IAS 21

/Tag:IAS 21

Conversion of foreign currency expenses with local currency

Dear I am in a financial organization. Our company pays some expenses (e.g. salary, fees) with foreign currency. In every month we prepare P/L account with local currency. We also perform currency exchange and change our sale/bye rate according to central bank and also booked exchange gain/loss determining mid rate. So, in which rate we [...]

By |September 13th, 2009|IAS 21|3 Comments

Forex translation and cash flow statement

Dear all, I have to translate the financial statements from local currency (not a hyperinflationary economy) in EUR according IAS 21 (EUR is presentation currency) for a stand-alone company (no consolidation needed) for the first year of activity (no openings). Income statement is translated at the average exchange rates (sum of each month separately). Balance [...]

By |May 9th, 2009|OTHER|3 Comments

Foreign currency translation issue

Dear Colleagues, I have a practical case regarding the subject for a not-for profit organization based in USA having operations in several African countries.Most of functional currencies of the field operations are their respective local currencies (Neither USD nor hyper Inflationary).Funds are advanced to these places from HQ periodically and will be converted to the functional currency for [...]

By |April 30th, 2009|OTHER|5 Comments

Request for auditing standard

Dear all, Can you share me the international auditing standard document. Thanks Danella,I double checked after the comment below, and I agree with Hemant. IAS 21.28 explicitly states that gains/losses on forex should be recognized in P&L. The forex is not attributable to the asset but to the financial liability.http://www.ifac.org/IAASB/ My apologies for my earlier [...]

By |December 15th, 2008|AUDIT|1 Comment

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

Articles on IAS 21

Sir, I am a Trainee Student of Chartered Accountancy of Pakistan (ICAP) and doing articles in Anjum Asim Shahid Rahman Chartered Accountants Karachi. I have started my study of Mod-E and need of comprehensive article on different IAS so Please mail me a soft copy of IAS-21 (The Effects of Changes in Foreign Currency). Thankful to u for this favor. Regards, […]

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