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AUDIT, CONSOLIDATION, DOCUMENTS, EVENTS, FINANCIAL INSTRUMENTS, IAS 16, IFRS, OTHER IFRS, TRAINING, UK, USA »

[3 May 2013 | One Comment | 665 views]
IFRS LIST.com 2013-05-03 20:08:51

Hello everyone!
Can somebody help me?  Which public companies provide their reports both in accordance with IFRS and GAAP ?
Thank you beforehand for help!

DOCUMENTS, IAS 16, IAS 2, IAS 21, IAS 38, IAS 39, IFRS, IFRS 7, TRAINING »

[21 Jun 2011 | No Comment | 2,304 views]
IFRS Implementation-cum-Global Qualification on 3rd July 2011 in New Delhi

For finance and accounts professionals looking for an effective training on IFRS with special focus to India implementation.

IFRS »

[12 May 2009 | 2 Comments | 3,323 views]

Dear Members
What does IFRS or GAAP say about plant repacement reserve . In particular I would like to know when/how one can use the reserve.
Thanks.

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IFRS »

[15 Dec 2008 | No Comment | 2,941 views]

Dear Every one,

Can any one help to solve the following problems:
   
Say, XY is a joint venture company between X & Y with 70:30 proportion with issued capital of  $100. Now, Y intends to offload its share to Z company for a consideration of $ 80.
Now the question is how this investment would be shown in Z company’s F/S and which IAS/IFRS will cover this transaction ?
 
Also can any one share reconciliation between IFRS and US GAAP F/S ?
 
Advance thanks to every one
 
 
MM

Hi there,

My answer would be the following:
Y has a …

IFRS »

[15 Dec 2008 | No Comment | 3,472 views]

dear sir or mam
 
When one company adopt the IFRSs 1 first time then what are the irems exempted from national GAAP in the case of convergance to IFRSs.
 
Thanks
 
Sincerely yours,
Rakesh

dear rakesh

pls read ifrs 1 and see the exemption given for the same
there are 10 exemptions
Regards
Jignesh

 

We have a projector & purchased 6 years back @ 17000/- we have depreciated 8000/- as of now and the NBV is 9000/-. Now the market value is 5000/-. Do we need any accouning treatment as per IFRS.
Upul

Dear Upul,
IAS 16, Property, Plant and Equipment (PPE), allows a choice …

FINANCIAL INSTRUMENTS »

[15 Dec 2008 | No Comment | 4,258 views]

Dear all,
 
An answer to the following question would be much appreciated:
 
If no hedge accounting is applied, should all changes in fair value of derivatives be recognized as financial income or expense (so below operating result) or is recording of the change in fair value within operating result allowed?
 
 
Further, does anyone have one clear memo, including example journal entries of the various possble accounting issues (cf hedge, fv hedge net investment in foreign operation) applying hedge accounting and not-applying hedge accounting and if possible, all other accounting (including journal entries) not applying …

IFRS »

[15 Dec 2008 | 3 Comments | 33,362 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 | 5,694 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 | 4,734 views]

Apologies for an off-top, – would anybody be able to provide me with thelink to ASBEs (Chinese Accounting Standards) in English?
I know that they are very close to IFRS, I have the Delloitepublication, just needed to see actual standards or at least a detailedand comprehensive summary.
Thanks and have a great day/ evening.
Tatiana

Hi Tatiana,
have a look at:
http://www.iasplus.com/resource/ref.htm
for a start – I remember there are also other ressources besidesDeloitte, but don’t find them right now …
I attach another document, probably the one you …

IFRS »

[15 Dec 2008 | No Comment | 2,458 views]

Hi all,
A non-profit organisation based in Virginia, USA was donated part of
real estate’s value.Currently the real estate is being adminstered by
an agent.I would appreciate if any one could hint me what both IFRS
and USGAAP recommends for treating such transaction.
Thank you
Aklilu

Hi,
When you say value, I assume a cash donation was made to buy the
property. Is the property been transferred in the name of this
organization. If it has, this means that risks and rewards of
ownership have been trasferred.
I would assume, IAS 20, Grant accounting rules will need to be followed.
The amount of …

IAS 38 »

[15 Dec 2008 | No Comment | 5,233 views]

