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EVENTS, FINANCIAL INSTRUMENTS, IAS 21, IAS 39, UK »

[19 Sep 2011 | Comments Off | 137 views]
IFRS Event: IFRS Application for GENERAL Insurers 23 – 24 November, Central London, UK

IFRS Application for GENERAL Insurers
23 – 24 November, Central London, UK
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EVENTS, FINANCIAL INSTRUMENTS, IAS 18, IAS 21, IAS 39, UK »

[19 Sep 2011 | Comments Off | 71 views]
IFRS Event: IFRS Application for LIFE Insurers 15–16 November, Central London, UK

IFRS Application for LIFE Insurers
15– 16 November, Central London, UK
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10% discount available with VIP Code FKM62276IFLW
This course provides high quality introductory to intermediat…

IFRS »

[15 Dec 2008 | No Comment | 2,999 views]

Dear all.

I have a question on valuation of equity investments.
What is the best method to value an unquoted investment
Cheers
Shehzad  

Well for unquoted investment you could:
If there is substantial market and volume of such equity in the market then, you could value it using market price.
If there is not market, or if, say due to the legal implications (private co. for example), the equity cant have liquidity in the market due to restrictions in transferring such shares, net worth (intrinsic value) method can be used.
There are other options for valuations …

IFRS »

[15 Dec 2008 | 3 Comments | 33,368 views]

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 extraordinary items in the P+L (IAS 1.85). Since
2004 this seems to be no longer allowed according to Dr. David
Grünberger who is member in the Accounting Regulatory Committee in
Brussels which decides upon the endorsement of new IAS/IFRS standards
within the EU. According to US-GAAP extraordinary items are …

LOCAL GAAP vs IFRS »

[15 Dec 2008 | No Comment | 5,695 views]

Do anyone know where I can download copy of US GAAP and US GAAP APB?

Thanks Dessanti for your answer
Our position is less than 1%, we bought in the active market Euro a
little position to speculate in market price.
The IAS 39 don’t include equity investment as applicable financial
asset to recognized the gain or loss in foreign exchange in the
current period income statement, as its explain as follows:
Available-for-sale financial assets (AFS)…. … Fair value changes on
AFS assets are recognised directly in equity, through the statement of
changes in equity, except for interest on …

AUDIT, DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39, IFRS »

[14 Dec 2008 | No Comment | 6,526 views]
Categories of financial assets IAS 39

Hi, Members.
 
In regard to the above subject please help me to answer the following question.
 
One of the four categories of financial assets as classified in IAS 39, Financial Instruments: Recognition and Measurement is subject to “tainting…

AUDIT, DOCUMENTS, FINANCIAL INSTRUMENTS, IFRS, OTHER, TAX »

[14 Dec 2008 | No Comment | 3,132 views]
Not-for-profit organizations

In Canada, public companies and financial institutions (generally)
will be adopting IFRS in 2011. Private companies will have the choice
between IFRS and or local Canadian standards specifically for them. It
has not been announce yet what will happen w…

AUDIT, CONSOLIDATION, DOCUMENTS, IAS 36, IFRS »

[14 Dec 2008 | No Comment | 3,733 views]
Impairment Goodwill

Por favor podría alguien indicarme en donde puedo encontrar
información sobre metodologías para la medición del deterioro del
Goodwill. Sería Adecuado usar multiplos como base para su medición.
Please could someone tell me where can I find inform…

IFRS »

[14 Dec 2008 | No Comment | 6,307 views]

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 differences between IFRS and UK GAAP
I wish in Germany they had the same thing!!!!!

 

Asim
 
Below is the list of applicable paragraphs from IAS 39 for measurement of loan impairment:
 

                 Financial assets carried at amortized cost

63
If there is objective evidence …

DOCUMENTS, FAIR VALUE, FINANCIAL INSTRUMENTS, IAS 16, IAS 2, IAS 21, IAS 39, IFRS »

[14 Dec 2008 | No Comment | 7,492 views]
Equity investments AFS is a non-monetary items?

Hi all,

We need some guidance in connection to apply the rules explained in IAS 21 related to if investments AFS in capital instruments is a non-monetary item. 
Theses equity investments were made without the intention of take control on any compa…

OTHER IFRS »

[28 Aug 2008 | No Comment | 2,325 views]

Dear Members
Please advice me on the following issue
If the comany has a barren free hold land but intends to construct it in the near future and use for leasing it to get the rental income. please suggest should i treat this barren land as of now under IAS 16 or under IAS 40.
Please advice.
Best regards

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IFRS »

[28 Aug 2008 | No Comment | 5,615 views]

Dear all,

Good day!

