IAS 37

/Tag:IAS 37

Provision for commission to agents on outstanding premiums

To all, Can any one clarify whether it is necessary for provision for commission to agents to be made for the premiums not yet received, at the end of every month. jay For any provision, I think you'd first need to look at IAS 37 paragraph 14. Is there a present obligation as a result [...]

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

Difference between affiliates and subsidaries

Dears Would you please explain me what is the difference between affiliates and subsidaries, and then if there is any difference in accounting treatments.( i am asking these question w.r.t an investment co.) 2nd thing is how i will treat the personal expenses of a partner which are being paid by the co. and where [...]

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

Budget

Dear All   Can any body tell me that is budget only for expenses or can be for Asset, liabilities and income also. My openion is it can be for all (Asset, liability, Expense and income). Please help me according to the IAS/IFRS. – Best regard...

By |December 14th, 2008|AUDIT, 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

Contingent Liabilities

Friends, I have a query regarding a case, which is like that: A company have a practice to set off its creditors against it debtors and for that it gives a note for contingent liabilities , now the company don’t want to give the note for contingent liabilities as it is affecting its borrowing capacity , is it possible for company to do so, is there any case law for that, Please Guide me it is urgent.   Thanks Abhishek […]

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

Allowance for settlement discount.

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 […]

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