PPE

/Tag:PPE

Accounting treatment of PPE in consolidated financial statement

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

By |March 9th, 2010|IAS 16|6 Comments

Revised useful life of Assets

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...

By |July 11th, 2009|DOCUMENTS, IAS 16|6 Comments

Classification of PPE, Investment Properties and Assets held for sales

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 [...]

By |April 23rd, 2009|OTHER IFRS|0 Comments

Capitalization of repairment expenses

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 [...]

By |February 22nd, 2009|OTHER IFRS|6 Comments

Work in progress

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 [...]

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

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

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

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

Calculation of deferred tax

Can any one help me for calculation of deferred tax under deductable timing diference Example: writeen down value of fixed assets as pert accounts-200          writeen down value as per tax                      150 please privide the soluision by giving effects in the profit [...]

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

Difference between affiliates and subsidaries

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 [...]

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

IFRS 5

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 [...]

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

PLEASE GIVE ME AN IDEA HOW TO TREAT?

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 [...]

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

Fwd: [IFRS List] Basis for Valuation of closing stock.

---------- Forwarded message ----------From: Simone Salvi <salvi.simone@gmail.com>Date: Sun, Dec 14, 2008 at 7:46 PMSubject: Fwd: [IFRS List] Basis for Valuation of closing stock.To: elena137.ciao@blogger.comForwarded conversationSubject: [IFRS List] Basis for Valuation of closing stock.------------------------From: pankaj sharma <sharma.pj@gmail.com>Date: Fri, Sep 12, 2008 at 5:23 AMTo: ifrs@ifrslist.comHi,Can any body tell me how to go for valuation of closing [...]

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

Reversal of a previuos inventory writedown

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...

By |December 14th, 2008|AUDIT, IAS 2, IAS 8, IFRS, TAX|0 Comments

Financial instruments

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...

By |December 14th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 2, IAS 21, IAS 39, IFRS, IFRS 7|0 Comments

Budget

Dear All   Can any body tell me that is budget only for expenses or can be for Asset, liabilities and income also. My openion is it can be for all (Asset, liability, Expense and income). Please help me according to the IAS/IFRS. – Best regard...

By |December 14th, 2008|AUDIT, IFRS, OTHER, TAX|0 Comments

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...

By |December 14th, 2008|AUDIT, DOCUMENTS, FINANCIAL INSTRUMENTS, IFRS, OTHER, 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

Fair value model for PPE

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 [...]

By |August 28th, 2008|FAIR VALUE|0 Comments