DISCLOSURE

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IFRS 2011 Update course

Upcoming dates for IFRS 2011 Update Course: 21-22 September 2011, London 16-17 November 2011, London 7-8 December 2011, Zurich More dates are available! Click here to see them all Register here 10% discount: Quote VIP Code: FKW52236 Over the past 10 ...

By |September 27th, 2011|EVENTS, IFRS UPDATE 2011, ONLINE COURSE|Comments Off on IFRS 2011 Update course

Financial Instruments under IFRS

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...

By |September 15th, 2009|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39, IFRS 7|3 Comments

IFRS financial statements for year end December 2008

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 [...]

By |February 13th, 2009|IFRS|3 Comments

Provision for commission to agents on outstanding premiums

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 [...]

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

Termination provisions

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 [...]

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

Capitalization

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 [...]

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

Calculation of deferred tax

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 [...]

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

Difference between affiliates and subsidaries

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 [...]

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

Forex hedging treatment and disclosure.

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 [...]

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

IFRS 5

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 [...]

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

Operating lease – Lessee’s books

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 [...]

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

Prior year adjustment

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 [...]

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

Exceptional Items vs. Extraordinary Items

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 [...]

By |December 15th, 2008|IFRS|3 Comments

Chinese GAAP

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 [...]

By |December 15th, 2008|LOCAL GAAP vs IFRS|0 Comments

Capitalization of building costs

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 [...]

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

What is this ACCA?

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 [...]

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

Training centre for IFRS course of ACCAI?

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 [...]

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

Budget

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

IAS 2

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...

By |December 14th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 2, IFRS|0 Comments