A holding company had a subsidiary which is 100% owned. In 6 March 2006, the subsidiary issued new shares from $2 to $50,000 which changed the shareholdings from 100% to 40%.  As I read this is considered as deemed sale. The year ended of the holding company and the subsidiary is 31 December 2006.

These are my queries:

In view of the Holding company, how much is the equity take up considering the date of deemed sale?

In view of the holding company, how to compute for the gain/loss of the deemed …

CONSOLIDATION, DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 2, IAS 39, IFRS »

[28 Aug 2008 | One Comment | 2,659 views]
Equity accounting.

Arial;”>Hi
 
When a parent company preperaing consolidated financials lost control and reaches significant influence , attracking equity method.
 
The change in ownership of subsidiary should be accounted for subsequently or to restate the prio…

IFRS »

[28 Aug 2008 | No Comment | 3,624 views]

Dear all
Please help in deciding what items can be regarded as cash equivalents
>
Thanks in advance!
Regards,
Lina

Cash equivalents are financial instruments that can be easily converted to cash, have high liquidity like stock of quoted companies.

Best Regards.
Alberto

 
 

Lina,
I woul suggest to take a look into IAS 7.6: Short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insgnificant risk of changes in value. Normally only an investment with a short maturity of three months or less from the date of acquisition.
Regards
Ingo

It usually includes …

FINANCIAL INSTRUMENTS, IFRS »

[28 Aug 2008 | No Comment | 2,136 views]

Hi everyone,
 
I have a question on IAS 39 – Financial Instruments. How can an auditor tell whether a financial asset is available for sale or held for trading?
 
Thanks,
Prithy
 

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IFRS »

[28 Aug 2008 | No Comment | 2,488 views]

Hi,
What disclosures does a company need to give for Interest rate swaps and which standards are applicable for this.
Thanks
Aneel

 

Hi Prethy

 

Actually available for sale is an open category that means that if company did not decide where to classify it can be classified as  available for sale. However for held for trading investments are bought to resell for short term gain rather to earn dividend but available for sale normally includes investment which are not held for short term gain rather which are carried for earning long term capital gain or dividend …

IFRS »

[28 Aug 2008 | No Comment | 4,358 views]

Hi All
This is Muhammad Naveed
I have a query regarding the consolidation of subsidiaries. Does IAS-27 allow us to not consolidate subsidiaries which are immaterial for the group?
Is it specifically mentioned somewhere in IAS?
 
Regards
Muhammad

Well Naveed
Actually materiality is an underlying concept of the Financial Statements.So anything which is immaterial needs not to be disclosed or adjusted.
 
Thanks and regards

IAS 1 is the overall standard to refer to:

Materiality and Aggregation
29.        Each material class of similar items shall be presented separately in the financial statements.  Items of a dissimilar nature or function shall be presented separately unless …

IFRS »

[28 Aug 2008 | No Comment | 1,967 views]

Hi all,
 
I am confused regarding the use of cost method or equity method in the separate financial statements of a parent company to report for investments in its subsidiaries.
 
Regards,
 
Osama

 

The Framework and IAS 1 allow both valuation methods. When company accounts are filed in combination with consolidated accounts it is normal business behaviour to include the investments in group companies/subsidiaries at equity value. This is to avoid that shareholders equity is different in the consolidated accounts as compared to the company accounts. However that is not ruled or prescribed by IFRS/IAS. Company …

IFRS »

[27 Aug 2008 | No Comment | 2,364 views]

Dear Sir,
 
I am a Chartered Accountant with more than two decades experience audit including listed and private companies and giving consultancy to various other corporate entities.
 
To become IFRS compliant, what are the Accounting Standards, which need to be modified substantially and what are the factors that need to be considered to make the Corporate India’s Financial Statements to be IFRS compliant.
 
What are the opportunities as an Indian I will have in international area and in emerging economies I will have in the next one or two years and Can I …

IFRS »

[27 Aug 2008 | No Comment | 2,961 views]

Hi,

 
My name is Aashima Tandon. Can anybody tell me what exactly is asset held for sale and negative goodwill? What

Hi there,
sale?

Assets held for sale include assets (or groups of
assets to be disposed of) whose carrying amount will
be recovered principally through a sale transaction
rather than through continuing use.
What would be its treatment?
In accordance with IFRS (IFRS 5), discontinued
operations/assets held for sale are measured
at the lower of their carrying amount or fair value
less costs to sell.
Discontinued operations/assets held for sale are
presented in the financial statements as follows:
• On the balance …