Dear All ,
can anyone help me with an urgent answer on the below question :
- If we purchase software licences for office programs like (
Microsoft , power point etc ). and we renew the same every year
do we need to capitalize this cost or expense it ( Please note that
i’m not talking about operation or accounting software’s ) I’m talking
about licences like Microsoft ( office software’s).
regards
Tony

Hi Tony,
General software costs should be expensed as they do not meet IAS 38
recognition criteria.
regards,
Aida

The cost of software license is an expense recognized in the …

TRAINING »

[15 Dec 2008 | No Comment | 4,349 views]

I’m a CPA from the US. Is the ACCA something I should join? I’m a
member of the IMA and the AICPA in the US. Is ACCA some kind of
upstart or does anyone find it to add value to their careers and is it
recognized by global employers?
Thanks for the opinions, mostly just curious here.

Dear Justin,
ACCA is a British qualification mostly recognisted by European based
mutlinational corporations, British in particular. Please also consider
CIMA which is also Brtish qualification with more focus on management
accounting (controlling). With both qualifications you can take IFRS
path.
Please visit www.accaglobal.com …

TRAINING »

[15 Dec 2008 | No Comment | 2,570 views]

Where can I find the training centre for IFRS in Mumbai – India, if I
register for course in IFRS with ACCA.
Regards
Asif

Asif,
ACCA provides Certification and Diploma in IFRS. You can take either
one of them as both are recognised. Certification is online but
Diploma in IFRS has examinations that are held every June & December
with exam center being in Mumbai.
THanks
Puneet

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LOCAL GAAP vs IFRS »

[15 Dec 2008 | No Comment | 7,014 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, DOCUMENTS, FINANCIAL INSTRUMENTS, IFRS, OTHER, TAX »

[14 Dec 2008 | No Comment | 3,132 views]
Not-for-profit organizations

In Canada, public companies and financial institutions (generally)
will be adopting IFRS in 2011. Private companies will have the choice
between IFRS and or local Canadian standards specifically for them. It
has not been announce yet what will happen w…

AUDIT, CONSOLIDATION, DOCUMENTS, IAS 36, IFRS »

[14 Dec 2008 | No Comment | 3,732 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…

IFRS »

[14 Dec 2008 | No Comment | 6,306 views]

Is there any guideline for measurement of loan impairment and recognition of interest income by using effective rate method

Asim

well Esther the UK leads the path i.e. the UK tax authorities are the only ones in Europe which accept IFRS reporting to the extent that its website http://www.hmrc.gov.uk/ does have a section allocated to differences between IFRS and UK GAAP
I wish in Germany they had the same thing!!!!!

 

Asim
 
Below is the list of applicable paragraphs from IAS 39 for measurement of loan impairment:
 

                 Financial assets carried at amortized cost

63
If there is objective evidence …

OTHER GAAP »

[14 Dec 2008 | No Comment | 2,985 views]

What measures are being taken by UK’s ASB to bring UK GAAP into line with international standards?
What are the advantages of a closer international harmonization of accounting olicies for multi national companies and investors?

well Esther the UK leads the path i.e. the UK tax authorities are the only ones in Europe which accept IFRS reporting to the extent that its website http://www.hmrc.gov.uk/ does have a section allocated to differences between IFRS and UK GAAP
I wish in Germany they had the same thing!!!!!
 

suggested answer
investors increasingly make investment decisions on a worldwide …

IFRS »

[14 Dec 2008 | No Comment | 2,236 views]

Hi,
I encounter a question on that IFRS Software company. Here’s the case:
This company has been compliant with local GAAP. As it plans to IPO
on HK Exchange, it needs to prepare 2006, 2007 & 2008 financial
reports with 1/1/2006 as its date of transition. As it applies local
GAAP, and local GAAP does not have much requirement on Software
revenue recognition, the company has not applied VSOE to book its
various revenues from hardware, software, training, consulting and
maintenances activities. That is, it has booked them based figures
given by sales departments. The thing now is that …

IFRS »

[28 Aug 2008 | No Comment | 3,879 views]

Can anyone confirm if the PRC has officially transitioned to full IFRS GAAP reporting and if so, what was the effective date?  Are companies mandated to report in IFRS GAAP or can they still report in PRC GAAP up to a certain point?
Thanks for any clarification any of you can provide.
Also, if you have any resources you might refer me to, that would be great.
Debbie

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