A company has received advance for issue of its own shares in foreign currency. On translation in the functional currency the Company had exchange gain.
What should be treatment of this exchange gain? should this be:
1. Credited to profit and loss account;
2. Credited directly to retained earnings; or
3. Showned as liability to the person providing the advance.

Dear members
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IFRS Application for General Insurers
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IFRS Application for Life Insurers
Including Case Studies & Worked Examples – http://www.infoline.org.uk/workshops/ifrs-application-for-life-insurers/378/
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Hi all
My company has a 50% shareholding in a joint venture company, A. A has a wholly owned subsidiary (B) and is going to transfer its interest in this subsidiary to its shareholders (i.e. 50% to my company and 50% to the other joint venturer).
How shall my company account for such purchase of 50% shareholding in B? Shall I use purchase accounting (i.e. to fair value the net assets of B)?
Thanks

In May 2009 the IASB published an exposure draft on Fair Value Measurement.
Stephen Cooper, Member of the Board, Hilary Eastman, Project Manager and Henri Venter, Assistant Project Manager, will be introducing the exposure draft in a live web presentation on 30 June 2009 followed by a question and answer session. The exposure draft is open for comment until 28 September 2009.
The web presentation and the question and answer sessions will be recorded and made available on the project website soon after the presentation.
Register to participate
Each presentation, including the question and answer session, is expected to …

Dear members
Please find attached a selection of IASeminars IFRS courses scheduled by May, June, July and August.
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Dear members
This is just to inform you about an interesting IASC Foundation IFRS Conference in Milan (Italy) next June.
A special offer in case you register by 22nd May 2009.
Kind Regards
Simone Salvi
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Dear Members
You might remember the priority notification about the IASC Foundation IFRS Conference in Milan that I sent you a few weeks ago.
The …

Dear All,
Please let me know the treatment of Existing negative goodwill incase of first time adoption of IFRS
Regards
Chirag

Building a Proactive IFRS Transition Plan- Utilizing the Latest Guidance to Drive Accurate and Timely Financial Reporting

Event Date: 18-19 May 2009
Location: The Charles Hotel, Harvard Square, Cambridge, MA, USA

Effective corporate financial reporting remains one of the most crucial functions within a company.In today’s constantly changing global business environment with new regulations and a harsh macro economic environment, it is becoming more of a challenge to report corporate financial performance accurately and timely while constantly staying on-top of changes in regulations from the SEC and FASB.
 
This event will bring together …

The topic of IFRS roadmap will certainly be revisited under the new SEC leadership of Schapiro/Niemeier.  Will this slow adoption efforts?

I suggest you an useful newsletter published by Deloitte (iasplus.com) that provides a high level overview of new and revised Standards and Interpretations that are effective for December 2008 and later accounting periods.
Have a good joining.
Simone Salvi

Dear allThis is just to inform you that IFRS file (pdf) in all EU Languages is
now online.Find your resource pdf here |
http://eur-lex.europa.eu/JOHtml.do?uri=OJ%3AL%3A2008%3A320%3ASOM%3AEN%3AHTMLHave a good joining.
Regards
Simone Salvi

Dear all,
can anyone please guide me if there are any guidelines as to establish
date of commercial production in a manufacturing concern in IFRS.
thanks and regards
deepak

Hi Deepak,
I assume you are inferring to either intangible assets.
There is no specific guidance as to this date.
However, it is not unusual to assume the date of commercial production
to be the date (month) in which the first commercial orders are
processed in relation to the intangible.

Hi Alan
My query is regarding trial run expenditures in a manufactuing
concern. Till when can the trial run expenditures be capitalised in a
manufacturing …

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 of a past event?
Is it probable that there will be an outflow of resources to settle
the obligation?
Can the amount be reasonably estimated?
Whether or not the premiums have been received is not relevant.
Craig

If you recognise an income in the Profit & Loss …

Dear IFRS team,
We provide for early retirement or termination charges. Would it be
right in making the provision for the whole liability
(which could be for 5-10 years) that we know about in the year which
we make that commitment, or should this cost just hit the P&L as and
when it occurs?
Many thanks for your help,
Sheetal

Hi Sheetal
Termination benefits are recognized only when the employer has
demonstrated its commitment to provide the benefits with a formal
detail plan for the dismissal of group of employees, when the employer
has contractually agreed to pay a termination benefit to …

Dear All
Kindly feed me back regarding the reversal of any previuos writedown
that had been made in a previuos period. Is it possible to reverse a
wirte down for inventory made in 2007 to be reversed in 2008
Noting that I couldn’t reach any specific paragraph in the standards
relatated to this issue.
and how this could be made via entries.
But I think if it is possible to reverse wirtdown made in 2007 to be
reversed in 2008, it may distort results over accounting periods.
Thanks in advance for your prompt reply.

Hesham,
The writedown to inventory in 2007 …

Dear all
Can someone tell me how do you define normal capacity of IAS 2?
In IAS 2, it said that normal capacity is the production expected to
be achieved on average over a number of periods or seasons under
normal circumstances.
I am wondering how to caculate the normail capacity?
ex: one machine can produce 10 finish good in 8 hours, then, the
factory works 8 hours per days and five days per week, so the normal
capacity will be
10 *8*4=320 ?
or the enterprise estimate that they can sell 250 finish goods per
months in normal circumstances. so, …

Dear All,
Can any one give their opinion on the below:
The organization is charging license cancellation fee for each
customer’s license cancellation. What if customer ran away without
canceling license. Now the Organization wants to cancel on their own
and charge license fee and recognize revenue and provide against
doubtful debts. In my opinion no need of license cancellation charged
to customer.
Best Regards,
Hemant

Hi Hemant,The revenue should not be recognized because it is NOT probable that
the economic benefits associated with the transaction will flow to the
entity.License cancellation fee should be classified as a service type
revenue, governed under …

Dear All,
please give me the details how to start learning of IFRS.
and how to make career in it.
Thank you
     
 
 
 
 

I am a USA based accountant and wamt to learn more. Curious how much
implemetation has taken place in other countries?
     
 
 
 
 

Try this:http://www.iasplus.com/index.htmIt has a substantial database of IFRS information.

Dear Collegues,Really appriciate if anybody could share me the Hotel Internal Audit
Procedure and plan, stretegy (Hospitality). or any website link, PDF,
presentation file.Thanks in advance