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IAS 2 »

[14 Dec 2008 | One Comment | 8,341 views]

Hello,
 

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?
 
Thanks,
Isabelle

 

IFRS 16 would be applicable “Plant , Property and Equipemnt”
 
Recognisation -
Items of property, plant, and equipment should be recognised as assets when it is probable …

IFRS »

[14 Dec 2008 | No Comment | 2,751 views]

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.
 
Femi

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 …

TRAINING »

[14 Dec 2008 | No Comment | 4,038 views]

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
regards

Tony

You can certification in IFRS through accaglobal.com

You can also look at the …

IAS 38 »

[14 Dec 2008 | No Comment | 2,192 views]

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
 
thank you
 
Mahmoud Gbr
Auditor

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.
 
Thank you,
Regards,
Debdulal

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 …

AUDIT, DOCUMENTS, FAIR VALUE, FINANCIAL INSTRUMENTS, IAS 39, IFRS, IFRS 7 »

[14 Dec 2008 | No Comment | 3,698 views]
IFRS 7

Hi

 
Please let me know the salient points in IFRS 7 which has been recently been made a mandatory disclosure in the audited financial statements.
Regards
Raghavan
 

 
Under IFRS 7 there are 12 requirements:
 

Requirement 1
Reconciliat…

IFRS »

[28 Aug 2008 | No Comment | 3,008 views]

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 …

IFRS »

[28 Aug 2008 | No Comment | 2,795 views]

Dear Collegue,
How do we recognise the revenue in Building Construction company.
Illustrate with good/understandable example.
Can anybody focus on it ?
Thanks in advance

Hi

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 …

IFRS »

[28 Aug 2008 | No Comment | 1,798 views]

Hi ,

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 …

IFRS »

[28 Aug 2008 | One Comment | 3,984 views]

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?
Best regards
Allan

Hi Allan

To my understanding any positive/negative FX difference is expensed directly to the P&L.

Regards,
Marc

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 »

[28 Aug 2008 | No Comment | 3,145 views]
Consolidation of SPE

Hi Everyone
Need a little help on this one.
When it has been determined under SIC 12 that an SPE will need to be consolidated, where would one book the equity of the SPE in the consolidated financial statements of the parent entity? Does anyone in the …

IFRS »

[28 Aug 2008 | No Comment | 2,443 views]

Hello all!
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 …

IFRS »

[28 Aug 2008 | No Comment | 2,807 views]

Does any one give me the details of IAS-12 with specific example
thanks,
Zakaria
 

http://www.ccdg.gov.sg/frs/index.htm 
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),
 
Kind regards,
Henk

Mohammad,

 
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 …

IFRS »

[28 Aug 2008 | No Comment | 3,639 views]

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
 

Hello all,

I was wondering what the best ways …

IFRS »

[28 Aug 2008 | No Comment | 1,782 views]

Hello all,
 
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.
 
Thanks
 
Mark

 
 

 

 
Ali
 
http://212.135.140.61/contentMenu.asp

Is registration free of charge?

Use this link

http://www.ccdg.gov.sg/frs/index.htm
These are Singapore FRS, identical to IAS and IFRS (added 100 to the IFRS number),
Kind regards,
Henk

 

 
 
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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IFRS »

[28 Aug 2008 | No Comment | 1,909 views]

Dear all,
Could someone help me with guidelines on
setting up an internal audit department which
none existed before.
 
Or refer me to the necessary IAS
Many Thanks
 
 

Kindly visit www.theiia.org
You could download the IIA standards/frameworks and other materials/guidance
or professional help you will need.

 
 
Dear James,

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.
 
Daya

iam an internal ausditoe having 25 years of internasl auditing exposure

 

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IFRS »

[28 Aug 2008 | No Comment | 3,637 views]

Hi,
 
Thanks for the information.
 
I would like to know, if we use cost model than also are we require to do the revaluation.
 
best regards
Suraj

Hi Suraj, 
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 …

IFRS »

[28 Aug 2008 | No Comment | 2,011 views]

Please tell me the number and subjects of international accounting and audit standards boards
thanks a lot
fakhkhari

Hi,It is IAS19, pension liability for defined benefit plans.
Met vriendlijke groet / best regards,
Pieter

 
Hi,

Could some one mail me  IAS18 ,IAS 11 and IAS 19.
 
Thanks
Sanjana

 

Use this link

http://www.ccdg.gov.sg/frs/index.htm

 
 
dear henk,

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 …

IFRS »

[28 Aug 2008 | No Comment | 2,483 views]

Hi,
What disclosures does a company need to give for Interest rate swaps and which standards are applicable for this.
Thanks
Aneel

 

Hi Prethy

 

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 …

IFRS »

[28 Aug 2008 | No Comment | 4,347 views]

Hi All
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?
 
Regards
Muhammad

Well Naveed
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 …

IFRS »

[28 Aug 2008 | No Comment | 1,813 views]

Hi all,
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.
Thanks
Rekha
 

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
 
http://212.135.140.61/
 
Regards
Srinivasan

 

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 …