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Dear Sir or Madam Can you tell me what will be include in the Financial Instruments? and second think i am doing research on the discloser of IFRS by the companies and i am not understanding what would i see in the annual reports of the companies for s...
EY published the following items: - 2008 edition of Good Group that contains the IFRS consolidated financial statements of a fictitious company, Good Group (International) Limited, a manufacturing company with subsidiaries, incorporated and listed in Euroland, with a reporting date of 31 December 2008. The standards applied in these consolidated financial statements are those that [...]
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 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 [...]
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 friends, Can you please give your opinion for the capitalization of the followings: Modification to Existing Car Park Construction of Temporary Car Park Refurnish-Cooling Tower Thanks Hemant Dear I think that all of these costs should be capitalized. -- Hesham I agree with Hesham, it is to be capitalised, modification & refurnishing extends the [...]
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 [...]
Dear all, Is it possible to reclassify asset held for sale back to PPE? Thanks, Grace Dear, the guidances in this case are explianed in IFRS5.26 to IFRS5.29 Best regards, Dear DivineIt is possible to reclassify an asset held for sale back to PPE if the criteria for classification are no [...]
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 [...]
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 [...]
All, We are constucting a new building in our factory for which we of course capitalize all the costs involved. However to build the new building we had to tare down the old building that still had some book value. Does anyone know if we would be able to capitalize the bookvalue of the old [...]
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 al...