Articles tagged with: DISCLOSURE
IAS 2 »
If a company asks a third party to construct a fixed asset and at the end of the year, the fixed asset is not complete, but you have a statement of the costs incurred, would you capitalize the costs incurred under Construction in Progress with counterpart in accruals. Or would you record an entry only when it has been delivered to the company?
What IFRS would be applicable?
IFRS 16 would be applicable “Plant , Property and Equipemnt”
Items of property, plant, and equipment should be recognised as assets when it is probable …
What are the diferences between the two accounting policies?
IAS was in use before the introduction of IFRS. With effect from the introduction of IFRS, only IAS before the introduction of IFRS is stil in use. Any other international standard that will be issued will now be IFRS but not IAS.
In my view except the change in nomenaclature there is no much difference in the basic strategy of the standardization process. Ofcourse prior to 2001 (1973-2001) IAS International Accounting Standards were used to be issued by the IASC (International Accounting Standards Committee) and …
Dear All ,
I need to attend IFRS classes , Do you know if there is any classes available in Dubai ( Not training sessions ) what i need is any institute or University or anything else , have IFRS / IAS classes with certificate ( i repeat Not training conferences , by the way they are soooooo expensive i need something acceptable) not 4000 euro per day ( as they do in training programs )}
Thanks for your help
You can certification in IFRS through accaglobal.com
You can also look at the …
IAS 38 »
Please let me know about cost of create new web sit
will it be general expenses or intangible assets
So, which treatment prefered to be confirmed to international accounting standard
General expense: if there is no link to future cash inflow through this
Intangible asset: if satisfy the conditions of IAS 38 ..cash inflow, technical feasibility, intention, available market etc.
Do you expect with relative certainty that the development of the new web will bring new cashflows to the company?
If yes-then it should be recognised as an asset
If not-it is an expense and should be …
FINANCIAL INSTRUMENTS »
Please let me know the salient points in IFRS 7 which has been recently been made a mandatory disclosure in the audited financial statements.
Under IFRS 7 there are 12 requirements:
Reconciliation of carrying amounts by classes of financial instruments to IAS 39 measurement categories (at least these categories are HTM, AFS, FVTPL, Loans and Receivables). An entity shall make the decision which classes of financial instruments are appropriate to the nature of the information disclosed taking into account the characteristics of those financial instruments.
Description of processes for managing the …
Dear Fellow Members
I need your suggestions & explanations on below stated matter. If possible, please suggest with references of IAS.
An office is located in a bungalow, which is acquired on rent; the rent is paid in advance for a period of 1 year & the agreement is revised at the end of the term. It is mutually agreed that the bungalow will remain in the company’s possession for 5 – 8 years at least. We had to build rooms on the roof top, my …
How do we recognise the revenue in Building Construction company.
Illustrate with good/understandable example.
Can anybody focus on it ?
Thanks in advance
Revenue to be recognized on the basis of percentage of completion POC basis. If you got contract to built builiding for a some one than POC method may suits you.
Actual cost divided by Estimated cost and then multiply by estimated revenue to recognized the portion of revenue recognised or if engineer can identify the percentage of construction completed you can use than percentage to …
If provision for Bonus was taken in 2007 for X amount and financial statements for 2007 closed and reported , and in 2008 the payout of Bonuses was more than the provisions amount. As per IFRS , what is acceptable??
1- should we classify the over expensed amount as Prior year expenses ( is this accp as per IFRS )
2- should i expense this amount in 2008 ?
I used to do this as prior year expenses , but i heard that as per IFRS now we should …
As per the amended IAS 23, all borrowing costs on qualifying assets should be capitalised (no option to expense).
Does exchange differences on foreign currency loans qualify as borrowing costs to be capitalised?
To my understanding any positive/negative FX difference is expensed directly to the P&L.
The change to IAS23 will come into force on Jan 2009. So far that is only allowed alternative, the benchmark tre
atment is to expense.
