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 of a past event?
Is it probable that there will be an outflow of resources to settle
the obligation?
Can the amount be reasonably estimated?
Whether or not the premiums have been received is not relevant.
Craig

If you recognise an income in the Profit & Loss …

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

We have a projector & purchased 6 years back @ 17000/- we have depreciated 8000/- as of now and the NBV is 9000/-. Now the market value is 5000/-. Do we need any accouning treatment as per IFRS.
Upul

Dear Upul,
IAS 16, Property, Plant and Equipment (PPE), allows a choice …

Hi

 
Please give me your opinion on forex loss on Assets. Do you capitalize it or do expense it to the foreign loss

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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 regards
Mohammad

Dear Mohammed :-
 
Budget can be to revenue& expenses but when we put assets & liabilities we can called it Feasibility study to project we make this in starting of any activity .
 
Best Regards
Aly

Budgets are prepared both for revenue and capital expenditure. Revenue Budget gives you the financial progress of the company …

Dear all,
 
An answer to the following question would be much appreciated:
 
If no hedge accounting is applied, should all changes in fair value of derivatives be recognized as financial income or expense (so below operating result) or is recording of the change in fair value within operating result allowed?
 
 
Further, does anyone have one clear memo, including example journal entries of the various possble accounting issues (cf hedge, fv hedge net investment in foreign operation) applying hedge accounting and not-applying hedge accounting and if possible, all other accounting (including journal entries) not applying …

Hi
 
Can anyone respond to my email below?
 
Thanks and regards
 
Catherine
Hi
 
I would need your assistance on how to account for futures/options in the financial statements.
 
Thanking you in advance for your kind assistance.
 
Regards
Catherine
Catherine,

 
Have you looked at IAS39 already, because depending on that you can or cannot apply hedge accounting. Basically you have 2 methods either Cashflow hedging or fair value hedging. If you want to do hedge accounting you will be required to do a lot of prospective and retrospective testing to prove the effectiveness of your hedges. If you don’t do hedge …

Hello,

My first time posting. This is probably the wrong place to ask. Does anybody know how to fill in the ACCA TDM (Training Development Matrix) ? I have been struggling with it. I tried to find the user guideline on MYACCA site but could not find any that is useful. There is performance objective to achieved and optional. Can anybody help me?
Thanks a million.
Kind regards,
Mardiana

What sort of information are you after?
 
You fill in each area (which is split into 3 questions) of the TDM
Then I believe this is sent to …

Do anyone know where I can download copy of US GAAP and US GAAP APB?

Thanks Dessanti for your answer
Our position is less than 1%, we bought in the active market Euro a
little position to speculate in market price.
The IAS 39 don’t include equity investment as applicable financial
asset to recognized the gain or loss in foreign exchange in the
current period income statement, as its explain as follows:
Available-for-sale financial assets (AFS)…. … Fair value changes on
AFS assets are recognised directly in equity, through the statement of
changes in equity, except for interest on …

Dear All,
The Company was incorporated in Oct 2007.Could you please give your
expert opinion on the treatment of preliminary expenses (Revenue
generation is not yet started) e.g. rent, salary, traveling etc.
incurred during Oct 2007- Aug 2008. Please reply in reference to IFRS.
Revenue is expected in Sept 2008.
In my view, preliminary expenses can be accumulated and amortized when
revenue is started due to matching concept.
BestRegards,
Hemant

Preliminary expenses / startup costs, etc. cannot be deferred. They
have to be charged off to income statement in the year of actual
startup of operations.
–
Thanks & Regards
Anand

Hemant,
Whether to Deffer the preliminary …

Dear Experts,
Please give your export opinion on the following query:
The Company issues lease agreement for 12 months for rent of 120000
from 1 Jan 2008 to 31 Dec 2008. The Company gives concession for 2
months from 1 Jan 2008 to 28 Feb 2008 for 20000 i.e. a customer has to
pay 100,000.
Rent Amortization : Spread 12000 monthly over 12 months
Concession : Spread over concession period 2 months 10000 monthly
Do you think that concession should have been amortized over 12 months period.
Please mention the reference of IFRS.
Best Regards,
Hemant

