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TAX »

[15 Dec 2008 | No Comment | 13,583 views]

Can any one help me for calculation of deferred tax under deductable timing diference
Example: writeen down value of fixed assets as pert accounts-200
         writeen down value as per tax                      150
please privide the soluision by giving effects in the profit and loos accounts and balance sheet. The company going to introduce deferred tax in first time

Hi,
 
Here is the solution::
U need to calculate PGBP in following manner taking into consideration timing differences :
 
PBT as per P & L a/c …

IFRS »

[15 Dec 2008 | No Comment | 2,889 views]

Good day,
I would like to know how a company would record shares in its books if
these were received as a gift.
For example:
Shares held by Mr. Brown in Company A were transferred to Company B as
a gift. How would these shares be recorded in the books of Company B
under IFRS? Please refer me to the applicable IFRS
I look forward to your response
Regards,
Tracia

TraciaOne would need to refer to the terms and conditions of the transfer of
the gift for the more detailed aspects of recording the transaction.However, assuming that it is a vanilla …

IAS 38 »

[15 Dec 2008 | No Comment | 5,248 views]

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 …

IFRS »

[14 Dec 2008 | No Comment | 6,320 views]

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 …

OTHER GAAP »

[14 Dec 2008 | No Comment | 2,988 views]

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 …

TAX »

[28 Aug 2008 | No Comment | 3,889 views]

Please any body can give the suggession to calculate the deferred tax under following situationThe company earned profit after tax in 2006 100 m , 2007 112 m & 2008 85m and tax rate was 30%, 35% and 30% respectively. at the end of 2008 the company given the jurnal of prior years adjustment of tk 10 m relation to 2006 of 5m 2007 of m . the company does not calculate the deferred tax in any of the previous year.

 
under above circumstances how deferred tax will be calculated
Thanks

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IFRS »

[28 Aug 2008 | No Comment | 2,836 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 | 3,580 views]

Hello All
 
I am working on PPA Valuations for IFRS 3.
I have following two queries:
 

I want to understand the treatment of Deferred Taxes i.e. how are they calculated and accounted for, and whether deferred tax liability needs to be reduced from Purchase Price while calculating Goodwill.
How is tax amortization benefit calculated in valuation of intangible assets? If my intangible asset has a remaining life of say just 4 years, what should be my amortization period?

 
Kindly advise.
 
Thanks and Regards,
 
Tejal.
 

Deffered Tax is to be considered in PPA excercise

Shabi

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IFRS »

[28 Aug 2008 | No Comment | 2,613 views]

Hi all!
Can you tell me the journal entry of this prblem…
Goods sold Rs.10000
Discount on cash payment 5% 
Add tax 4%
Plz journalize it!

Sales                    10.000 Credit
Sales discounts          500 Debit
Tax payable               380  Credit
Cash                      9.880 Debit

Is this IFRS related? Or is this an accounting course exercise?
Cagri Gurses wrote:

Agree with the below. However, not sure if he means 4% tax on the 10k or
inclusive in the 10 k. If over and above, then theJEs could look like this
as shown below (broken down for easy understamding). I dont think if it is
inclusive in the 10k that …

IFRS »

[28 Aug 2008 | No Comment | 2,813 views]

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 …

IFRS »

[28 Aug 2008 | No Comment | 2,015 views]

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 …

IFRS »

[28 Aug 2008 | No Comment | 1,481 views]

Hi all,
 
whether intraday sale of shares is taxable as speculation business income or Business income for the financial year 2006-2007?
 
regards,
sudhakaran

Hi Sudha,
In Indian context it is short term capital gain and it will come under the head capital gains.
Debashish

Hi Sudha,
 
your question for Its Speculation Business as you have not taken the delevery of the shares and is transfered on the same day. Only if The shares are received in your account and then transfered it refers as STCG and if you are regularly doing the business in shares then it will be treated …

IFRS »

[27 Aug 2008 | No Comment | 2,305 views]

Good morning,
Could anybody please guide me where I can find the full text of “AICPA Audit and Accounting Guide Health Care Organizations”?? Thanks in advance.
Cheers,
Abed

Are you looking for a particular chapter in the guide? The reason I ask is because those guides are usually 12-15 chapters long and usually need to be ordered through the AICPA. If you have access to an online research tool, at least in the U.S it is part of the research package. A couple of packages that are pretty good are RIA-Thompson’s Checkpoint and …

IFRS »

[27 Aug 2008 | No Comment | 2,204 views]

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 …

IFRS »

[27 Aug 2008 | No Comment | 1,599 views]

Sono una studentessa di Economia e Legislazione d’impresa, Università
degli Studi di Verona.
Sto preparando una tesi sulla proposta dello IASB di creare degli IFRS
per le PMI.
Volevo alcune notizie riguardo l’argomento.
Grazie
Barbara
Hello,
I have been looking for guidance pertaining to the Information Technology aspect of IFRS.  From your email, I think you are concentrating on the business aspect of IFRS. Are you familiar with IT Auditing and the rules surrounding it?

Hi Barbara, welcome to IFRS List.
For all IFRS List members, Barbara is preparing a thesis about IFRS, and asked for info, resources links, about …

IFRS »

[27 Aug 2008 | No Comment | 1,672 views]

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 …

IFRS »

[27 Aug 2008 | No Comment | 1,841 views]

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 …

IFRS »

[27 Aug 2008 | No Comment | 2,787 views]

Do I email you to suggest a new topic?

I saw that the disclosures for IAS 7 were a recent topic of interest.  I thought readers might be interested in reading about disclosures required for IAS 12.
IAS 12 (Income Taxes) requires a minimum of five disclosures, and potentially more than fifteen, depending on the complexity of the organization and their taxes.  Two good resources are www.taxstream.eu/ias_12 and http://www.iasplus.com/standard/ias12.htm.
Hope that helps.

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IFRS »

[27 Aug 2008 | No Comment | 3,064 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 | 1,523 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 …