewarship and financial report should have seperae objectives or not ? Cause some of te articles [...]

By |December 14th, 2008|IFRS|0 Comments

Last 12 month cash flow

Hello to everybody, I want to prepare 31.7.2007-31.07.2008 and 31.07.2007-31.07.2006 cash flow statements. How can I prapare according to the indirect cash flow method? Which issues should I consider?   Thanks for your help.   Evrim Good morning to all   Please let me know the salient points in related to Hedge (SWAPs, Collars, etc) and other [...]

By |December 14th, 2008|IFRS|0 Comments


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 Reconciliat...


Deemed sale of subsidiary

Dear all, Good day! A holding company had a subsidiary which is 100% owned. In 6 March 2006, the subsidiary issued new shares from $2 to $50,000 which changed the shareholdings from 100% to 40%.  As I read this is considered as deemed sale. The year ended of the holding company and the subsidiary is 31 [...]

By |August 28th, 2008|IFRS|0 Comments

Preparation of financial from IGAAP To IFRS

Dear All  i am working in a home finance company which is subsidary of german company, due to which we are require to prepare the financial from IGAAP to IFRS. i have the following questions:- 1.we take a loan and in taking loan that we usually pay a processing fee. 2. we pay security deposit [...]

By |August 28th, 2008|IFRS|0 Comments

Interest income recognition usingeffective rate

If an institution is recognizing income by using flat rate method, but IFRS requires to recognize by using effective rate method. My questions are: a) policy remains but financial statements it should be based on effective rate. Is it? b) How to convert portfolio by using effective rate.?     asim I don't think so, [...]

By |August 28th, 2008|IFRS|0 Comments

Cash equivalent

Dear all Please help in deciding what items can be regarded as cash equivalents > Thanks in advance! Regards, Lina Cash equivalents are financial instruments that can be easily converted to cash, have high liquidity like stock of quoted companies. Best Regards. Alberto     Lina, I woul suggest to take a look into IAS [...]

By |August 28th, 2008|IFRS|0 Comments

Merger Entries

Dear all,     Please help in confirming the merger entry for the following case:   Company A acquired 50% interest in Company B during 2004. The other 50% was held by the Company C, Company A’s Parent Company. Upon acquisition, Company A r...

By |August 28th, 2008|CONSOLIDATION, DOCUMENTS, IFRS|0 Comments

Cost of conversion

I have some clients asking for studies that show the cost of conversion to IFRS for companies that have been through this.  Does anyone know of resources for this?   Thanks Gord     and if anyone could link to any material about IFRS Conversion Project Management staff?   Thanks.   Lado Hi Gord,   I [...]

By |August 28th, 2008|IFRS|0 Comments