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 ( is this accp as per IFRS )
2- should i expense this amount in 2008 ?
I used to do this as prior year expenses , but i heard that as per IFRS now we should …

Dear Vatsla
can you answer my following question in details.
1. we take a loan  and pay processing fee for taking loan.
for eg. if we take a loan of rs 10 lacs , we generally pay processing fee of rs.50000. if you see the net amount in hand is rs 9.5 lacs
As per Indian Generally Accepted Accouting Prolices(IGAAP), we recognise the loan at rs. 10 lacs and rs 50000 is expensed off in the year in which loan is taken.
But in IFRS  treatment for this is different.  can you favour me to …

On the date of transition, a company could choose, as it´s deemed cost, historical cost if the previous gaap is not significantly different than IFRS or fair value for PPE, Intangibles and Investment property. I am not sure if I have it clear but under IAS 16, one can choose the deemed cost on a per-item basis on the date of transition.
Is the option at date of transition to use FV or historical cost on a per-item basis available for IAS 40 Investment Properties and IAS 38 Intangibles?
For measurement after recognition, all …

Quik question for the group.
How would you record transfer pricing charges to a foreign subsidiary above the profit line in the P&L?  Specifically, if the TP charge is US$ 1.0MM – I understand the parent side would be an entry to a revenue account; however, the question is how to record it on the subsidiaries books (i) as a Cost of Sale or (ii) as a contra revenue?
I am treating it as revenue to the parent and COGS to the sub – looking for arguments that it should be treated …

Dear all,
 
Iam Chartered Accountant based in india Hyderabad. I would like to learn about IFRS in detail. Can some one guide me where i could get training any where in India or Abroad.

Dayaniwas

Dear Diayaniwas,
 
So far no reputed institution offers a course on IFRS.  Although IFCAI, offers course on US GAAP, it also covers IFRS in brief.  If you happen to buy a book, you can refer, “Indian Accounting Standards” written by Prof. Asish Bhattacharya (Prof. IIM Cacutta) which speaks about IFRS, US GAAP, INIDAN GAAP, and differences between these three …

Sirs/Madam,
I would like to know weather or not it is permissible to issue bounce shares against reserve created out of revaluation of fixed assets, with references. If not, can the revaluation reserves be used for any purpose before the sale/ de-recognition of the fixed asset

 
No, the revaluation reserve is restricted to use for revaluation increases and decreases only, see IAS 16 PPE sub 39 – 41, only when assets are sold, the whole surplus will be realized in the income statement or when depreciated, that part may be released to …

Hello,
Have anybody know about KPI for Airlines industry.
Regard .
Amir

 
 
Amir,
 

Here’s a link that could be usuful for you.
http://www.europeanshippers.com/public/statements/archives/air_kpi_guide.htm

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