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 and loos accounts and balance sheet. The company going to introduce deferred tax in first time

Hi,
 
Here is the solution::
U need to calculate PGBP in following manner taking into consideration timing differences :
 
PBT as per P & L a/c …

Hello

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

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

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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 to achieved and optional. Can anybody help me?
Thanks a million.
Kind regards,
Mardiana

What sort of information are you after?
 
You fill in each area (which is split into 3 questions) of the TDM
Then I believe this is sent to …

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 query is that when there is an escalation clause in the contract
how should the accrual be made over the total tenor of the lease; for
eg: refer following table, should the accrual be made as per option 1
or option 2.
Thanks to reply asap.
Regards
Deepak

Option …

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 i have to show it in the balance
sheet.
Regards,
Hameed

Dear Hameed
The shares of subsidiary company should be owned by holding company
but for affiliates, the relationship is a connected party.
Thanks and regards
Simon

Dear Simon
Thanx for your reply, dear would you please explian me more, …

Dear all

My Company has an outstanding USD loan of say US$10m and as our main subsidiaries are operating in China and earns revenue denominated in RMB, which will ultimately flow to our company in terms of RMB dividend (converted to USD due to exchange regulation in PRC).
As we need to make periodic payments say US$1m every quarter, we are considering entering forex contracts to fix the USD/RMB rate that matches the payments (i.e. 10 contracts @US$1m each @ either same conversion price or different conversion price).
How should we disclose …

Dear all,

Is it fair to value inventory at updated standard costs even if the inventory item was manufactured at a time when standard costs were much lower?
 
Regards,
Grace

Hi Divine
I experienced this issue in 1995
It is fair and possible but all depends on the control and policies you have
IAS 2 allows you to use standard cost valuation for inventory in final reporting if standards approximate to actuals.  As you well say below the standards will always differ a lot to actuals particularly now (and so was the case in 1995) because of …

Dear all,
As I know , as per IFRS there is no prior year adjustment anymore ,
and back dated entries are not allowed once the year closed and
figures reported , Hence the actual variance will be booked in the
next year PL ,
example : if company A , estimated an income in 2007 and took a
provision for this income for 1M $ in 2007
The actual income received in 2008 for 2M$ , the
accounting entry will be reversing the 1M$ provision and Book the 1M$
variance in 2008 PL
My question is , As per …

Any one please clarify me this….
Hari

Hi Team,
Will any one clarify the difference between Exceptional Items &
Extraordinary Items?
With reference to IFRS what is the disclosure policy for the both.
Thanks & Regards,
Hari

Hi Hari,
to my understanding according to IAS 1 there was for several years the
possibility to show extraordinary items in the P+L (IAS 1.85). Since
2004 this seems to be no longer allowed according to Dr. David
Grünberger who is member in the Accounting Regulatory Committee in
Brussels which decides upon the endorsement of new IAS/IFRS standards
within the EU. According to US-GAAP extraordinary items are …

Do anyone know where I can download copy of US GAAP and US GAAP APB?

Thanks Dessanti for your answer
Our position is less than 1%, we bought in the active market Euro a
little position to speculate in market price.
The IAS 39 don’t include equity investment as applicable financial
asset to recognized the gain or loss in foreign exchange in the
current period income statement, as its explain as follows:
Available-for-sale financial assets (AFS)…. … Fair value changes on
AFS assets are recognised directly in equity, through the statement of
changes in equity, except for interest on …

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 …

Apologies for an off-top, – would anybody be able to provide me with thelink to ASBEs (Chinese Accounting Standards) in English?
I know that they are very close to IFRS, I have the Delloitepublication, just needed to see actual standards or at least a detailedand comprehensive summary.
Thanks and have a great day/ evening.
Tatiana

Hi Tatiana,
have a look at:
http://www.iasplus.com/resource/ref.htm
for a start – I remember there are also other ressources besidesDeloitte, but don’t find them right now …
I attach another document, probably the one you …

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?

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…

Dear All,
The Company was incorporated in Oct 2007.Could you please give your
expert opinion on the treatment of preliminary expenses (Revenue
generation is not yet started) e.g. rent, salary, traveling etc.
incurred during Oct 2007- Aug 2008. Please reply in reference to IFRS.
Revenue is expected in Sept 2008.
In my view, preliminary expenses can be accumulated and amortized when
revenue is started due to matching concept.
BestRegards,
Hemant

Preliminary expenses / startup costs, etc. cannot be deferred. They
have to be charged off to income statement in the year of actual
startup of operations.
–
Thanks & Regards
Anand

Hemant,
Whether to Deffer the preliminary …

Dear all,
I need your suggestion.
Hmm… I just already join as a DETASERING in a NEW telecomunication
company, a subsidiary of my previous company. Just for your
information, the holding company is a company that related to supply
gas energy.
We couldn’t adopt an accounting polcies from the holding. So, I must
try to make some accounting policies that implicable dan suitable for
this new company. Is there someone could help me to give an
information about accounting treatment for this company? Is there
special principt or regulation about telecomunication. Oyash, we have
a plan to sale in a wholesale? …

Dear Friend,
Please inform which website can give me detailed IFRS and IAS access
free of cost. Deloittee IAS PLUS gives summary.
Thanks
Hemant

Hi Hemant
For a summary of the scope of each Standard you may want to rely on
the official site of the International Accounting Standard Board
(www.iasb.org). Detailed information on each standard are instead
subject to a subscription which however provides you also with regular
updates.
Regards
Antonello

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Tell a …

Good day,
I would like to know how a company would record shares in its books if
these were received as a gift.
For example:
Shares held by Mr. Brown in Company A were transferred to Company B as
a gift. How would these shares be recorded in the books of Company B
under IFRS? Please refer me to the applicable IFRS
I look forward to your response
Regards,
Tracia

TraciaOne would need to refer to the terms and conditions of the transfer of
the gift for the more detailed aspects of recording the transaction.However, assuming that it is a vanilla …

Dear IFRSListers
Has anyone in the group dealt with carbon credit accounting under IFRS
yet? If so, please advise.
Regards
Vatsala

No business case as such. IFRIC 3 dealt with Emissions and was applied
by many companies until its withdrawal in 2005 as it resulted in
massive volatilities in the financial statements though it was the
correct way to apply IFRS for carbon credit accounting. IAS 8 applies
now.A fellow professional asked me this question and my research proved
unsatisfactory. I just want to know if any colleagues on this list are
still applying IFRS accounting and how they are dealing …

Dear Experts,
Please give your export opinion on the following query:
The Company issues lease agreement for 12 months for rent of 120000
from 1 Jan 2008 to 31 Dec 2008. The Company gives concession for 2
months from 1 Jan 2008 to 28 Feb 2008 for 20000 i.e. a customer has to
pay 100,000.
Rent Amortization : Spread 12000 monthly over 12 months
Concession : Spread over concession period 2 months 10000 monthly
Do you think that concession should have been amortized over 12 months period.
Please mention the reference of IFRS.
Best Regards,
Hemant

Hi,
As per IAS 17, the first …

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 …