How will you report the ppe in the consolidated balance sheet if some of the units use historical cost and some the market valuation? If there is no historical cost data available, could you use the market value? thnak you
Dear all If the life of an Asset is revised. Should we give effect retrospectively or prospectively. Please give refernce from IFRS/IAS. and is it mandotary to revise the whole class of assets life. e.g if one truck is working in desert /rough areas an...
My company is involved in renting of properties and selling of developemt properties. We currently have development properties that are held for immediate sale. However, due to the property is completed and vacant, the unit is available for rental to staff (for recreation purpose) in order to earn rental income. As such, can we still [...]
Dear All, The company use a buillding under operation lease, company just pay lease payments to the owner of the building and there is no intention in the future to get any legal rights on this building. The repairement of the building was performed by the lessee company. According to IFRC, can the repairment expenses [...]
Dear Experts, An Org. is into construction of building and renting to tenants for offices as considered as PPE due to other revenue significant. Building under construction remain in CWIP. Now at the year end what if contractor has not submitted payment certificate up to year end and on sending confirmation to him, there is [...]
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 [...]
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 [...]
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 [...]
Dears Would you please explain me what is the difference between affiliates and subsidaries, and then if there is any difference in accounting treatments.( i am asking these question w.r.t an investment co.) 2nd thing is how i will treat the personal expenses of a partner which are being paid by the co. and where [...]
Dear all, Is it possible to reclassify asset held for sale back to PPE? Thanks, Grace Dear, the guidances in this case are explianed in IFRS5.26 to IFRS5.29 Best regards, Dear DivineIt is possible to reclassify an asset held for sale back to PPE if the criteria for classification are no [...]
Hi all, A non-profit organisation based in Virginia, USA was donated part of real estate's value.Currently the real estate is being adminstered by an agent.I would appreciate if any one could hint me what both IFRS and USGAAP recommends for treating such transaction. Thank you Aklilu Hi, When you say value, I assume a cash [...]
---------- Forwarded message ----------From: Simone Salvi <email@example.com>Date: Sun, Dec 14, 2008 at 7:46 PMSubject: Fwd: [IFRS List] Basis for Valuation of closing stock.To: firstname.lastname@example.orgForwarded conversationSubject: [IFRS List] Basis for Valuation of closing stock.------------------------From: pankaj sharma <email@example.com>Date: Fri, Sep 12, 2008 at 5:23 AMTo: firstname.lastname@example.orgHi,Can any body tell me how to go for valuation of closing [...]
Dear All Kindly feed me back regarding the reversal of any previuos writedown that had been made in a previuos period. Is it possible to reverse a wirte down for inventory made in 2007 to be reversed in 2008 Noting that I couldn’t reach any speci...
Does it exist a definition for financial instruments? I am confused with the different perceptions of financial instruments. Thanks. Sincerely yours Emilio Dear Emilio, a Financial instrument is any contract that gives rise to a financial ass...
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...
The company should have used the (IAS 16) from the beginning, as this is illiquid investment. Any way it is possible to apply the cost principle instead of the value, but there should be a reversal of the previouse capital earnnings recognized under ( IAS 40). In addition a footnote disclosure stating all the effects [...]