Search found 22 matches

by Lasa1
23 Feb 2021, 16:19
Forum: General accounting and financial reporting discussion
Topic: Land and Building Grant:Provision for right of use shown in Equity
Replies: 4
Views: 313

Re: Land and Building Grant:Provision for right of use shown in Equity

I applied to a position and just gathering some information. Further in the report it is stated: “A provision for the right of use of the building is reported as part of the equity of the WTO and has appreciated accordingly using the same rate of depreciation as that of the Building, resulting in a ...
by Lasa1
22 Feb 2021, 17:16
Forum: General accounting and financial reporting discussion
Topic: Land and Building Grant:Provision for right of use shown in Equity
Replies: 4
Views: 313

Land and Building Grant:Provision for right of use shown in Equity

Hello, In the WTO annual report there is a provision for a right of use of a land and a building shown in Equity. The variance year over year of this provision is the 0.6 depreciation which increases profit. This land and building were donated by the local government years ago and WTO follows IPSAS ...
by Lasa1
03 Feb 2021, 15:51
Forum: General accounting and financial reporting discussion
Topic: Effective Interest Rate Calculation
Replies: 6
Views: 308

Re: Effective Interest Rate Calculation

:) :)
Thank You, I might stick to XIRR... ;)
by Lasa1
03 Feb 2021, 15:45
Forum: General accounting and financial reporting discussion
Topic: Effective Interest Rate Calculation
Replies: 6
Views: 308

Re: Effective Interest Rate Calculation

Referring to the example in the Knowledge Base : What I would like to learn is how XIRR gets to 7.8% so I learn how to calculate it myself. Is there any guidance on this?
by Lasa1
03 Feb 2021, 15:29
Forum: General accounting and financial reporting discussion
Topic: Effective Interest Rate Calculation
Replies: 6
Views: 308

Re: Effective Interest Rate Calculation

I just checked the Knowledge Base, very useful, thanks!
by Lasa1
03 Feb 2021, 15:21
Forum: General accounting and financial reporting discussion
Topic: Effective Interest Rate Calculation
Replies: 6
Views: 308

Effective Interest Rate Calculation

Hi, I am going through the review of IFRS9 and came accross an example for which I will need some guidance: Company A invests in debt of 3million $ with 1% discount on 01.01.20x1 (so cash disbursement is 2.97million). The Coupon rate of the debt is 5% per year , payable on 31 Dec and is itself repay...
by Lasa1
20 Jan 2021, 20:29
Forum: IFRS-related topics
Topic: Consolidation Investment in Subsidiaries
Replies: 13
Views: 118

Re: Consolidation Investment in Subsidiaries

Forgot the most important thing... Big thanks , all clear now
Cheers,
Lasa
by Lasa1
20 Jan 2021, 15:43
Forum: IFRS-related topics
Topic: Consolidation Investment in Subsidiaries
Replies: 13
Views: 118

Re: Consolidation Investment in Subsidiaries

:) You are right... it is not
For reporting pourposes , we are nice and let her join our European group :)
by Lasa1
20 Jan 2021, 15:36
Forum: IFRS-related topics
Topic: Consolidation Investment in Subsidiaries
Replies: 13
Views: 118

Re: Consolidation Investment in Subsidiaries

So regarding your 1st comment "In IFRS, an entity is exempted from the requirement to consolidate its subsidiaries if conditions in IFRS 10 par 4 are satisifed. This would not apply to EU2 subsidiary as the parent uses US GAAP"... does it mean that IFRS will require E2 to consolidate but country Req...
by Lasa1
20 Jan 2021, 15:12
Forum: IFRS-related topics
Topic: Consolidation Investment in Subsidiaries
Replies: 13
Views: 118

