No wonder...
Wiring once is better than reading a hundred times, I bet.
Search found 64 matches
- 03 Mar 2021, 14:03
- Forum: IFRS-related topics
- Topic: Fully depreciated asset treatment
- Replies: 7
- Views: 2201
- 03 Mar 2021, 02:38
- Forum: IFRS-related topics
- Topic: Advance payment under IFRS15
- Replies: 7
- Views: 5821
Re: Advance payment under IFRS15
Probably I do not understand properly but ... My understanding is Financial liability (trade payable) and contract obligation (=Advance payment) is the conditionality, is that right? Once the (performance) obligation has been completed, then , it is trade payable to be used, Whereas if the obligatio...
- 03 Mar 2021, 02:28
- Forum: IFRS-related topics
- Topic: Fully depreciated asset treatment
- Replies: 7
- Views: 2201
Re: Fully depreciated asset treatment
Thank you!
By the way, I am digressing from the topic but I wonder how many times you have read the IFRS rules (The knowledge base in your website) you to be an expert???
By the way, I am digressing from the topic but I wonder how many times you have read the IFRS rules (The knowledge base in your website) you to be an expert???
- 01 Mar 2021, 22:54
- Forum: IFRS-related topics
- Topic: Advance payment under IFRS15
- Replies: 7
- Views: 5821
Re: Advance payment under IFRS15
If contract asset is against accounts receivable, then contract liability is against accounts payable , I guess, is that right?
Then what is advance payment?
Then what is advance payment?
- 01 Mar 2021, 22:52
- Forum: IFRS-related topics
- Topic: IAS8 change of policy from revaluation model to cost model
- Replies: 4
- Views: 2235
Re: IAS8 change of policy from revaluation model to cost model
Thank you. This is not a real example but hypothetical situation. I suppose revaluation might suit to the investing buildings to reflect fair value of the market. Then initially used revaluation model but practically more time consuming or value would not much changes. So decided to use cost model w...
- 01 Mar 2021, 22:42
- Forum: IFRS-related topics
- Topic: Fully depreciated asset treatment
- Replies: 7
- Views: 2201
Re: Fully depreciated asset treatment
Thank you.
The asset’s residual value 2000 exceeds its carrying amount zero, so the depreciation is not recognised even if the fair value is exceed the zero carrying amount, is my understanding correct?
The asset’s residual value 2000 exceeds its carrying amount zero, so the depreciation is not recognised even if the fair value is exceed the zero carrying amount, is my understanding correct?
- 01 Mar 2021, 22:01
- Forum: IFRS-related topics
- Topic: Advance payment under IFRS15
- Replies: 7
- Views: 5821
Re: Advance payment under IFRS15
Thank you.
My understanding is when to use for advance payment is that when it is unconditional as same as trade receivable, is that right?
Because this is under conditional situation, that is why we have to use Contract liability as you suggested, right?
My understanding is when to use for advance payment is that when it is unconditional as same as trade receivable, is that right?
Because this is under conditional situation, that is why we have to use Contract liability as you suggested, right?
- 27 Feb 2021, 14:37
- Forum: IFRS-related topics
- Topic: IAS8 change of policy from revaluation model to cost model
- Replies: 4
- Views: 2235
IAS8 change of policy from revaluation model to cost model
Under IAS8, I understand that although the change in policy from cost model to revaluation model, the correction will be made prospectively.
But how about the case of the other way around from revaluation model to cost model, then we have to correct retrospectively as normal ?
But how about the case of the other way around from revaluation model to cost model, then we have to correct retrospectively as normal ?
- 27 Feb 2021, 14:01
- Forum: IFRS-related topics
- Topic: Fully depreciated asset treatment
- Replies: 7
- Views: 2201
Re: Fully depreciated asset treatment
Sorry I forgot one more question No.4 If the office furniture is fully depreciated ($10000-$2000 residua value) but still in use but this time this office furniture has residual value 2000 then do I need to depreciate this residual value for expecting useful life say 4 more year; The journal entry i...
- 27 Feb 2021, 13:53
- Forum: IFRS-related topics
- Topic: Fully depreciated asset treatment
- Replies: 7
- Views: 2201
Fully depreciated asset treatment
I have some questions regarding fully depreciated asset treatment. 1. If assets office furniture fully depreciated say $10,000, and no longer used so dispose them then journal entries are as follows, is that correct? Dr Accumulated depreciation 10,000 Cr Office furniture 10,000 2. If those office fu...
