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For calculating goodwill at the time of acquisition cash will not be part of net assets, Calculation of consideration is taking into account the enterprise value of the company at the acquisition and cash wont be part of asset at time of the calculation,

Pls refer below regarding measurement of borrowing cost relating to qualifying asset as per IAS 23 . Considering this auditors view is correct and interest income earned from investing the borrowed money need to be reduced from borrowing cost and net cost to be capitalised. Where funds are borrowed ...

From what I understand that there are no specific details regarding period of lease and the contact is open for cancellation any time and there are no penalty involved for cancellation. IFRS 16 explains lease term as below and in this case non-cancellable period is Zero and hence lease payments can ...

Dear All,

Looking for some technical reference/guidance with respect to accounting of set up cost(incorporation etc..) and pre operative expenses in the book of JV partners and JV. Thanks a lot for your help.

IFRIC 13 addresses customer loyalty programs. An entity that grants loyalty award credits shall allocate some of the proceeds of the initial sale to the award credits as a liability (its obligation to provide the awards). In effect, the award is accounted for as a separate component of the sale tran...

irrespective of the core business being service and not dealing with inventories as primary business it should be part of current assets unless its consumed /sold or impaired.

Lot of technical references are given in the response before and this is very helpful. IMO to record transaction central back spot rate or mid rate may be used and for translation at the year end the mid rate suggested by central bank is used . This is based on practical experience.