IAS 1

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IAS 1 – Presentation of Financial Statements

List of useful info, resources and documents available on other websites about IAS 1 – Presentation of Financial Statements. Summary of IAS 1 – IASPlus Full Text of the IAS 1 as at 31 December 2010 provided by IASB (You need to register) …...

By |December 8th, 2011|DOCUMENTS, IAS 1 Presentation of Financial Statements, PRESENTATION OF FINANCIAL STATEMENTS|Comments Off on IAS 1 – Presentation of Financial Statements

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.

By |June 21st, 2011|DOCUMENTS, IAS 16, IAS 2, IAS 21, IAS 38, IAS 39, IFRS, IFRS 7, TRAINING|0 Comments

Termination provisions

Dear IFRS team, We provide for early retirement or termination charges. Would it be right in making the provision for the whole liability (which could be for 5-10 years) that we know about in the year which we make that commitment, or should this cost just hit the P&L as and when it occurs? Many [...]

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

Revenue recognition and provision

Dear All, Can any one give their opinion on the below: The organization is charging license cancellation fee for each customer's license cancellation. What if customer ran away without canceling license. Now the Organization wants to cancel on their own and charge license fee and recognize revenue and provide against doubtful debts. In my opinion [...]

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

IFRS-1

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 [...]

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

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

Exceptional Items vs. Extraordinary Items

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 [...]

By |December 15th, 2008|IFRS|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

Preliminery expenses

Dear All, The Company was incorporated in Oct 2007.Could you please give your expert opinion on the treatment of preliminary expenses (Revenue generation is not yet started) e.g. rent, salary, traveling etc. incurred during Oct 2007- Aug 2008. Please reply in reference to IFRS. Revenue is expected in Sept 2008. In my view, preliminary expenses [...]

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

Shares

Good day, I would like to know how a company would record shares in its books if these were received as a gift. For example: Shares held by Mr. Brown in Company A were transferred to Company B as a gift. How would these shares be recorded in the books of Company B under IFRS? [...]

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

Discount/ Concession amortization

Dear Experts, Please give your export opinion on the following query: The Company issues lease agreement for 12 months for rent of 120000 from 1 Jan 2008 to 31 Dec 2008. The Company gives concession for 2 months from 1 Jan 2008 to 28 Feb 2008 for 20000 i.e. a customer has to pay 100,000. [...]

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

Date of comercial production

Dear all, can anyone please guide me if there are any guidelines as to establish date of commercial production in a manufacturing concern in IFRS. thanks and regards deepak Hi Deepak, I assume you are inferring to either intangible assets. There is n...

By |December 14th, 2008|IAS 16, IAS 38, IFRS, TAX|0 Comments

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...

By |December 14th, 2008|AUDIT, DOCUMENTS, FINANCIAL INSTRUMENTS, IFRS, OTHER, 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

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

Income Statements

I am looking for a few things:1) Quality example of financial statements with the income statement presenting expenses classified by nature (as opposed to function).2) Quality example of early adoption of the amendments to IAS 1 with a) Statement of Comprehensive income as one statement, and b) Statement of Income separate from Statement of Comprehensive income.Any [...]

By |December 14th, 2008|IFRS|0 Comments

IFRS 7

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...

By |December 14th, 2008|AUDIT, DOCUMENTS, FAIR VALUE, FINANCIAL INSTRUMENTS, IAS 39, IFRS, IFRS 7|0 Comments

Disclosure notes on IFRS 7

Can any one let us know if there are any model notes for financial statements for disclosures as per IFRS 7 “Financial Instruments Disclosures” in the financial statements as per IAS 34 “Interim Financial Reporting”?   Do th...

By |August 28th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IFRS 7|0 Comments

Suggestions required . . . .

Dear Fellow Members I need your suggestions & explanations on below stated matter. If possible, please suggest with references of IAS. An office is located in a bungalow, which is acquired on rent; the rent is paid in advance for a period of 1 year & the agreement is revised at the end of the term. [...]

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

Opinion Required-Revenue Recognisation

Dear Collegue, How do we recognise the revenue in Building Construction company. Illustrate with good/understandable example. Can anybody focus on it ? Thanks in advance Hi Revenue to be recognized on the basis of percentage of completion POC basis. If you got contract to built builiding for a some one than POC method may suits [...]

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