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

[14 Dec 2008 | No Comment | 7,486 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…

AUDIT, DOCUMENTS, FAIR VALUE, FINANCIAL INSTRUMENTS, IAS 39, IFRS, IFRS 7 »

[14 Dec 2008 | No Comment | 3,699 views]
IFRS 7

Hi

 
Please let me know the salient points in IFRS 7 which has been recently been made a mandatory disclosure in the audited financial statements.
Regards
Raghavan
 

 
Under IFRS 7 there are 12 requirements:
 

Requirement 1
Reconciliat…

GENERAL INFO, IFRS »

[28 Aug 2008 | No Comment | 3,742 views]

Hello All
I am a management student .Taken Finance as my specilization.
As a part of our curiculum i am suppose to do a live project (kind of research taking a particular company as a tool on particular topic).
Can anyone guide me on which topic to choose.
Thanks and Regards

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IFRS »

[28 Aug 2008 | No Comment | 2,795 views]

Dear Collegue,
How do we recognise the revenue in Building Construction company.
Illustrate with good/understandable example.
Can anybody focus on it ?
Thanks in advance

Hi

Revenue to be recognized on the basis of percentage of completion POC basis. If you got contract to built builiding for a some one than POC method may suits you.

Actual cost divided by Estimated cost and then multiply by estimated revenue to recognized the portion of revenue recognised or if engineer can identify the percentage of construction completed you can use than percentage to …

IFRS »

[28 Aug 2008 | One Comment | 3,984 views]

As per the amended IAS 23, all borrowing costs on qualifying assets should be capitalised (no option to expense).
Does exchange differences on foreign currency loans qualify as borrowing costs to be capitalised?
Best regards
Allan

Hi Allan

To my understanding any positive/negative FX difference is expensed directly to the P&L.

Regards,
Marc

The change to IAS23 will come into force on Jan 2009. So far that is only allowed alternative, the benchmark tre
atment is to expense.
The exchange differences on foreign currency should be included to assets under construction and therefore capitalised. After capitalisation of qualifying asset any exchange …

IFRS »

[28 Aug 2008 | No Comment | 2,827 views]

Dear All 
i am working in a home finance company which is subsidary of german company, due to which we are require to prepare the financial from IGAAP to IFRS.
i have the following questions:-
1.we take a loan and in taking loan that we usually pay a processing fee.
2. we pay security deposit for taking Building on rent.
3. we pay Fringe benefit tax on varoius items
 
i want to know,how the above mentioned items will be Accounted in Books in IFRS.
thanks in advance
Vivek

Hi , I had read IAS 32-39 and if you like …

IFRS »

[28 Aug 2008 | No Comment | 1,881 views]

I have some clients asking for studies that show the cost of conversion to IFRS for companies that have been through this.  Does anyone know of resources for this?
 
Thanks
Gord

 
 

and if anyone could link to any material about IFRS Conversion Project Management staff?
 
Thanks.
 
Lado

Hi Gord,
 
I don’t have info about it, but I would strongly recommend to include in the estimation the costs of following up on the quality of the conversion and further system modifications. Sometime those are bigger than the actual initial conversion costs.

Regards,
Marc

 
 

This is a very difficult question to answer because …

IFRS »

[28 Aug 2008 | No Comment | 2,446 views]

Hello all!
We are currently assessing the impact of converting from our local GAAP to IFRS to prepare for a 2011 conversion. In this first diagnostic step, we hope to capture IFRS issues by account line item, divided into 4 main categories; accounting impact(disclosure and gap), system impact, business impact and people impact. (i.e. what would be the impact to the business on PP&E changes) We’re looking to bring in one of the major audit firms to guide us on this step. From this matrix, we hope to create a detailed …

IFRS »

[28 Aug 2008 | No Comment | 9,925 views]

Hello,
Does anyone know where the best place to find
information on capitalizing internal software
development under IFRS?  Any links?  Which IAS/IFRS
standard is this covered under?
Thanks in advance for the help!

You raise an interest topic David,  I would like to see the view of others

In the meantime page 56 of the differences between IFRS and US GAAP might help you as in the latter some software deveopment costs can be capitalised which would imply that under IFRS they are not but let us see what the others say

I am sending this to you …

IFRS »

[27 Aug 2008 | No Comment | 2,383 views]

Hello,

I am a student of bcom(ecom)-5 n doing a project on the failure of ENRON.
 
Its failure involves many issues like lack implementation of corporate governance , SOXNORMS , Accounting standards ,etc.
 
Hence i would like to  welcome any suggestions from you , as IFRS is also included in it.
 
And i m very happy to read  your mails and i hope i would also be able to join in the discussions later.
 
Yours Sincerely,

Krish
 

Dear Krish ,
Sorry not to be able to be of big help due to lack of information about the Enron case , in case you …

IFRS »

[27 Aug 2008 | No Comment | 1,975 views]

Does anyone have any interest in working on a research project of how IFRS have affected debt covenants in their country?


Regards/Saludos
Stephen

Dear Stephen,
 
I would be really glad to help you out with this project. But in my country we still haven’t implemented IFRS framework, we are going to do that on January 1, 2009.

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IFRS »

[27 Aug 2008 | No Comment | 3,054 views]

Dear Elena,
I understand that accounting standards for smes are still in the drawing boards after asking for comments and suggestions from different sectors. I am a practising accountant in the Philippines.  My concern is on the issue of not-for-profit organization, which in the Philippine context are also known as non-government organizations (NGO’s). These NGO’s are generally funded by grants both from domestic and international funding agencies which have their own reportorial requirements aside from statutory requirements of state regulatory bodies. To satisfy both “users” ,  the  NGO will need to prepare both  special purpose and general purpose …

IFRS »

[27 Aug 2008 | No Comment | 1,520 views]

Forwarded conversationSubject: [IFRS List] standards for sme's:not for profit organizations ————————
From: ann silvers <annsilvers@yahoo.com>Date: Wed, Nov 28, 2007 at 11:40 AM To: ifrs@ifrslist.com

On 11/27/07, ann silvers <annsilvers@yahoo.com> wrote:

November 27, 2007
 
Dear Elena,
 
I understand that accounting standards for smes are still in the drawing boards after asking for comments and suggestions from different sectors.
 
I am a practising accountant in the Philippines.  My concern is on the issue of not-for-profit organization, which in the Philippine context are also known as non-government organizations (NGO's).
 
These NGO's are generally funded by grants both from domestic and international funding …

IFRS »

[27 Aug 2008 | No Comment | 3,454 views]

Morning All,
Our company incurs a lot of expenses in terms of projects work like traveling. Substance, entertainment allowances etc
We also do incur expense interims of the preliminary expenses like site visits, negotiating meetings.

Are these expenses to be expensed or capitalized as we seems to have a different view of this from IAS 16.
Secondly before we begin any project we are supposed to remit 0.1% of the project cost as a government requirements to Environmental authority . Should such expenses be capitalized as per IAS 16 para 11

IFRS »

[27 Aug 2008 | No Comment | 2,702 views]

Dear IFRS List Folks
Hi I am a  Professor of Accounting at The University of Texas at EL Paso. I have been reading the many emails on this list and I wonder if any of you might be willing to tell me how the change to IFRS from their own GAAP has affected Debt covenants?
Thanks and Regards
Stephen

Hi Stephen,
regarding  to your request,  I don´t see any change on Debt covenants after IFRS application in Slovakia.  
However I´m not sure I understand your question correctly.  Could you describe deeper that case ?
I´m from  Slovakia (Midd Europe). We …