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
Reconciliation of carrying amounts by classes of financial instruments to IAS 39 measurement categories (at least these categories are HTM, AFS, FVTPL, Loans and Receivables). An entity shall make the decision which classes of financial instruments are appropriate to the nature of the information disclosed taking into account the characteristics of those financial instruments.

Requirement 2
Description of processes for managing the …

Hey all , need some help in writing an internal audit report , i’m an internal auditor , i’m a very good in auditing and finalizing the working papers or create work papers and good in the business that i audit .but i face lot of difficulties
in wording an internal audit report , i did research and i know all the standards steps but always i find difficulties word and express my finding in a professional executive summary or detailed report ,  wish you got the point and someone …

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 …

If an institution is recognizing income by using flat rate method, but IFRS requires to recognize by using effective rate method. My questions are:
a) policy remains but financial statements it should be based on effective rate. Is it?
b) How to convert portfolio by using effective rate.?
 
 
asim

I don’t think so, see this link

 
http://en.wikipedia.org/wiki/IFRS
 

Hello:
 
Can anyone confirm if the PRC has officially transitioned to full IFRS GAAP reporting and if so, what was the effective date?  Are companies mandated to report in IFRS GAAP or can they still report in PRC GAAP up …

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 prior period.
 
That is equity method should be applied from the date of change or should do this restructring from prior period financial staement presented.
thanks
With Best Wishes and Regards
SHABI

 
Dear Shabih,
 

 
When part of an investment in a subsidiary is sold during the reporting period, the parent should record its investment after the disposal in the consolidated accounts as follows:
- If a …

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 …

Hi everyone
I want to know the difference between IFRS and IAS.  As, there are IAS 1 to 41 standards already existing then why IFRS 1 to 8 was developed.
Secondly, are these two standards working parallel to each other or IAS is abondoned and now IFRS is working?
If someone could please guide me.Well I am “sorry” to ask a basis question from honourable members.
Sincerely,

Salman

See this link for the first question,

 http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards
 
The second Q: yes they are parallel, as long as an IAS is not replaced by an IFRS it remains valid. Companies …

Hello
 
i have got a question on transfer of shares involving share permium, can any one help ?
 
Facts :
(1) A holds 100% on C. 
 
(2) C ’s capital structure : 10,000 shares of US$1 par value. 
 
(3) A has invested in Co C of USD 1m for share capital of USD 10,000 and share premium of USD 990,000. 
 
(4) C incurs a loss and has negative net assets value.
 
If structure changes that there is an immediate holding co of  C named B, then A holds 100% on B and then B 100% on C.
 
Questions :
(1) Can A transfer the shares to B at consideration of USD 1 …

Dear all,
 
I have a querry in IAS 20- Government Grants:
 

In the scope paragraph of the standard, those entities are excluded from the applicability of this standard which are owned by “Government”.

Q) My querry is that which government is refered in this paragraph?
        a) That Government which has provided grant to the reporting entity?
        b) Any government?
 
The confusion arises as in case the grant is given by the same government which also owns that entity, this standard do not apply to that standard altogether. As the owners contribution, in any form …

Does any one give me the details of IAS-12 with specific example
thanks,
Zakaria
 

http://www.ccdg.gov.sg/frs/index.htm 
See this link, this is the IFRS as adopted by Singapore authorities, the text is the same as for IFRS, only the numbering has been modified (IFRS 1 is FRS 101, IAS 12 is FRS 12),
 
Kind regards,
Henk

Mohammad,

 
It would be helpful to give an example of what aspect of IAS 12 you’re interested in.  Depending on what jurisdiction you’re dealing with, one primary difference between many local GAAPs and IFRS on income tax accounting is around deferred tax accounting …

Hi,
 
Thanks for the information.
 
I would like to know, if we use cost model than also are we require to do the revaluation.
 
best regards
Suraj

Hi Suraj, 
Investment property is defined as property held (by the owner or lessee under a finance lease) to rentals and/or for capital appreciation, rather than for
   -use in the production or supply of goods and services for administrative purposes; or
   -sale in the ordinary course of business

IAS 40 covers investment property held by all enterprises and is not limited to enterprises whose main activies are in this area. Under IAS …

Hi all
For those companies who offer settlement discount, should we have an account to record the probable allowance for settlement discount or we should net it off against the revenue?
Thank you in advance.
Regards,

Nyasha Marauka

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Please tell me the number and subjects of international accounting and audit standards boards
thanks a lot
fakhkhari

Hi,It is IAS19, pension liability for defined benefit plans.
Met vriendlijke groet / best regards,
Pieter

 
Hi,

Could some one mail me  IAS18 ,IAS 11 and IAS 19.
 
Thanks
Sanjana

Use this link

http://www.ccdg.gov.sg/frs/index.htm

 
 
dear henk,

would you plz confirm that these standard are implemented internationally or released by singapore govt in compliance with singapore SEC rules.
 
i ve surfed the sites of renowned audit/consultancy firms i.e KPMG, PWC & some of the others who have promulgated some, but not all, of IFRS/IAS in PDF with detailed commentary, practical …

Hi All,
 
I am trying to determine if the IFRS financial statements of non listed companies are much different from the IFRS financial statements of listed companies.
 
I am looking for Financial Statements of non listed companies, it doesn’t matter what country it’s from. Example, dummy or “empty” reports are useful as well. Any help would be very much appreciated.
 
Kind Regards,
 
Jaap

The IFRS financial statements for non-listed companies are not much different from those of listed companies save for the fact that certain standards are mandatory for listed companies or those planning a …

Greetings:
 
I am noice to IFRS and IAS and would like to understand the following basic things.
 
1..What is difference between IAS and IFRS
 
2..During preparation of financial statments, is it mandatory to apply both IAS and IFRS ?
 
 
Your guidence will be highly beneficial me
 
thanks
AK

See link http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

IFRS are the new IAS, but IAS still apply until withdrawn and replaced by IFRS, so you have to use both!!!!
 Hi Aslam

 
IFRS includes IAS. Basically previously standards are given name of IAS and now every new standard is  given name of IFRS. so this is just …

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 to be disclosed or adjusted.
 
Thanks and regards

IAS 1 is the overall standard to refer to:

Materiality and Aggregation
29.        Each material class of similar items shall be presented separately in the financial statements.  Items of a dissimilar nature or function shall be presented separately unless …

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 is normal business behaviour to include the investments in group companies/subsidiaries at equity value. This is to avoid that shareholders equity is different in the consolidated accounts as compared to the company accounts. However that is not ruled or prescribed by IFRS/IAS. Company …

Hi all!
I am a young chartered accountant from India presently working in a reputed engineering company at Baroda, India. In the long run I plan to start a consulting firm focused on IFRS implementation and compliance. In the medium term I plan to get an international exposure particularly in South East Asian countries like Singapore, Malaysia etc. As Indian CA is not recognized as such in those countries I plan to take up international qualifications like ACCA or Singapore CPA although I still have to inquire whether it is possible to …

Dear All,

Our company has constructed a building which is to be our Head office. As part of improvements made on the buildings land, management decided to put up a garden with orchards and both Traditional and exotic trees. The garden is to beatify the environment as part of the environmental degradation measures and also enable the staff to go and relax. Out of the expenses so far incurred its felt we capitalize such expenses. I have gone thru the IAS 41 on agriculture where by they can be taken as …

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 make the Corporate India’s Financial Statements to be IFRS compliant.
 
What are the opportunities as an Indian I will have in international area and in emerging economies I will have in the next one or two years and Can I …