Good day,
Could you tell how we record loans interest should I have provision then I amortize it on yearly basis or should I record the interest expense at the end of each year according to IAS what should I do.
Regard.

Hi Amir,

 
First of all you need to make an estimation of what’s going to be the real lifetime of that contract which will be different than the nominal life. Then based on the net cashflows taking into consideration the original payment plan and any commissions/subventions, you have to recalculate the …

Hi all,
I wanted complete set of IFRS Literature.If anyone of you have a  softcopy of it,then please forward it to me.Or else,if you have any idea about any site which provides the same,even that will help me.
Thanks
Rekha
 

You can check this website;   www.iasplus.com

 
 
Generally it is paid publication

 
But Deloitte has provided their e-Learning in IFRS for free…Pls try this site
 
http://212.135.140.61/
 
Regards
Srinivasan

As you know the IFRS standards text is copy right protected and all the literatures are available at www.iasplus.com and you may download but not distribute, copy or edit or use for any …

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 …

Good Day,
I am a semi-retired accounting professional with 14 years of consulting experience in IT and securities settlement systems and 15 years of industry experience principally in the financial services sector (banking, trust and investment dealers).  In order to continue to be productive, at least on a part-time basis, I am interested in acquiring sufficient knowledge about the transition to IFRS reporting to offer my services on a consultative basis.  My principal market will be in Canada which is transitioning to IFRS by 2011, however, I would also like to …

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 …

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 …

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
…

Dear All
 
Please advise your views whether subject item does come under the scope of IAS 23 or IAS 39. The loan facility is repayable in 30 years and interest rate is variable interest rate and we hedge the interest rate by taking interest swap contracts with banks.
 
In case someone needs more facts to get to the bottom of the case, Please let me know.
 
with regards
Ram

Dear Ram,
My first reaction would be IAS 39 and not IAS 23 unless the case is that you want to capitalize these costs as part of …

Hi,
I have just recently starting working in a country that is about to adopt IFRS (2009) and was wondering if anyone had had experience with possible violations to debt covenants during the transition period. I am guessing that clients will have to communicate with their banks about the impact IFRS will have on their outstanding debt and request a document stating that the banks will request the payment on demand in the case of a violation.
I am not sure if clients have realized this potential impact of going to IFRS, but …

Hi,

 
I  want to know more about IFRS, even though our country doesn’t apply it, but I am sure IFRS will be the leader for accounting world. At  first,  I am thinking of getting US CPA license, but I do not think it will be useful after several years.  please let me know if i am correct? and I want to know if i want to get license related to IFRS, can someone tell me what kind if license is related to IFRS?
and please tell me some information for it.
I appreciate it.
 

Sherry

Hi Sherry, as far …

Dear All,

As someone could let me know when all European entities should comply with the IFRS reporting format.
Up to now we comply with the LuxGaap or USGaap but I heard that we should report next January 2008 in IFRS.
Have you the article who mentioned this transition ?

Thanks and kind regards
Dominique

 
 
Dear Dominique,Per my understanding all EU entities should comply with IFRS in 2007.
See extract below:
“Currently, the EU has adopted all IFRSs, though one aspect of IAS 39
was modified. The modification affects only a small percentage of EU
banks following IFRSs. Also, EU …