The exchange differences on foreign currency should be included to assets under construction and therefore capitalised. After capitalisation of qualifying asset any exchange …
CONSOLIDATION, DOCUMENTS, IFRS »
We are currently assessing the impact of converting from our local GAAP to IFRS to prepare for a 2011 conversion. In this first diagnostic step, we hope to capture IFRS issues by account line item, divided into 4 main categories; accounting impact(disclosure and gap), system impact, business impact and people impact. (i.e. what would be the impact to the business on PP&E changes) We’re looking to bring in one of the major audit firms to guide us on this step. From this matrix, we hope to create a detailed …
Does any one give me the details of IAS-12 with specific example
See this link, this is the IFRS as adopted by Singapore authorities, the text is the same as for IFRS, only the numbering has been modified (IFRS 1 is FRS 101, IAS 12 is FRS 12),
It would be helpful to give an example of what aspect of IAS 12 you’re interested in. Depending on what jurisdiction you’re dealing with, one primary difference between many local GAAPs and IFRS on income tax accounting is around deferred tax accounting …
Henk willl provide the answer
Henk can you re-explain the whole story again i.e.
1. You mention we still have to use IAS until IFRS is more official, please restate the IAS link
2. Please re-state the IFRS link (is the one you sent for instance re FRS 38 in the other E-Mail)
3. Finally please send a link for the US GAAP/FASB, I want to have my library as opposed to relying on the PDF documents which outline differences between US GAAP, IFRS and local GAAP
I was wondering what the best ways …
I was wondering what the best ways of getting a copy of IFRS would be?
And what the cheapest or any free ways of getting a copy are? (Electronic is fine)
Specifically those relating to getting a company ready for an IPO.
Is registration free of charge?
Use this link
These are Singapore FRS, identical to IAS and IFRS (added 100 to the IFRS number),
Yes free of charge
Thanks that looks great!
Please check the following link. Its the e-learning page of Deloitte designed for IFRS
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Could someone help me with guidelines on
setting up an internal audit department which
none existed before.
Or refer me to the necessary IAS
Kindly visit www.theiia.org
You could download the IIA standards/frameworks and other materials/guidance
or professional help you will need.
I would be difficult to send an procedural guidelines on setting up internal audit departement as we need to look at various areas of operation. Every company has and works under different dynamics.
iam an internal ausditoe having 25 years of internasl auditing exposure
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Thanks for the information.
I would like to know, if we use cost model than also are we require to do the revaluation.
Investment property is defined as property held (by the owner or lessee under a finance lease) to rentals and/or for capital appreciation, rather than for
-use in the production or supply of goods and services for administrative purposes; or
-sale in the ordinary course of business
IAS 40 covers investment property held by all enterprises and is not limited to enterprises whose main activies are in this area. Under IAS …
Please tell me the number and subjects of international accounting and audit standards boards
thanks a lot
Hi,It is IAS19, pension liability for defined benefit plans.
Met vriendlijke groet / best regards,
Could some one mail me IAS18 ,IAS 11 and IAS 19.
Use this link
would you plz confirm that these standard are implemented internationally or released by singapore govt in compliance with singapore SEC rules.
i ve surfed the sites of renowned audit/consultancy firms i.e KPMG, PWC & some of the others who have promulgated some, but not all, of IFRS/IAS in PDF with detailed commentary, practical …
What disclosures does a company need to give for Interest rate swaps and which standards are applicable for this.
Actually available for sale is an open category that means that if company did not decide where to classify it can be classified as available for sale. However for held for trading investments are bought to resell for short term gain rather to earn dividend but available for sale normally includes investment which are not held for short term gain rather which are carried for earning long term capital gain or dividend …
This is Muhammad Naveed
I have a query regarding the consolidation of subsidiaries. Does IAS-27 allow us to not consolidate subsidiaries which are immaterial for the group?
Is it specifically mentioned somewhere in IAS?
Actually materiality is an underlying concept of the Financial Statements.So anything which is immaterial needs not to be disclosed or adjusted.
Thanks and regards
IAS 1 is the overall standard to refer to:
Materiality and Aggregation
29. Each material class of similar items shall be presented separately in the financial statements. Items of a dissimilar nature or function shall be presented separately unless …
I wanted complete set of IFRS Literature.If anyone of you have a softcopy of it,then please forward it to me.Or else,if you have any idea about any site which provides the same,even that will help me.
You can check this website; www.iasplus.com
Generally it is paid publication
But Deloitte has provided their e-Learning in IFRS for free…Pls try this site
As you know the IFRS standards text is copy right protected and all the literatures are available at www.iasplus.com and you may download but not distribute, copy or edit or use for any …