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DOCUMENTS, IAS 1 Presentation of Financial Statements, PRESENTATION OF FINANCIAL STATEMENTS »

[8 Dec 2011 | Comments Off | 49 views]
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) ……

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 »

[15 Dec 2008 | No Comment | 3,424 views]

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 thanks for your help,
Sheetal

Hi Sheetal
Termination benefits are recognized only when the employer has
demonstrated its commitment to provide the benefits with a formal
detail plan for the dismissal of group of employees, when the employer
has contractually agreed to pay a termination benefit to …

IFRS »

[15 Dec 2008 | No Comment | 3,271 views]

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 no need of license cancellation charged
to customer.
Best Regards,
Hemant

Hi Hemant,The revenue should not be recognized because it is NOT probable that
the economic benefits associated with the transaction will flow to the
entity.License cancellation fee should be classified as a service type
revenue, governed under …

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 …

TAX »

[15 Dec 2008 | No Comment | 13,569 views]

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 and loos accounts and balance sheet. The company going to introduce deferred tax in first time

Hi,
 
Here is the solution::
U need to calculate PGBP in following manner taking into consideration timing differences :
 
PBT as per P & L a/c …

IFRS »

[15 Dec 2008 | 3 Comments | 33,368 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 | 5,695 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 …

IFRS »

[15 Dec 2008 | No Comment | 5,650 views]

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 can be accumulated and amortized when
revenue is started due to matching concept.
BestRegards,
Hemant

Preliminary expenses / startup costs, etc. cannot be deferred. They
have to be charged off to income statement in the year of actual
startup of operations.

Thanks & Regards
Anand

Hemant,
Whether to Deffer the preliminary …

IFRS »

[15 Dec 2008 | No Comment | 2,884 views]

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? Please refer me to the applicable IFRS
I look forward to your response
Regards,
Tracia

TraciaOne would need to refer to the terms and conditions of the transfer of
the gift for the more detailed aspects of recording the transaction.However, assuming that it is a vanilla …

IFRS »

[15 Dec 2008 | No Comment | 3,581 views]

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.
Rent Amortization : Spread 12000 monthly over 12 months
Concession : Spread over concession period 2 months 10000 monthly
Do you think that concession should have been amortized over 12 months period.
Please mention the reference of IFRS.
Best Regards,
Hemant

Hi,
As per IAS 17, the first …

IAS 16, IAS 38, IFRS, TAX »

[14 Dec 2008 | No Comment | 1,088 views]
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…

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…

IAS 2 »

[14 Dec 2008 | One Comment | 8,346 views]

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 only when it has been delivered to the company?
 
What IFRS would be applicable?
 
Thanks,
Isabelle

 

IFRS 16 would be applicable “Plant , Property and Equipemnt”
 
Recognisation -
Items of property, plant, and equipment should be recognised as assets when it is probable …

DOCUMENTS, FAIR VALUE, FINANCIAL INSTRUMENTS, IAS 16, IAS 2, IAS 21, IAS 39, IFRS »

[14 Dec 2008 | No Comment | 7,492 views]
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…

IFRS »

[14 Dec 2008 | No Comment | 2,243 views]

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 help on either appreciated, thanksGord

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AUDIT, DOCUMENTS, FAIR VALUE, FINANCIAL INSTRUMENTS, IAS 39, IFRS, IFRS 7 »

[14 Dec 2008 | No Comment | 3,708 views]
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…

DOCUMENTS, FINANCIAL INSTRUMENTS, IFRS 7 »

[28 Aug 2008 | No Comment | 3,745 views]
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…

IFRS »

[28 Aug 2008 | No Comment | 3,008 views]

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. It is mutually agreed that the bungalow will remain in the company’s possession for 5 – 8 years at least. We had to build rooms on the roof top, my …

IFRS »

[28 Aug 2008 | No Comment | 2,798 views]

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 you.

Actual cost divided by Estimated cost and then multiply by estimated revenue to recognized the portion of revenue recognised or if engineer can identify the percentage of construction completed you can use than percentage to …