IAS 8

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Change in life of computer software IAS 16, IAS 8

Dear Experts, If useful life of computer software is revised from 5 years to 2 years, this would be a change in estimate as per IAS-8 and change will be prospectively. However, in practical example Cost $ 50000 as on 31-12-09 Accumulated Depreciation $ 30000 as on 31-12-09 NBV 20000 as on 31-12-09 If life [...]

By |May 5th, 2010|IAS 16, IAS 8|8 Comments

Refund of earned income

How to treat the income which was earned and accounted in 2007, which is being partly refunded in 2009. The organisation had legal rights to the income and there was no error in accounting, so it is not a prior period item and there is no changes in the accounting policy.  The income is just [...]

By |December 10th, 2009|IAS 18|6 Comments

IAS 8 – ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS

Dear Experts, Please give your opinion on the following on IAS-8 An expense provision was taken twice, Whether IAS 8 will apply and need restatement of previous year or to be considered as liability w/back and take it to income. An estimate of an expense was taken on adhoc and that was in excess of [...]

By |May 27th, 2009|OTHER IFRS|1 Comment

IAS 8 Revised

Dear all, kindly advice if the Suggested treatment of fraud,error e.t.c discovered which result in overstatement of cash book balance is correct: Scenario During preparation of bank reconciliation the cash book balance is discovered to be more by say $550,000.the accountant then decides to transfer this amount to debtors saying that this where it came [...]

By |March 11th, 2009|OTHER IFRS|1 Comment

Prior year adjustment

Dear all, As I know , as per IFRS there is no prior year adjustment anymore , and back dated entries are not allowed once the year closed and figures reported , Hence the actual variance will be booked in the next year PL , example : if company A , estimated an income in [...]

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