Re: Consolidation Investment in Subsidiaries

US1 receives separate data from EU2 and EU3. Adding again a piece of information included in my last message written after receiving your answers. In the meantime, I received the below input from a colleague: "Consolidation at country level is rarely required. It is not because you have investments ...
by Lasa1
20 Jan 2021, 14:44
Forum: IFRS-related topics
Topic: Consolidation Investment in Subsidiaries
Replies: 13
Views: 118

Re: Consolidation Investment in Subsidiaries

Yes, the final Parent Company (US1) consolidates all subsidiaries worldwide in its books. In the meantime, I received the below input from a colleague: "Consolidation at country level is rarely required. It is not because you have investments that you need to consolidate. This depends on the country...
by Lasa1
20 Jan 2021, 14:15
Forum: IFRS-related topics
Topic: Consolidation Investment in Subsidiaries
Replies: 13
Views: 118

Re: Consolidation Investment in Subsidiaries

The example above refers to a US public corporation that owns direct or indirectly a lot of subsidiaries in Europe. To my knowledge most of the EU subsidiaries report their investments-in other subsidiaries in one single line (Investments-in) and in general the ownership % is 100%. One example of EU...
by Lasa1
19 Jan 2021, 21:34
Forum: IFRS-related topics
Topic: Consolidation Investment in Subsidiaries
Replies: 13
Views: 118

Consolidation Investment in Subsidiaries

Hi, I have a question on consolidation on investment in subsidiaries. 1-General Background: -US Parent company has subsidiaries in Europe (EU) -All EU subsidiaries are owned 100% directly or indirectly by the US Parent Company (US1) -US Parent Company consolidates all its subsidiaries and is a publi...
by Lasa1
22 Oct 2020, 19:44
Forum: IFRS-related topics
Topic: IAS 2
Replies: 8
Views: 91

Re: IAS 2

Thanks for clarification!
by Lasa1
22 Oct 2020, 17:30
Forum: IFRS-related topics
Topic: IAS 2
Replies: 8
Views: 91

Re: IAS 2

Reading IAS2.38 I understand that unallocated production overheads should be included in COGS. However, I am struggling with IAS2.13: “The amount of fixed overheads allocated to each unit of production is not increased as consequence of low production or idle plant. Unallocated overheads are recogni...
by Lasa1
15 Oct 2020, 12:55
Forum: IFRS-related topics
Topic: IFRS 16: Lease of land
Replies: 5
Views: 105

Re: IFRS 16: Lease of land

Totally right and very well explained, thanks!
by Lasa1
15 Oct 2020, 12:16
Forum: IFRS-related topics
Topic: IFRS 16: Lease of land
Replies: 5
Views: 105

Re: IFRS 16: Lease of land

1.If we depreciate the RoU , are not we in contradiction with IFRS16.31 "A lessee shall apply the depreciation requirements in IAS 16 Property, Plant and
Equipment in depreciating the right-of-use asset, subject to the requirements in paragraph 32" which states that land is not depreciated.
by Lasa1
14 Oct 2020, 18:18
Forum: IFRS-related topics
Topic: Electricity contract
Replies: 10
Views: 180

Re: Electricity contract

Hello Leo,

First time that I give my opinion here so hope I won t confuse more.
Should not you consider the production plant as the identified asset? The plant will be fully dedicated to produce the electricity for your company.

Regards
by Lasa1
07 Oct 2020, 12:45
Forum: IFRS-related topics
Topic: What inventories are valued at fair value?
Replies: 6
Views: 128

Re: What inventories are valued at fair value?

That was quick! Thanks a lot.

I am preparing the Chartered Global Management Accountant professional certification to develop my accounting and financial analysis skills
by Lasa1
07 Oct 2020, 11:40
Forum: IFRS-related topics
Topic: What inventories are valued at fair value?
Replies: 6
Views: 128

What inventories are valued at fair value?

Hello, I will start saying that this is a very academic question because I am preparing a Finance certification. Question is : Which are the inventories that can be valued at fair value ? I found that IAS 41 allows agricultural production to be valued at fair value but are they the only ones? Thanks...