- 27 Feb 2021, 01:21
- Forum: IFRS-related topics
- Topic: Treatment one buy one get free under IFRS15
- Replies: 7
- Views: 3825
Re: Treatment one buy one get free under IFRS15
Impairment???I did not think so.
I thought simply cost of sale/inventory is lower than the sale price because of margin.
I thought simply cost of sale/inventory is lower than the sale price because of margin.
- 26 Feb 2021, 21:46
- Forum: IFRS-related topics
- Topic: Capiralisation or Expneses in PL
- Replies: 8
- Views: 2101
Re: Capiralisation or Expneses in PL
Well my answers for 5 questions would be like this: 1. Because the word reviewing makes me think that this is subsequent costs therefore this should be expensed. 2. Same as no.1 Expensed 3. Those costs are directly attributable cost, I think. 4.Initial legal cost then yes can capitalised but subsequ...
- 26 Feb 2021, 21:37
- Forum: IFRS-related topics
- Topic: Advance payment under IFRS15
- Replies: 7
- Views: 5821
Advance payment under IFRS15
If the situation where a cleaning company to charge monthly service to customer for contract of one year. According to the contract, customer is required to do full advance payment before the cleaning work starts. If the revenue is recognised over time according to IFRS15. How to account for the adv...
- 26 Feb 2021, 21:27
- Forum: IFRS-related topics
- Topic: Treatment one buy one get free under IFRS15
- Replies: 7
- Views: 3825
Re: Treatment one buy one get free under IFRS15
That is very true and I do not disagree.
- 26 Feb 2021, 21:01
- Forum: IFRS-related topics
- Topic: Capiralisation or Expneses in PL
- Replies: 8
- Views: 2101
Re: Capiralisation or Expneses in PL
Could you tell me the following legal costs are expense or capitalised cost? 1.Legal fees for reviewing buy and sale contract in order to acquire investment property. 2.Legal fees- for the review of the construction contracts 3,Legal fee for banking facility and stamp duty incurred? 4.Subsequent leg...
- 26 Feb 2021, 20:43
- Forum: IFRS-related topics
- Topic: Treatment one buy one get free under IFRS15
- Replies: 7
- Views: 3825
Re: Treatment one buy one get free under IFRS15
How do you treat the inventory?
Because the items 2 dishes gone from the inventory, in that case, the Journal entry is as follows? I am not sure.
Dr Cost of sale $200
Cr Inventory $200
Because the items 2 dishes gone from the inventory, in that case, the Journal entry is as follows? I am not sure.
Dr Cost of sale $200
Cr Inventory $200
- 26 Feb 2021, 20:36
- Forum: IFRS-related topics
- Topic: Excel work-IFRS16
- Replies: 7
- Views: 1927
Re: Excel work-IFRS16
Could you tell me what situation gain/loss in OCI?
- 26 Feb 2021, 20:34
- Forum: IFRS-related topics
- Topic: Capiralisation or Expneses in PL
- Replies: 8
- Views: 2101
Re: Capiralisation or Expneses in PL
Let's say a company acquired an asset in the beginning of year through a loan, later in the year the company decided to move the loan from one bank to another, therefore legal fees incurred. Those legal fees are expensed? ( not capitalised?)
- 26 Feb 2021, 19:26
- Forum: IFRS-related topics
- Topic: Treatment one buy one get free under IFRS15
- Replies: 7
- Views: 3825
Treatment one buy one get free under IFRS15
A supermarket offer buy one and get one free as discount ( Such as one dish price is $100 and offer another dish $100 as for free) What shall we account this treatment under IFRS 15? The journal entry is as follow and is that correct? Bank or Accounts receivables (Balance Sheet)– DR-100 Discounts or...
- 26 Feb 2021, 17:59
- Forum: IFRS-related topics
- Topic: How to judge whether infinite or finite intangible asset - brand as an example
- Replies: 10
- Views: 2616
Re: How to judge whether infinite or finite intangible asset - brand as an example
I see, contribution to the community.
- 26 Feb 2021, 17:58
- Forum: IFRS-related topics
- Topic: Excel work-IFRS16
- Replies: 7
- Views: 1927
Re: Excel work-IFRS16
the gain/loss in OCI or PL?