Hi,
As per IAS 17, the first …

Por favor podría alguien indicarme en donde puedo encontrar
información sobre metodologías para la medición del deterioro del
Goodwill. Sería Adecuado usar multiplos como base para su medición.
Please could someone tell me where can I find information on
methodologies for the measurement of impairment of Goodwill. Could i
use the methodology of multiples as a basis of measurement
Sincerely
Wilmar

Wilmar
You can send me a private note in Spanish if you like
That said as the Group is an English speaking one here is my view
(others might disagree)
1. Under IFRS the impairment testing is two fold
a) Th consolidation …

All,
We are constucting a new building in our factory for which we of
course capitalize all the costs involved. However to build the new
building we had to tare down the old building that still had some book
value. Does anyone know if we would be able to capitalize the
bookvalue of the old building as part of the costs to construct the
new building or do we need to take the old book value directly to P&L?
Best regards,
John

You can capitalize demolition costs themselves, but need to write-down
the Book Value of old building, because its …

Dear All ,
can anyone help me with an urgent answer on the below question :
- If we purchase software licences for office programs like (
Microsoft , power point etc ). and we renew the same every year
do we need to capitalize this cost or expense it ( Please note that
i’m not talking about operation or accounting software’s ) I’m talking
about licences like Microsoft ( office software’s).
regards
Tony

Hi Tony,
General software costs should be expensed as they do not meet IAS 38
recognition criteria.
regards,
Aida

The cost of software license is an expense recognized in the …

I’m a CPA from the US. Is the ACCA something I should join? I’m a
member of the IMA and the AICPA in the US. Is ACCA some kind of
upstart or does anyone find it to add value to their careers and is it
recognized by global employers?
Thanks for the opinions, mostly just curious here.

Dear Justin,
ACCA is a British qualification mostly recognisted by European based
mutlinational corporations, British in particular. Please also consider
CIMA which is also Brtish qualification with more focus on management
accounting (controlling). With both qualifications you can take IFRS
path.
Please visit www.accaglobal.com …

Where can I find the training centre for IFRS in Mumbai – India, if I
register for course in IFRS with ACCA.
Regards
Asif

Asif,
ACCA provides Certification and Diploma in IFRS. You can take either
one of them as both are recognised. Certification is online but
Diploma in IFRS has examinations that are held every June & December
with exam center being in Mumbai.
THanks
Puneet

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 differences between IFRS and UK GAAP
I wish in Germany they had the same thing!!!!!

Asim
 
Below is the list of applicable paragraphs from IAS 39 for measurement of loan impairment:
 

                 Financial assets carried at amortized cost

63
If there is objective evidence …

hi:

 
Please advise me that how many IFRS and IAS applicable to Non-Profit Organization.
 
 
thanks
Khalil

Hi
 
See IPSAS standards, dedicated to public sector
 
Regards
 
Michel

What are the diferences between the two accounting policies?

IAS was in use before the introduction of IFRS. With effect from the introduction of IFRS, only IAS before the introduction of IFRS is stil in use. Any other international standard that will be issued will now be IFRS but not IAS.
 
Femi

In my view except the change in nomenaclature there is no much difference in the basic strategy of the standardization process. Ofcourse prior to 2001 (1973-2001) IAS International Accounting Standards were used to be issued by the IASC (International Accounting Standards Committee) and …

What measures are being taken by UK’s ASB to bring UK GAAP into line with international standards?
What are the advantages of a closer international harmonization of accounting olicies for multi national companies and investors?

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 differences between IFRS and UK GAAP
I wish in Germany they had the same thing!!!!!
 

suggested answer
investors increasingly make investment decisions on a worldwide …

Please let me know about cost of create new web sit
will it be general expenses or intangible assets 
So, which treatment prefered to be confirmed to international accounting standard
 
thank you
 
Mahmoud Gbr
Auditor

General expense: if there is no link to future cash inflow through this
 
Intangible asset: if satisfy the conditions of IAS 38 ..cash inflow, technical feasibility, intention, available market etc.
 
Thank you,
Regards,
Debdulal

Do you expect with relative certainty that the development of the new web will bring new cashflows to the company?

 
If yes-then it should be recognised as an asset
If not-it is an expense and should be …