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IFRS »

[15 Dec 2008 | No Comment | 2,907 views]

Dear All
Greeting
In UAE work visa would be for 3 years and cost would be paid by the
employer and in my company it is practice to debit as administration
expense. Employees must has to complete 3 years and if he/she leave
the job prior to three years he has to pay back the full visa cost to
company.
In my opinion it should be capitalized and depreciated for three years
to meet fair presentation of financial reporting standard.
Please suggest appropriate treatment
Regards,
Ahmad

Dear Ahmad,
I think you should put the cost in prepayments and write-off against
admin expenses during the …

IFRS »

[15 Dec 2008 | 3 Comments | 33,379 views]

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 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 »

[15 Dec 2008 | No Comment | 5,695 views]

Do anyone know where I can download copy of US GAAP and US GAAP APB?

Thanks Dessanti for your answer
Our position is less than 1%, we bought in the active market Euro a
little position to speculate in market price.
The IAS 39 don’t include equity investment as applicable financial
asset to recognized the gain or loss in foreign exchange in the
current period income statement, as its explain as follows:
Available-for-sale financial assets (AFS)…. … Fair value changes on
AFS assets are recognised directly in equity, through the statement of
changes in equity, except for interest on …

LOCAL GAAP vs IFRS »

[15 Dec 2008 | No Comment | 7,016 views]

Dear all,
Where could I find the latest IFRS – UK GAAP comparison? Thanks!
Regards,
Grace

in the pwc website it is free of charge downloadable in PDF
http://www.iasplus.com/country/compare.htm

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AUDIT, CONSOLIDATION, DOCUMENTS, IAS 36, IFRS »

[14 Dec 2008 | No Comment | 3,735 views]
Impairment Goodwill

Por favor podría alguien indicarme en donde puedo encontrar
información sobre metodologías para la medición del deterioro del
Goodwill. Sería Adecuado usar multiplos como base para su medición.
Please could someone tell me where can I find inform…

IAS 2 »

[14 Dec 2008 | One Comment | 8,347 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 | 2,755 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 …

IFRS »

[14 Dec 2008 | One Comment | 2,366 views]

Hi,
I am a Chartered Accountant in India and am interested in learning IFRS.
Can somebody tell me whether there is any institution through whom I can do some formal course like diploma on IFRS.
Else how does one upgrade himself to know more about IFRS.
This being one of the big oppurtunity to grab in India, I would like to learn about IFRS.
Regards
Asif
 

 

Dear Asif
 
Deloitte’s website has a proper training material which requires lots of data to be downloaded, but is very comprehensive.
 
I am sure it would help you.
 
Regards
 

Ashish

Google IFRS, and you’ll find a lot …

OTHER »

[28 Aug 2008 | No Comment | 2,941 views]

 
Anyone who knows where is to download IAS or other downloadable  standards??
 

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IFRS »

[28 Aug 2008 | No Comment | 2,453 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 | 2,612 views]

Hi all!
Can you tell me the journal entry of this prblem…
Goods sold Rs.10000
Discount on cash payment 5% 
Add tax 4%
Plz journalize it!

Sales                    10.000 Credit
Sales discounts          500 Debit
Tax payable               380  Credit
Cash                      9.880 Debit

Is this IFRS related? Or is this an accounting course exercise?
Cagri Gurses wrote:

Agree with the below. However, not sure if he means 4% tax on the 10k or
inclusive in the 10 k. If over and above, then theJEs could look like this
as shown below (broken down for easy understamding). I dont think if it is
inclusive in the 10k that …

IFRS »

[28 Aug 2008 | No Comment | 1,916 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 | 1,481 views]

Hi all,
 
whether intraday sale of shares is taxable as speculation business income or Business income for the financial year 2006-2007?
 
regards,
sudhakaran

Hi Sudha,
In Indian context it is short term capital gain and it will come under the head capital gains.
Debashish

Hi Sudha,
 
your question for Its Speculation Business as you have not taken the delevery of the shares and is transfered on the same day. Only if The shares are received in your account and then transfered it refers as STCG and if you are regularly doing the business in shares then it will be treated …

IFRS »

[28 Aug 2008 | No Comment | 1,615 views]

Hi,
How best can I carry out internal auditing in a non-profit making organization?
I am  just newly employed after completion of my study and earning a Bachelor degree in Business Administration and Management

What is your level? Are you a fieldwork auditor or are you in charge of a function?
 
Visit www.auditnet.org

I am a field work Auditor. Getting a new assignment on IFRS.

 

Hi,

I am a practising chartered accountant located at Indian city of Kolkata, in case of any assistance u may contact me.
Debashsish

I think you may study the internal auditing standards of IIA-USA, …

IFRS »

[28 Aug 2008 | No Comment | 1,816 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 …

IFRS »

[27 Aug 2008 | No Comment | 2,204 views]

Hi all!
I am a young chartered accountant from India presently working in a reputed engineering company at Baroda, India. In the long run I plan to start a consulting firm focused on IFRS implementation and compliance. In the medium term I plan to get an international exposure particularly in South East Asian countries like Singapore, Malaysia etc. As Indian CA is not recognized as such in those countries I plan to take up international qualifications like ACCA or Singapore CPA although I still have to inquire whether it is possible to …

IFRS »

[27 Aug 2008 | No Comment | 1,839 views]

Good Day,
I am a semi-retired accounting professional with 14 years of consulting experience in IT and securities settlement systems and 15 years of industry experience principally in the financial services sector (banking, trust and investment dealers).  In order to continue to be productive, at least on a part-time basis, I am interested in acquiring sufficient knowledge about the transition to IFRS reporting to offer my services on a consultative basis.  My principal market will be in Canada which is transitioning to IFRS by 2011, however, I would also like to …

IFRS »

[27 Aug 2008 | No Comment | 2,928 views]

I need some help, I just moved to London, and I am looking for a job but I found out that the interviews are very tough. I am from Mexico, I have worked for Citigroup in Madrid over the last three years.
Sometimes I don’t know how to answer the question….How would I describe my skills as Internal Auditor….? and when they ask for situations o examples I am afraid to tell information about Citigroup…!! I am a bit lost….???
I will appreciate if someone tell how should I answer the interview …

IFRS »

[27 Aug 2008 | No Comment | 2,024 views]

Forwarded conversationSubject: [IFRS List] IFRS 7 disclosures————————
From: Sandeep Cardoza <cardoza_sandeep@yahoo.co.in>Date: Sun, Oct 28, 2007 at 9:04 AM To: ifrs@ifrslist.com

Hello there
 
i am new to the group !!
 
I work for a trading company and was wonder what a re new disclosures need to made to complie with IFRS 7 as we dont not hold any debts on liablity side 
Best regards,
Sandeep Cardoza

Get the freedom to save as many mails as you wish. Click here to know how.
———-From: Jakub Rutkowski <jakub.rutkowski@wp.pl>Date: Mon, Oct 29, 2007 at 1:12 PMTo: ifrs@ifrslist.com

Dear Sandeep,
 
I …