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[10 Mar 2010 | 3 Comments | 2,837 views]

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.

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EVENTS »

[27 Aug 2009 | One Comment | 1,706 views]

Dear members
IFRS List is proud to be supporting Infoline’s IFRS events in October 2009.
As a special offer to IFRSLIST members, here is an exclusive 10% discount.
Quote KM6308ILEM to secure the special deal.
IFRS Application for General Insurers
Including Case Studies & Worked Examples – http://www.infoline.org.uk/workshops/ifrs-application-for-general-insurers/379/
28 & 29 October 2009 • Central London
View Latest Agenda – http://www.infoline.org.uk/downloads/379/KM6309AX.pdf
IFRS Application for Life Insurers
Including Case Studies & Worked Examples – http://www.infoline.org.uk/workshops/ifrs-application-for-life-insurers/378/
14 & 15 October 2009 • Central London
View Latest Agenda – http://www.infoline.org.uk/downloads/378/KM6308AX.pdf
SAVE up to £600. Register by FRIDAY 25th September 2009
Attend this …

AUDIT, EVENTS, FINANCIAL INSTRUMENTS, IFRS, IFRS BLOG, IFRS FOR SME, IFRSLIST.COM, LOCAL GAAP vs IFRS »

[14 Jul 2009 | 2 Comments | 3,297 views]

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OTHER IFRS »

[13 Jul 2009 | 3 Comments | 2,647 views]
Purchase shareholding in joint venture from a joint venture

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

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EVENTS, FAIR VALUE »

[20 Jun 2009 | One Comment | 2,178 views]

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 …

EVENTS »

[21 May 2009 | No Comment | 1,857 views]

Dear members
Please find attached a selection of IASeminars IFRS courses scheduled by May, June, July and August.
Remember: As IFRSLIST.com member you save 10% on total order for any public seminars booked through IASeminars website (within June 30th 2009). In order to benefit from this offer, please remember to use the IFRSList promotional code (“LIST10“) when prompted to do so whilst placing an order IASeminars website. Discover in detail the benefit and IASeminars worldwide courses. Click here – http://www.iaseminars.com/en/ifrslist.html?utm_source=ifrslist0509&utm_medium=email&utm_campaign=ifrslistmay
· Visit IASeminars website and …

EVENTS »

[18 May 2009 | One Comment | 2,126 views]

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
—————————————————————————————————————–
VIP Code: KM2186IFRS
IASC Foundation IFRS Conference
Wednesday 24th June 2009 and Thursday 25th June 2009
Milan Marriott hotel (Italy)
Download program: http://www.iascfconference.org/IFRSList_com_Email_Milan_Brochure
Visit the website: http://www.iascfconference.org/IFRSList_com_Email_Milan_Homepage
Register by 22nd May & SAVE up to 300 Euros.
—————————————————————————————————————–
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 …

EVENTS »

[10 Mar 2009 | No Comment | 1,987 views]

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 …

Uncategorized »

[13 Feb 2009 | No Comment | 1,551 views]

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

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IFRS »

[2 Feb 2009 | One Comment | 2,588 views]

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

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IFRS »

[15 Dec 2008 | One Comment | 4,122 views]

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

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IFRS »

[15 Dec 2008 | No Comment | 2,674 views]

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 …

IFRS »

[15 Dec 2008 | No Comment | 3,423 views]

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 …

IFRS »

[15 Dec 2008 | No Comment | 3,743 views]

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, …

IFRS »

[15 Dec 2008 | No Comment | 3,271 views]

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 …

AUDIT »

[15 Dec 2008 | No Comment | 2,482 views]

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

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IFRS »

[15 Dec 2008 | No Comment | 2,906 views]

Dear All
Greeting
In UAE work visa would be for 3 years and cost would be paid by the
employer and in my company it is practice to debit as administration
expense. Employees must has to complete 3 years and if he/she leave
the job prior to three years he has to pay back the full visa cost to
company.
In my opinion it should be capitalized and depreciated for three years
to meet fair presentation of financial reporting standard.
Please suggest appropriate treatment
Regards,
Ahmad

Dear Ahmad,
I think you should put the cost in prepayments and write-off against
admin expenses during the …

IFRS »

[15 Dec 2008 | No Comment | 2,211 views]

Dear Ifrs members,
A manufacturing company in plastic have main raw materials based on
oil and sometimes during the month the price of oil increase and
decrease very sharply. However, in the software of the accounting
system, the cost is based on standard cost changed only once a month.
The name of the software is BPCS.
My Questions are:
1. Do you have any ideas to the fluctuation of real cost ?
2. Is there any one know about this software and if so, could you
recommend on the standard cost and actual cost on this system?
3. What cost …

IFRS »

[15 Dec 2008 | No Comment | 2,941 views]

Dear Every one,

Can any one help to solve the following problems:
   
Say, XY is a joint venture company between X & Y with 70:30 proportion with issued capital of  $100. Now, Y intends to offload its share to Z company for a consideration of $ 80.
Now the question is how this investment would be shown in Z company’s F/S and which IAS/IFRS will cover this transaction ?
 
Also can any one share reconciliation between IFRS and US GAAP F/S ?
 
Advance thanks to every one
 
 
MM

Hi there,

My answer would be the following:
Y has a …

IFRS »

[15 Dec 2008 | No Comment | 3,471 views]

dear sir or mam
 
When one company adopt the IFRSs 1 first time then what are the irems exempted from national GAAP in the case of convergance to IFRSs.
 
Thanks
 
Sincerely yours,
Rakesh

dear rakesh

pls read ifrs 1 and see the exemption given for the same
there are 10 exemptions
Regards
Jignesh

 

We have a projector & purchased 6 years back @ 17000/- we have depreciated 8000/- as of now and the NBV is 9000/-. Now the market value is 5000/-. Do we need any accouning treatment as per IFRS.
Upul

Dear Upul,
IAS 16, Property, Plant and Equipment (PPE), allows a choice …