- 26 Feb 2021, 17:56
- Forum: IFRS-related topics
- Topic: Capiralisation or Expneses in PL
- Replies: 8
- Views: 2101
Re: Capiralisation or Expneses in PL
After the link you kindly provided me, I just clarify the following:
The initial delivery cost and initial legal cost are yes, capitalised but if after that the deliveries are not initial ones and renewal legal cost are expensed?
The initial delivery cost and initial legal cost are yes, capitalised but if after that the deliveries are not initial ones and renewal legal cost are expensed?
- 26 Feb 2021, 14:05
- Forum: IFRS-related topics
- Topic: Capiralisation or Expneses in PL
- Replies: 8
- Views: 2101
Capiralisation or Expneses in PL
Can we capitalise the Buyer Agent Fees, ie the cost of paying an Agent to help you purchase a new Building?
Some seem to say yes.
But thinking about the insurance which is not capitalised then it seems to me the same thing applies to agent fee.
Some seem to say yes.
But thinking about the insurance which is not capitalised then it seems to me the same thing applies to agent fee.
- 26 Feb 2021, 14:02
- Forum: IFRS-related topics
- Topic: How to judge whether infinite or finite intangible asset - brand as an example
- Replies: 10
- Views: 2616
Re: How to judge whether infinite or finite intangible asset - brand as an example
Ok, Goole is my friend to help me out...
- 26 Feb 2021, 01:45
- Forum: IFRS-related topics
- Topic: Excel work-IFRS16
- Replies: 7
- Views: 1927
Re: Excel work-IFRS16
I see, thank you
But if the example is the case of retailer not manufacturer then how to recognise revenue and cost of sale?
But if the example is the case of retailer not manufacturer then how to recognise revenue and cost of sale?
- 26 Feb 2021, 01:35
- Forum: IFRS-related topics
- Topic: How to judge whether infinite or finite intangible asset - brand as an example
- Replies: 10
- Views: 2616
Re: How to judge whether infinite or finite intangible asset - brand as an example
No I did not.
Could you kindly give me the example company with link of the FS?
Could you kindly give me the example company with link of the FS?
- 25 Feb 2021, 20:07
- Forum: IFRS-related topics
- Topic: Excel work-IFRS16
- Replies: 7
- Views: 1927
Excel work-IFRS16
My question comes from https://ifrscommunity.com/knowledge-base/ifrs-16-lessor-accounting/#ifrs_16_example_finance_lease_by_lessor_01 Accounting entries at the commencement date: DR CR 95,000 Net investment in the lease 90,000 Equipment held for lease 88,398 Revenue 83,398 Cost of goods sold I do no...
- 25 Feb 2021, 01:09
- Forum: IFRS-related topics
- Topic: IFRS Diploma/Certificate & Dobule book entries
- Replies: 23
- Views: 5423
Re: IFRS Diploma/Certificate & Dobule book entries
Thank you, Marek
But it would be much nicer you are the host sharing your knowledge using simple terms.
But it would be much nicer you are the host sharing your knowledge using simple terms.
- 24 Feb 2021, 21:58
- Forum: IFRS-related topics
- Topic: IFRS Diploma/Certificate & Dobule book entries
- Replies: 23
- Views: 5423
Re: IFRS Diploma/Certificate & Dobule book entries
Thank you Marea.
If you know more about good sources including videos and Podcast, please let me know, thank you.
By the way, Marek or someone else are not planning to do their Podcast about IFRS staff???
If so, it would be really interesting and useful indeed.
If you know more about good sources including videos and Podcast, please let me know, thank you.
By the way, Marek or someone else are not planning to do their Podcast about IFRS staff???
If so, it would be really interesting and useful indeed.
- 24 Feb 2021, 18:59
- Forum: IFRS-related topics
- Topic: How to judge whether infinite or finite intangible asset - brand as an example
- Replies: 10
- Views: 2616
Re: How to judge whether infinite or finite intangible asset - brand as an example
Cannot be recognised because of being generated internally, right?
But if I remember correctly, when Apple bought Pixar, then its brand could be recognised in FS???
I wonder like JRSB said a big corporation would not want to value?
But if I remember correctly, when Apple bought Pixar, then its brand could be recognised in FS???
I wonder like JRSB said a big corporation would not want to value?