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 [...]
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 [...]
Dear all, I have to translate the financial statements from local currency (not a hyperinflationary economy) in EUR according IAS 21 (EUR is presentation currency) for a stand-alone company (no consolidation needed) for the first year of activity (no openings). Income statement is translated at the average exchange rates (sum of each month separately). Balance [...]
Dear Colleagues, I have a practical case regarding the subject for a not-for profit organization based in USA having operations in several African countries.Most of functional currencies of the field operations are their respective local currencies (Neither USD nor hyper Inflationary).Funds are advanced to these places from HQ periodically and will be converted to the functional currency for [...]
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 [...]
Dears I have a question regarding bank a/c in foreging currency, as we have one bank account in euro, where as we are maintaing our books in local currency (other than euro). Every month we there is difference in exchage rate, and we closing our books...
Dear friends, it happens that I am an employee of a manufacturing company who is making hedging for foreing currencies transactions. Do you happen to have documentation on the bookings that I have to make in the balance sheet/profit&loss account?...
Sir, I am a Trainee Student of Chartered Accountancy of Pakistan (ICAP) and doing articles in Anjum Asim Shahid Rahman Chartered Accountants Karachi. I have started my study of Mod-E and need of comprehensive article on different IAS so Please mail me a soft copy of IAS-21 (The Effects of Changes in Foreign Currency). Thankful to u for this favor. Regards, […]
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...
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 [...]
Dear all, I cannot find how can I book the fx loss, gain into profit and loss account. Should I book it as other cost/revenue or financial cost/revenue? -- Taczmann Book it as a separate component of financial expenses and income, so the categories should be: Interest income Interest expense Foreign currency gains (losses) Net [...]