Hi ,

If provision for Bonus was taken in 2007 for X amount and financial statements for 2007 closed and reported , and in 2008 the payout of Bonuses was more than the provisions amount. As per IFRS , what is acceptable??
1- should we classify the over expensed amount as Prior year expenses ( is this accp as per IFRS )
2- should i expense this amount in 2008 ?
I used to do this as prior year expenses , but i heard that as per IFRS now we should …

Dear All 
i am working in a home finance company which is subsidary of german company, due to which we are require to prepare the financial from IGAAP to IFRS.
i have the following questions:-
1.we take a loan and in taking loan that we usually pay a processing fee.
2. we pay security deposit for taking Building on rent.
3. we pay Fringe benefit tax on varoius items
 
i want to know,how the above mentioned items will be Accounted in Books in IFRS.
thanks in advance
Vivek

Hi , I had read IAS 32-39 and if you like …

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 …

Hi everyone
I want to know the difference between IFRS and IAS.  As, there are IAS 1 to 41 standards already existing then why IFRS 1 to 8 was developed.
Secondly, are these two standards working parallel to each other or IAS is abondoned and now IFRS is working?
If someone could please guide me.Well I am “sorry” to ask a basis question from honourable members.
Sincerely,

Salman

See this link for the first question,

 http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards
 
The second Q: yes they are parallel, as long as an IAS is not replaced by an IFRS it remains valid. Companies …

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 …

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 …

Sirs/Madam,
I would like to know weather or not it is permissible to issue bounce shares against reserve created out of revaluation of fixed assets, with references. If not, can the revaluation reserves be used for any purpose before the sale/ de-recognition of the fixed asset

 
No, the revaluation reserve is restricted to use for revaluation increases and decreases only, see IAS 16 PPE sub 39 – 41, only when assets are sold, the whole surplus will be realized in the income statement or when depreciated, that part may be released to …

Hi All
This is Muhammad Naveed
I have a query regarding the consolidation of subsidiaries. Does IAS-27 allow us to not consolidate subsidiaries which are immaterial for the group?
Is it specifically mentioned somewhere in IAS?
 
Regards
Muhammad

Well Naveed
Actually materiality is an underlying concept of the Financial Statements.So anything which is immaterial needs not to be disclosed or adjusted.
 
Thanks and regards

IAS 1 is the overall standard to refer to:

Materiality and Aggregation
29.        Each material class of similar items shall be presented separately in the financial statements.  Items of a dissimilar nature or function shall be presented separately unless …

Hi all,
 
I am confused regarding the use of cost method or equity method in the separate financial statements of a parent company to report for investments in its subsidiaries.
 
Regards,
 
Osama

The Framework and IAS 1 allow both valuation methods. When company accounts are filed in combination with consolidated accounts it is normal business behaviour to include the investments in group companies/subsidiaries at equity value. This is to avoid that shareholders equity is different in the consolidated accounts as compared to the company accounts. However that is not ruled or prescribed by IFRS/IAS. Company …

Dear All,

Our company has constructed a building which is to be our Head office. As part of improvements made on the buildings land, management decided to put up a garden with orchards and both Traditional and exotic trees. The garden is to beatify the environment as part of the environmental degradation measures and also enable the staff to go and relax. Out of the expenses so far incurred its felt we capitalize such expenses. I have gone thru the IAS 41 on agriculture where by they can be taken as …

Do I email you to suggest a new topic?

I saw that the disclosures for IAS 7 were a recent topic of interest.  I thought readers might be interested in reading about disclosures required for IAS 12.
IAS 12 (Income Taxes) requires a minimum of five disclosures, and potentially more than fifteen, depending on the complexity of the organization and their taxes.  Two good resources are www.taxstream.eu/ias_12 and http://www.iasplus.com/standard/ias12.htm.
Hope that helps.

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Morning All,
Our company incurs a lot of expenses in terms of projects work like traveling. Substance, entertainment allowances etc
We also do incur expense interims of the preliminary expenses like site visits, negotiating meetings.

Are these expenses to be expensed or capitalized as we seems to have a different view of this from IAS 16.
Secondly before we begin any project we are supposed to remit 0.1% of the project cost as a government requirements to Environmental authority . Should such expenses be capitalized as per IAS 16 para 11
…