Exchange difference on payment to contractor for development on fixed assets

we have a contract for development of a fixed assets, as per the contract:- Total Contract amount =  260 Million AED We have to pay this amount in Euro that is already fixed as per the contract it is 4.49 AED per Euro whatever is the rate prevailing currently doesnt matter bcoz it has been [...]

By |November 8th, 2009|OTHER IFRS|3 Comments

Conversion of foreign currency expenses with local currency

Dear I am in a financial organization. Our company pays some expenses (e.g. salary, fees) with foreign currency. In every month we prepare P/L account with local currency. We also perform currency exchange and change our sale/bye rate according to central bank and also booked exchange gain/loss determining mid rate. So, in which rate we [...]

By |September 13th, 2009|IAS 21|3 Comments

Where can I find pdf copy of US GAAP and US GAAP APB?

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 [...]

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


Hi   Please give me your opinion on forex loss on Assets. Do you capitalize it or do expense it to the foreign loss This e-mail message and any attachment hereto are confidential information intended for a specific addressee and purpose.  If you ...

By |December 14th, 2008|CONSOLIDATION, DOCUMENTS, IAS 2, IAS 21, IFRS|0 Comments

Financial instruments

Does it exist a definition for financial instruments? I am confused with the different perceptions of financial instruments. Thanks. Sincerely yours Emilio   Dear Emilio,   a Financial instrument is any contract that gives rise to a financial ass...

By |December 14th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 2, IAS 21, IAS 39, IFRS, IFRS 7|0 Comments


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

Equity investments AFS is a non-monetary items?

Hi all, We need some guidance in connection to apply the rules explained in IAS 21 related to if investments AFS in capital instruments is a non-monetary item.  Theses equity investments were made without the intention of take control on any compa...

By |December 14th, 2008|DOCUMENTS, FAIR VALUE, FINANCIAL INSTRUMENTS, IAS 16, IAS 2, IAS 21, IAS 39, IFRS|0 Comments


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...


Difference of exchange

Dear All , Now we are part of an International Company : so we have to report monthly figures of our 35 units , our 35 units are in different country so different  currency , We are Consolidating all the units in The Holding and we report one figur...

By |August 28th, 2008|CONSOLIDATION, DOCUMENTS, IAS 21, IFRS|0 Comments

ForEx affect on construction revenue

Dear Gents, I have an inquiry regarding the FroEx for construction contracts, if I won a contract in Euro and my functional currency is USD, shall I fix the exchange rate at the time of signing the contract and and every month will calculate revenue based on POC using this fixed rate or shall I [...]

By |August 28th, 2008|IFRS|0 Comments