Articles tagged with: DISCLOSURE
EVENTS, IFRS UPDATE 2011, ONLINE COURSE »
DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39, IFRS 7 »
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 were in issue at 30 September 2008
- 2008 Disclosure checklist that covers all standards and interpretations approved and issued by the IASB as of 15 October 2008.
Have a good joining…
Bookmark on Delicious
Digg this post
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.
For any provision, I think you’d first need to look at IAS 37 paragraph 14.
Is there a present obligation as a result of a past event?
Is it probable that there will be an outflow of resources to settle
Can the amount be reasonably estimated?
Whether or not the premiums have been received is not relevant.
If you recognise an income in the Profit & Loss …
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 thanks for your help,
Termination benefits are recognized only when the employer has
demonstrated its commitment to provide the benefits with a formal
detail plan for the dismissal of group of employees, when the employer
has contractually agreed to pay a termination benefit to …
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 be
capitalized on amount paid after capitalization date or expensed out.
I think after the project is completed, the interest expenses, is charged to
Query is not clear:
1. If the loan was taken for construction, interest component to the date of capitalization …
Can you please give your opinion for the capitalization of the followings:
Modification to Existing Car Park
Construction of Temporary Car Park
I think that all of these costs should be capitalized.
I agree with Hesham, it is to be capitalised, modification & refurnishing
extends the life of the existing asset, thus providing future benefits.& for Construction of Temporary Car Park, it is to be seen as to how
temporary is the car park. If it does not give you future benefits, like a
park for a couple of months, I think it should be …
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
Here is the solution::
U need to calculate PGBP in following manner taking into consideration timing differences :
PBT as per P & L a/c …
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
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.
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
The shares of subsidiary company should be owned by holding company
but for affiliates, the relationship is a connected party.
Thanks and regards
Thanx for your reply, dear would you please explian me more, …
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 …
OTHER IFRS »
Is it possible to reclassify asset held for sale back to PPE?
the guidances in this case are explianed in IFRS5.26 to IFRS5.29
Dear DivineIt is possible to reclassify an asset held for sale back to PPE if the criteria for classification are no longer met or if there is a change in plan for sale. The asset would need to be remeasured. Please refer to paragraphs 26 to 29 and 42 of IFRS 5 for more details on measurement and disclosure.
yes it is possible but in that case …
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….
Will any one clarify the difference between Exceptional Items &
With reference to IFRS what is the disclosure policy for the both.
Thanks & Regards,
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 …
LOCAL GAAP vs IFRS »
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.
have a look at:
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 …
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 building as part of the costs to construct the
new building or do we need to take the old book value directly to P&L?
You can capitalize demolition costs themselves, but need to write-down
the Book Value of old building, because its …
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 curious here.
ACCA is a British qualification mostly recognisted by European based
mutlinational corporations, British in particular. Please also consider
CIMA which is also Brtish qualification with more focus on management
accounting (controlling). With both qualifications you can take IFRS
Please visit www.accaglobal.com …
Where can I find the training centre for IFRS in Mumbai – India, if I
register for course in IFRS with ACCA.
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 every June & December
with exam center being in Mumbai.
Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for …