Hello, How much can be the maximum life given to Improvements for owned property as per IAS 16.  If the life of the property - building can be 40 years, Can we give the same life to Improvments done to the buidlings? Thanks a lot. Saj House

By |March 8th, 2010|IAS 16|Comments Off on LIFE OF OWNED IMPROVMENT

Fixed Asset Capilization

Dear all Seasons greetings!! We have purchased a fixed asset with value of USD 100,00/- specifically at the request of our client. We had the same equipment, but the client need two instead of one and the client agreed to reimburse the cost of additional one, once we install the same on site. I just [...]

By |December 28th, 2009|OTHER IFRS|9 Comments

Capex Financing

Dear Experts, If an asset is purchased from a supplier for which payment is to be made in 3 years on monthly instalments including cost + finance chg. Can we show assets and Capex loan in B/S and depreciation on assets can be charged. Hemant

By |February 14th, 2009|IAS 16, IAS 38|1 Comment

Calculation of deferred tax

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 [...]

By |December 15th, 2008|TAX|0 Comments

Capitalization of WIP

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 [...]

By |December 14th, 2008|IAS 2|1 Comment

Fixed assets evaluation ( if not official)

IF a company was operating under the name A with shareholders X and Y, in 2008 the shareholders sold 40% of the company to Mr, Z and they changed the name of the company to be B the company is Printing press so has significant Fixed assets Value. As per IFRS , it is acceptable [...]

By |August 28th, 2008|IAS 16|0 Comments

Fixed Asset Exchange Problem

Dear All    According to IAS 16, in an exchange transaction asset should be recorded at fair value.   My question is which assets fair value?   Asset given up     or Asset acquired    considering that we have the fair value of both.     Regards   […]

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

Treatment for revaluation of land

Sirs/Madam, I would like to know weather or not it is permissible to issue bounce shares against reserve created out of revaluation of fixed assets, with references. If not, can the revaluation reserves be used for any purpose before the sale/ de-recognition of the fixed asset   No, the revaluation reserve is restricted to use [...]

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

Bank convenants

Hi, I have just recently starting working in a country that is about to adopt IFRS (2009) and was wondering if anyone had had experience with possible violations to debt covenants during the transition period. I am guessing that clients will have to communicate with their banks about the impact IFRS will have on their outstanding [...]

By |August 27th, 2008|IFRS|0 Comments