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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 [...]
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 [...]
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...
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...
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...
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 [...]
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...
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 […]
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 [...]
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...
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 [...]
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 […]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]