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 convert such foreign curreny expenses with local currency to show in the P/L account monthly as well as yearly? As currency rate is variable, so at year end which rate will be applicable to prepare yearly …

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 sheet is translated at the closing rate (end-of-the-year exchange rate) for all items (including fixed assets and equity).
First case:
The equity contains the net profit/loss (already translated at the average exchange rates). To obtain the balance it result a “translation …

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 operational and regulatory reason. At the end of the year, Its field offices prepare financial statement on local currencies.The translation to reporting currency becomes difficult for those field office banks don’t have Ask price for USD, it doesn’t …

Hi

 
Please give me your opinion on forex loss on Assets. Do you capitalize it or do expense it to the foreign loss

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Does it exist a definition for financial instruments?

I am confused with the different perceptions of financial instruments.
Thanks.
Sincerely yours
Emilio

 
Dear Emilio,
 
a Financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
for this, definition of financial asset and liability and equity have to be checked
jatin

Emilio–
IAS 32 Financial Instruments defines this in paragraph 11
Craig

There are various treatment of financial instruments as to their valuation, measurement and prepsentation. You may refer to IFRS 7, IAS 32 and IAS 39.
 

IAS 21 discusses …

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 answer.
Regards,
Jeroen

http://www.ifac.org/Store/Category.tmpl?Category=Auditing%2C%20Assurance%20%26%20Related%20Services

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 …

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 company, just receipt the dividends and sale it in a high level.
Thanks

 
 
Roberto

 
The standard applicable to AFS is IAS 39 even if the investment is in a currency other than your own reporting currency.
Despite the managerial intention, if the percentage of interest owned, directly or indirectly, by your company is …

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,

Dear All ,
Now we are part of an International Company : so we have to report monthly figures of our 35 units , our 35 units are in different country so different  currency ,
We are Consolidating all the units in The Holding and we report one figure to the Worldwide company , every month they send us the rate that we should use.
MY QUESTION IS : AS PER MY KNOWLEDE FIXED ASSETS SHOULD HAVE A HISTORICAL RATE AND WE SHOULD NOT DO A MONTHLY EVALUATION FOR THAT  , …