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Re: [IFRS List] Management Representation Letter to the Auditor

Wed, 22 Apr 2009 22:02:21 PDT

Hi, International Standards on Auditing have prescribed a format for the representation letter but it is not a law and there is no restriction in changing its wording. Usually audit firms use the format as it is, but in some instances they have even expanded it to cover specific areas that might not have been covered in the format. There is definitely a possibility of making changes to it as far as the auditors are convinced with the...

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RE: [IFRS List] Re : [IFRS List] IAS 38

Wed, 22 Apr 2009 01:19:26 PDT

Dear Suraj, IAS 38 para 69 clearly prohibits capitalization of expenditure on advertising and promotional events This is because we cannot reasonably attribute incremental contribution to the advertising and promotional events in determining the Value-in-use of the expenditure. Regards, From: Edgar [mailto:kalbitedg@yahoo.fr] Sent: Wednesday, 22 April, 2009 3:07 PM To: ifrs@ifrslist.com Subject: [IFRS List] Re : [IFRS List]...

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[IFRS List] Re : [IFRS List] IAS 38

Wed, 22 Apr 2009 00:07:11 PDT

Dear Suraj, Rent on hoarding, which is an intangible assets is to be matched off with the revenue, not as an intagible assets. Edgar Deloitte & Touche Congo ________________________________ De : Suraj Ratan Mohta À : ifrs@ifrslist.com Envoyé le : Mardi, 21 Avril 2009, 10h19mn 33s Objet : [IFRS List] IAS 38 Dear Group member Please advice, the rent which is paid for the advertiment, like display of bill boards etc., can we take it...

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[IFRS List] Re : [IFRS List] income statement

Wed, 22 Apr 2009 00:02:08 PDT

Yes, indeed. Further to that, for the purpose of Corporate Income Tax (CIT), as a result of no operations performed, and no income realised, there is a loss, thus no impact for paying CIT. As to what level of CIT to pay in this case, this depends broadly on tax dispositions depending on each country's tax system. Some country allow a non- activity company to pay minimum non-activity CIT, some other not..... Whatever the specificity of...

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[IFRS List] TERMINAL BENEFITS CALCULATIONS

Tue, 21 Apr 2009 06:32:33 PDT

Dear members, May you please advice me on calculating terminal benefits for an employee Let's say Mr. E has been working with ABC Company Ltd since 26th June 2007 and is to be terminated in 30th June 2009 after the business closure. His starting salary was US$300 per month plus 15% housing benefit totalling US$345. After salary review his new salary is US$334 per month plus housing benefit 15% totalling US$384.1 Assuming that Mr. E is being...

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Re: [IFRS List] IAS 38

Tue, 21 Apr 2009 03:52:37 PDT

Dear Suraj, The rent on hoarding, even if it brings out enduring benefits for branding will be treated as an Intangible "Item" and not "Intangible Asset" and has to be charged off to revenue. IAS 38 does not permit recognising internally generated goodwill, brands etc., With regards Chinnsamy Ganesan --- On Tue, 21/4/09, Suraj Ratan Mohta wrote: From: Suraj Ratan Mohta Subject: [IFRS List] IAS 38 To:...

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[IFRS List] IAS 38

Tue, 21 Apr 2009 01:19:33 PDT

Dear Group member Please advice, the rent which is paid for the advertiment, like display of bill boards etc., can we take it into intangible assets. Is advertisment cost of our product an intangible assets best regards Suraj Ratan Mohta +919820297934

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Re: [IFRS List] income statement

Tue, 21 Apr 2009 01:10:42 PDT

Yes, absolutely! it's one of the primary statements. All your incurred costs must be shown in the P&L. On Tue, Apr 21, 2009 at 9:50 AM, Suraj Ratan Mohta wrote: > Dear Group members > > Please advice me on the following > > Does the company need to prepare the income statement, even if it has not > yet started its main operation ? > > Thanking you in advance > Suraj Ratan Mohta > +919820297934 > --...

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[IFRS List] income statement

Tue, 21 Apr 2009 00:50:43 PDT

Dear Group members Please advice me on the following Does the company need to prepare the income statement, even if it has not yet started its main operation ? Thanking you in advance Suraj Ratan Mohta +919820297934

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RE: [IFRS List] Cash Flow Statement

Mon, 20 Apr 2009 03:42:49 PDT

Zulfiquar Attached is the sheet that may give you the idea roughly the way the cash flow is made. Thanks Best Regards Aliya Bhat Chief Accountant -----Original Message----- From: Ally Kaggoi [mailto:amkaggoi@gmail.com] Sent: Monday, April 20, 2009 1:04 PM To: ifrs@ifrslist.com Subject: Re: [IFRS List] Cash Flow Statement Muhammad, Statement of Cash flow deals with all cash transactions and ignores all non cash transactions so as to...

