International

/Tag:International

IFRS for Small and Medium Sized Entities (SMEs)

Dear All this is just to inform you that the IASB issued today an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs). You can download all the related documents - Standards - Basis of Conclusions - Illustrative Financial Statements Presentation and Disclosure Checklist here (you need to register at [...]

By |July 9th, 2009|IFRS FOR SME (SMEs)|2 Comments

News about IAS/IFRS from EU – Link to IFRS file (in pdf)

Dear allPlease find attached a news from European Commission about IFRS. In addition you'll find a link to a pdf file related to consolidated text of IFRS.Have a good joining. Regards Simone SalviAccounting standards: Commission adopts consolidated text of IFRS applicable in the EUThe European Commission has adopted on Monday 3 November the consolidated text [...]

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

Request for auditing standard

Dear all, Can you share me the international auditing standard document. Thanks Danella,I double checked after the comment below, and I agree with Hemant. IAS 21.28 explicitly states that gains/losses on forex should be recognized in P&L. The forex is not attributable to the asset but to the financial liability.http://www.ifac.org/IAASB/ My apologies for my earlier [...]

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

Exceptional Items vs. Extraordinary Items

Any one please clarify me this.... Hari Hi Team, Will any one clarify the difference between Exceptional Items & Extraordinary Items? With reference to IFRS what is the disclosure policy for the both. Thanks & Regards, Hari Hi Hari, to my understanding according to IAS 1 there was for several years the possibility to show [...]

By |December 15th, 2008|IFRS|3 Comments

IFRS AND IAS

Dear Friend, Please inform which website can give me detailed IFRS and IAS access free of cost. Deloittee IAS PLUS gives summary. Thanks Hemant Hi Hemant For a summary of the scope of each Standard you may want to rely on the official site of the International Accounting Standard Board (www.iasb.org). Detailed information on each [...]

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

Microsoft licence ….

Dear All , can anyone help me with an urgent answer on the below question : - If we purchase software licences for office programs like ( Microsoft , power point etc ). and we renew the same every year do we need to capitalize this cost or expense it ( Please note that i'm [...]

By |December 15th, 2008|IAS 38|0 Comments

What is this ACCA?

I'm a CPA from the US. Is the ACCA something I should join? I'm a member of the IMA and the AICPA in the US. Is ACCA some kind of upstart or does anyone find it to add value to their careers and is it recognized by global employers? Thanks for the opinions, mostly just [...]

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

Date of comercial production

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 n...

By |December 14th, 2008|IAS 16, IAS 38, IFRS, TAX|0 Comments

Loan Impairment

Is there any guideline for measurement of loan impairment and recognition of interest income by using effective rate method Asim well Esther the UK leads the path i.e. the UK tax authorities are the only ones in Europe which accept IFRS reporting to the extent that its website http://www.hmrc.gov.uk/ does have a section allocated to [...]

By |December 14th, 2008|IFRS|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

DIFFERENCES BETWEEN THE IFRS AND IAS

What are the diferences between the two accounting policies? IAS was in use before the introduction of IFRS. With effect from the introduction of IFRS, only IAS before the introduction of IFRS is stil in use. Any other international standard that will be issued will now be IFRS but not IAS.   Femi In my view except [...]

By |December 14th, 2008|IFRS|0 Comments

UK’s ASB AND GAAP

What measures are being taken by UK's ASB to bring UK GAAP into line with international standards? What are the advantages of a closer international harmonization of accounting olicies for multi national companies and investors? well Esther the UK leads the path i.e. the UK tax authorities are the only ones in Europe which accept [...]

By |December 14th, 2008|OTHER GAAP|0 Comments

IFRS lectures

Dear All , I need to attend IFRS classes , Do you know if there is any classes available in Dubai ( Not training sessions ) what i need is  any institute or University or anything else , have IFRS / IAS classes with certificate ( i repeat Not training conferences , by the way [...]

By |December 14th, 2008|TRAINING|0 Comments

Just one question

Please let me know about cost of create new web sit will it be general expenses or intangible assets  So, which treatment prefered to be confirmed to international accounting standard   thank you   Mahmoud Gbr Auditor General expense: if there is no link to future cash inflow through this   Intangible asset: if satisfy the conditions [...]

By |December 14th, 2008|IAS 38|0 Comments

Cutt off period

Hi , If provision for Bonus was taken in 2007 for X amount and financial statements for 2007 closed and reported , and in 2008 the payout of Bonuses was more than the provisions amount. As per IFRS , what is acceptable?? 1- should we classify the over expensed amount as Prior year expenses ( [...]

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

IAS 23 Borrowing costs – Forex diffrences

As per the amended IAS 23, all borrowing costs on qualifying assets should be capitalised (no option to expense). Does exchange differences on foreign currency loans qualify as borrowing costs to be capitalised? Best regards Allan Hi Allan To my understanding any positive/negative FX difference is expensed directly to the P&L. Regards, Marc The change to [...]

By |August 28th, 2008|IFRS|1 Comment

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

Opinion Required-Revenue Recognisation

Dear Collegue, How do we recognise the revenue in Building Construction company. Illustrate with good/understandable example. Can anybody focus on it ? Thanks in advance Hi Revenue to be recognized on the basis of percentage of completion POC basis. If you got contract to built builiding for a some one than POC method may suits [...]

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

IFRS vs IAS

Hi everyone I want to know the difference between IFRS and IAS.  As, there are IAS 1 to 41 standards already existing then why IFRS 1 to 8 was developed. Secondly, are these two standards working parallel to each other or IAS is abondoned and now IFRS is working? If someone could please guide me.Well [...]

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

Internal Auditing

Dear all, Could someone help me with guidelines on setting up an internal audit department which none existed before.   Or refer me to the necessary IAS Many Thanks     Kindly visit www.theiia.org You could download the IIA standards/frameworks and other materials/guidance or professional help you will need.     Dear James, I would be [...]

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