To all, Can any one clarify whether it is necessary for provision for commission to agents to be made for the premiums not yet received, at the end of every month. jay For any provision, I think you'd first need to look at IAS 37 paragraph 14. Is there a present obligation as a result [...]
Dear allThis is just to inform you that IFRS file (pdf) in all EU Languages is now online.Find your resource pdf here | http://eur-lex.europa.eu/JOHtml.do?uri=OJ%3AL%3A2008%3A320%3ASOM%3AEN%3AHTMLHave a good joining. Regards Simone Salvi
Dear IFRS team, We provide for early retirement or termination charges. Would it be right in making the provision for the whole liability (which could be for 5-10 years) that we know about in the year which we make that commitment, or should this cost just hit the P&L as and when it occurs? Many [...]
Dear all Can someone tell me how do you define normal capacity of IAS 2? In IAS 2, it said that normal capacity is the production expected to be achieved on average over a number of periods or seasons under normal circumstances. I am wondering how to caculate the normail capacity? ex: one machine can [...]
Dear All, Can any one give their opinion on the below: The organization is charging license cancellation fee for each customer's license cancellation. What if customer ran away without canceling license. Now the Organization wants to cancel on their own and charge license fee and recognize revenue and provide against doubtful debts. In my opinion [...]
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 Greeting In UAE work visa would be for 3 years and cost would be paid by the employer and in my company it is practice to debit as administration expense. Employees must has to complete 3 years and if he/she leave the job prior to three years he has to pay back the [...]
Dear Ifrs members, A manufacturing company in plastic have main raw materials based on oil and sometimes during the month the price of oil increase and decrease very sharply. However, in the software of the accounting system, the cost is based on standard cost changed only once a month. The name of the software is [...]
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 [...]
Dear Every one, Can any one help to solve the following problems: Say, XY is a joint venture company between X & Y with 70:30 proportion with issued capital of $100. Now, Y intends to offload its share to Z company for a consideration of $ 80. Now the question is how this investment [...]
Dear allPlease find attached a news from European Commission about IFRS. In addition you'll find a link to a pdf file related to consolidated text of IFRS.Have a good joining. Regards Simone SalviAccounting standards: Commission adopts consolidated text of IFRS applicable in the EUThe European Commission has adopted on Monday 3 November the consolidated text [...]
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 [...]
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 [...]
Dear all, An answer to the following question would be much appreciated: If no hedge accounting is applied, should all changes in fair value of derivatives be recognized as financial income or expense (so below operating result) or is recording of the change in fair value within operating result allowed? Further, [...]
Can any one help me for calculation of deferred tax under deductable timing diference Example: writeen down value of fixed assets as pert accounts-200 writeen down value as per tax 150 please privide the soluision by giving effects in the profit [...]
Hello does anyone have sample internal audit questionary? SOX survey ? procedures etc.??? thanks Dear Could you specify the concerning areas u need sample questionnaires!
Hello, My first time posting. This is probably the wrong place to ask. Does anybody know how to fill in the ACCA TDM (Training Development Matrix) ? I have been struggling with it. I tried to find the user guideline on MYACCA site but could not find any that is useful. There is performance objective [...]
Hi All, Accounting of lease rentals for operating lease in lessee's book is ruled in IAS as under : "Lease payments under an operating lease shall be recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the time pattern of the user's benefit." My [...]
Dears Would you please explain me what is the difference between affiliates and subsidaries, and then if there is any difference in accounting treatments.( i am asking these question w.r.t an investment co.) 2nd thing is how i will treat the personal expenses of a partner which are being paid by the co. and where [...]