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Re: [IFRS List] Cash Flow Statement

Mon, 20 Apr 2009 03:44:08 PDT

IAS 7 has an illustrative example on how to produce cash flow statements. This might be useful. If using the indirect approach, the approach is basically as follows: 1) operating profit 2) adjust for non cash movements (depreciations, movements in inventory, accounts receivable&payable) 3) include non P&L cash movements from investment and financing activities (e.g. share issue, loans etc) Regards, Jeroen On Mon, Apr 20, 2009 at...

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Re: [IFRS List] Cash Flow Statement

Mon, 20 Apr 2009 02:04:15 PDT

Muhammad, Statement of Cash flow deals with all cash transactions and ignores all non cash transactions so as to arise at the changes in cash and cash equivalents. On 4/20/09, Mohammad Zayed Zulfiquar wrote: > Dear Friends > > Can anybody help me to prepare Cash Flow Statement? I mean, which > transactions will be considered for cash flow statement, which will be > ignored, etc. > > -- > Best regards > > Mohammad...

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[IFRS List] Cash Flow Statement

Mon, 20 Apr 2009 01:08:28 PDT

Dear Friends Can anybody help me to prepare Cash Flow Statement? I mean, which transactions will be considered for cash flow statement, which will be ignored, etc. -- Best regards Mohammad Zayed Zulfiquar Ph - +88 02 8919905, 8915061 (Off) +88 02 8752575 (Res) +88 01914239422 (Mob) If you can imagine it, you can achieve it; if you can dream it, you can become it.

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Re: [IFRS List] Management Representation Letter to the Auditor

Sat, 18 Apr 2009 12:20:01 PDT

Most of the representation letter content and clauses were prepared according to law and regulations and rulings applicable at particular date and time. If any of the clauses which is not relevant to representation letter at the signing of the financials and accounting period concerned should not be part of the representation letter. 2009/4/7 Hemant Bhandari > Dear Experts, > > Could you please give you view on the contents of the...

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Re: [IFRS List] IFRSvs IAS

Thu, 16 Apr 2009 01:47:58 PDT

There is no difference! The name IAS was changed into IFRS at some stage. They concluded its more about Financial Reporting (FR) rather than Acounting (A). As you can see, all IASs have been published before the IFRSs. IAS is still valid as long as it is not superceded by a new IFRS. On Thu, Apr 16, 2009 at 5:03 AM, Mohammad Zakaria wrote: > > can any one explain the key difference of IFRS and IAS > > > > >...

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Re: [IFRS List] IFRSvs IAS

Thu, 16 Apr 2009 01:19:39 PDT

its more difference between them and two fields first one IFRS for reports but the next IAS for accounting.also must know about standards thats what we do customary by time its beaning standards I hope its be correct . On Thu, Apr 16, 2009 at 5:03 AM, Mohammad Zakaria wrote: > > can any one explain the key difference of IFRS and IAS > > > > > -------------------------------------------------------------------------- >...

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RE: [IFRS List] IFRSvs IAS

Thu, 16 Apr 2009 00:35:34 PDT

Hello Zakaria, in brief I can say IFRS are the "new" IAS.=20 -----Original Message----- From: Mohammad Zakaria [mailto:zakaria_1273@yahoo.com]=20 Sent: 16 April 2009 05:03 To: ifrs Subject: [IFRS List] IFRSvs IAS can any one explain the key difference of IFRS and IAS =20 ------------------------------------------------------------------------ -- Post your message to [IFRS] List: ifrs@ifrslist.com Share your documents:...

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[IFRS List] IFRSvs IAS

Wed, 15 Apr 2009 20:03:13 PDT

can any one explain the key difference of IFRS and IAS -------------------------------------------------------------------------- Post your message to [IFRS] List: ifrs@ifrslist.com Share your documents: sharing@ifrslist.com For help or assistance: elena@ifrslist.com Leave [IFRS] List: ifrs-unsubscribe@ifrslist.com -------------------------------------------------------------------------

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Re: [IFRS List] IFRSvs IAS

Thu, 16 Apr 2009 00:30:37 PDT

Dear muhammad Zakaria U Asked For The Difference Between ISAa & IFRSs. Not That Before the implementation of IFRSs, ISAs Were Considered As Accounting Standards. Now IFRSs & ISas Are Colectively Called IFRSs. ------------------------------------------------------------------------- New Email addresses available on Yahoo! Get the Email name you've always wanted on the new @ymail and @rocketmail. Hurry before...

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[IFRS List] Entries - Consolidation of financial statements

Sat, 11 Apr 2009 01:15:40 PDT

Dear All, Request your valuable advice on the entries to be passed in the books of 1. Consolidated company 2. Stand Alone Parent Company for the purchase of shares on March 1,2009 and also the treatment of Goodwill. Company X had already acquired 50 % of shares of Company Y 2 years back for a cash consideration of $65,000(Total Value of Common Stock/shares #1000).The parent company has been recording the investment under equity method and as...

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