Dear Vatsla
can you answer my following question in details.
1. we take a loan  and pay processing fee for taking loan.
for eg. if we take a loan of rs 10 lacs , we generally pay processing fee of rs.50000. if you see the net amount in hand is rs 9.5 lacs
As per Indian Generally Accepted Accouting Prolices(IGAAP), we recognise the loan at rs. 10 lacs and rs 50000 is expensed off in the year in which loan is taken.
But in IFRS  treatment for this is different.  can you favour me to …

If an institution is recognizing income by using flat rate method, but IFRS requires to recognize by using effective rate method. My questions are:
a) policy remains but financial statements it should be based on effective rate. Is it?
b) How to convert portfolio by using effective rate.?
 
 
asim

I don’t think so, see this link

 
http://en.wikipedia.org/wiki/IFRS
 

Hello:
 
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 …

On the date of transition, a company could choose, as it´s deemed cost, historical cost if the previous gaap is not significantly different than IFRS or fair value for PPE, Intangibles and Investment property. I am not sure if I have it clear but under IAS 16, one can choose the deemed cost on a per-item basis on the date of transition.
Is the option at date of transition to use FV or historical cost on a per-item basis available for IAS 40 Investment Properties and IAS 38 Intangibles?
For measurement after recognition, all …

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 financial results = sum
Kind regards,
Henk

Dear Judit
In practice most of the company showing FX charges in  Financial
charges.
With Best Wishes and Regards

Thank you for your answer, however in Austrian GAAP, the f/x loss is
shown as other cost and f/x gain on a/p or a/r is shown as other
revenue. …

Hello
 
i have got a question on transfer of shares involving share permium, can any one help ?
 
Facts :
(1) A holds 100% on C. 
 
(2) C ’s capital structure : 10,000 shares of US$1 par value. 
 
(3) A has invested in Co C of USD 1m for share capital of USD 10,000 and share premium of USD 990,000. 
 
(4) C incurs a loss and has negative net assets value.
 
If structure changes that there is an immediate holding co of  C named B, then A holds 100% on B and then B 100% on C.
 
Questions :
(1) Can A transfer the shares to B at consideration of USD 1 …

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 …

Does any one give me the details of IAS-12 with specific example
thanks,
Zakaria
 

http://www.ccdg.gov.sg/frs/index.htm 
See this link, this is the IFRS as adopted by Singapore authorities, the text is the same as for IFRS, only the numbering has been modified (IFRS 1 is FRS 101, IAS 12 is FRS 12),
 
Kind regards,
Henk

Mohammad,

 
It would be helpful to give an example of what aspect of IAS 12 you’re interested in.  Depending on what jurisdiction you’re dealing with, one primary difference between many local GAAPs and IFRS on income tax accounting is around deferred tax accounting …

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 …

Henk willl provide the answer
 
Henk can you re-explain the whole story again i.e.
 
1. You mention we still have to use IAS until IFRS is more official, please restate the IAS link
2. Please re-state the IFRS link (is the one you sent for instance re FRS 38 in the other E-Mail)
3. Finally please send a link for the US GAAP/FASB, I want to have my library as opposed to relying on the PDF documents which outline differences between US GAAP, IFRS and local GAAP
 

Hello all,

I was wondering what the best ways …

Hello,
Does anyone know where the best place to find
information on capitalizing internal software
development under IFRS?  Any links?  Which IAS/IFRS
standard is this covered under?
Thanks in advance for the help!

You raise an interest topic David,  I would like to see the view of others

In the meantime page 56 of the differences between IFRS and US GAAP might help you as in the latter some software deveopment costs can be capitalised which would imply that under IFRS they are not but let us see what the others say

I am sending this to you …

Hi,
 
Thanks for the information.
 
I would like to know, if we use cost model than also are we require to do the revaluation.
 
best regards
Suraj

Hi Suraj, 
Investment property is defined as property held (by the owner or lessee under a finance lease) to rentals and/or for capital appreciation, rather than for
   -use in the production or supply of goods and services for administrative purposes; or
   -sale in the ordinary course of business

IAS 40 covers investment property held by all enterprises and is not limited to enterprises whose main activies are in this area. Under IAS …

Hi all
For those companies who offer settlement discount, should we have an account to record the probable allowance for settlement discount or we should net it off against the revenue?
Thank you in advance.
Regards,

Nyasha Marauka

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Please tell me the number and subjects of international accounting and audit standards boards
thanks a lot
fakhkhari

Hi,It is IAS19, pension liability for defined benefit plans.
Met vriendlijke groet / best regards,
Pieter

 
Hi,

Could some one mail me  IAS18 ,IAS 11 and IAS 19.
 
Thanks
Sanjana

Use this link

http://www.ccdg.gov.sg/frs/index.htm

 
 
dear henk,

would you plz confirm that these standard are implemented internationally or released by singapore govt in compliance with singapore SEC rules.
 
i ve surfed the sites of renowned audit/consultancy firms i.e KPMG, PWC & some of the others who have promulgated some, but not all, of IFRS/IAS in PDF with detailed commentary, practical …

Dear all,
 
Iam Chartered Accountant based in india Hyderabad. I would like to learn about IFRS in detail. Can some one guide me where i could get training any where in India or Abroad.

Dayaniwas

Dear Diayaniwas,
 
So far no reputed institution offers a course on IFRS.  Although IFCAI, offers course on US GAAP, it also covers IFRS in brief.  If you happen to buy a book, you can refer, “Indian Accounting Standards” written by Prof. Asish Bhattacharya (Prof. IIM Cacutta) which speaks about IFRS, US GAAP, INIDAN GAAP, and differences between these three …

Hi all (specially Bertold)
 
I have never seen an English written publication which documents the differences between German and US GAAP in English. As Bertold is in Austria I enclose this PWC link which gives us a publication in German on the topic (sellable via an Austrian website) but it is very recent i.e. 2006. This would confirm my impression that noody has published a decent guide in English highlighting the differences between German and US GAAP.  Am I right or wrong?
 

sorry the link
 
http://www.pwc.com/extweb/pwcpublications.nsf/docid/8795D3E69FDC2C97802571B5002E5120

Jorge,

You are right, You wonŽt find an “up …

Good point Rita but the first question would be
 
a) Do you want that in the context of a Spanish sub which has a mother US GAAP company in a multinational or
b) Have you realised that the comparison which really matters is IFRS v US GAAP?
 
I am telling you this because I tried PWC website  in the past and neither for Spanish or German GAAP you get anything. I would like to get the German version v US GAAP because nobody seems to have done an analysis from the German code …

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 …

Dear All
 
I am going to attend a job interview at Deloitte about the position of Audit. My BA and MPhil degree are not relevant to accounting or finance, and I don’t have any background knowledge about audit. I know in the interview you might ask me to give some examples of working in a team or under pressure, and I can handle them. However, I do not have much knowledge about business issues or what exams I will take in the first year. Can anyone tell me how to get …

Dear IFRS List Folks
Hi I am a  Professor of Accounting at The University of Texas at EL Paso. I have been reading the many emails on this list and I wonder if any of you might be willing to tell me how the change to IFRS from their own GAAP has affected Debt covenants?
Thanks and Regards
Stephen

Hi Stephen,
regarding  to your request,  I don´t see any change on Debt covenants after IFRS application in Slovakia.  
However I´m not sure I understand your question correctly.  Could you describe deeper that case ?
I´m from  Slovakia (Midd Europe). We …

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 debt and request a document stating that the banks will request the payment on demand in the case of a violation.
I am not sure if clients have realized this potential impact of going to IFRS, but …