IFRS

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Exchange difference on advance received for issue of shares

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 [...]

By |March 10th, 2010|Uncategorized|3 Comments

Infoline’s IFRS events in October 2009 (Central London) – SAVE up to £600 (Register by the 25th Sept 2009)

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 [...]

By |August 27th, 2009|EVENTS|1 Comment

IFRS Seminar in Mumbai

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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 [...]

By |July 13th, 2009|OTHER IFRS|3 Comments

Live web presentation introducing the exposure draft on Fair Value Measurement – 30 June 2009

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 [...]

By |June 20th, 2009|EVENTS, FAIR VALUE|1 Comment

IASeminars courses – Save 10% on total order as IFRSLIST.com member within June 30, 2009.

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 [...]

By |May 21st, 2009|EVENTS|0 Comments

IASC Foundation IFRS Conference: Milan – Register by 22nd May & SAVE up to 300 Euros!

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 [...]

By |May 18th, 2009|EVENTS|1 Comment

Financial Reporting Excellence Conference

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 [...]

By |March 10th, 2009|EVENTS|0 Comments

New Thinking at the SEC..Will the roadmap survive?

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

By |February 13th, 2009|Uncategorized|0 Comments

IASPLUS Update. Closing Out 2008

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

By |February 2nd, 2009|IFRS|1 Comment

IFRS file (pdf) are now available in all EU languages

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

By |December 15th, 2008|IFRS|1 Comment

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

Termination provisions

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 [...]

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

About normal capacity

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 [...]

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

Revenue recognition and provision

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 [...]

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

Audit Informationa Hotel (Hospitality) Project

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

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

Capitalization of Visa Charges

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 [...]

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

Cost Accounting and Software

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 [...]

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

Investment decision

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 [...]

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

IFRS-1

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 [...]

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