Search found 12 matches
- 13 Dec 2023, 11:07
- Forum: IFRS-related topics
- Topic: IFRS 9 - Guarantee Deposits
- Replies: 10
- Views: 1908
Re: IFRS 9 - Guarantee Deposits
NO, We have to receive it Back from the lessor, We have deposited it initially with the lessor as a security deposit which we will get back after the contract period.
- 13 Dec 2023, 08:10
- Forum: IFRS-related topics
- Topic: IFRS 9 - Guarantee Deposits
- Replies: 10
- Views: 1908
IFRS 9 - Guarantee Deposits
Hello Community Members, My Auditors just reported in their ML that the " Security Deposits" I have provided to my Lessor against the lease of premises fall under IFRS 9 and they need to book them at the amortized cost. I am not sure how simple " security Deposits" which are re-p...
- 26 Oct 2021, 13:41
- Forum: IFRS-related topics
- Topic: IAS 38 Intangible Assets
- Replies: 6
- Views: 1447
Re: IAS 38 Intangible Assets
Yes, there are two different cashflows which will be generated from them. one more thing which remains to be addressed here is that if the software is not complete during the year it will remain in development cost (CWIP) and once it is ready to generate income then it will be added in to Intangible...
- 26 Oct 2021, 11:57
- Forum: IFRS-related topics
- Topic: IAS 38 Intangible Assets
- Replies: 6
- Views: 1447
Re: IAS 38 Intangible Assets
Hi Marek, Thank you for the reply. I understand that I need to book all eligible expenditure to development cost (CWIP). The question here is that when will I book the Development Cost (CWIP) to Development Cost asset and when will amortization start. As in the previous year the software was not com...
- 26 Oct 2021, 11:18
- Forum: IFRS-related topics
- Topic: IAS 38 Intangible Assets
- Replies: 6
- Views: 1447
IAS 38 Intangible Assets
Hello IFRS community, We are generating a software for use and income generation from its use. The Software has many different components and will take more than 3-5 years for completion. Currently I am charging all the directly attributable costs to Development costs. My Questions is that what crit...
- 13 Aug 2021, 08:29
- Forum: IFRS-related topics
- Topic: Related Party Disclousure
- Replies: 1
- Views: 5437
Related Party Disclousure
Dear Community members,
Does Director ship fee for the board of directors fall under related party transaction as per IAS 24?
Does Director ship fee for the board of directors fall under related party transaction as per IAS 24?
- 01 Jun 2021, 16:51
- Forum: IFRS-related topics
- Topic: IAS 38 Intangible Assets
- Replies: 3
- Views: 2071
IAS 38 Intangible Assets
Hello community members, I need guidance related to IAS 38. A Company is established to make a software which will be used to generate revenue for the company when it is completed. The company hires IT related personnel to develop the software and rents out place for them, purchases IT equipment etc...
- 31 May 2021, 13:00
- Forum: IFRS-related topics
- Topic: IFRS 16 Advance Payment
- Replies: 8
- Views: 7492
Re: IFRS 16 Advance Payment
I understand that its based on assessment of lessee.
Thank you for detailed insight
Thank you for detailed insight
- 31 May 2021, 11:39
- Forum: IFRS-related topics
- Topic: IFRS 16 Advance Payment
- Replies: 8
- Views: 7492
Re: IFRS 16 Advance Payment
Yes, as we have option to extend the contract, should it not be included?
- 31 May 2021, 11:35
- Forum: IFRS-related topics
- Topic: IFRS 16 Advance Payment
- Replies: 8
- Views: 7492
Re: IFRS 16 Advance Payment
Thank you Marek for clarification. In my case the lease term is agreed is 3 years which can be extended to 1 additional year. The initial payment is made for first 3 years and hence there will be no finance cost in 1st three years, however it will appear in 4th year.
- 31 May 2021, 10:59
- Forum: IFRS-related topics
- Topic: IFRS 16 Advance Payment
- Replies: 8
- Views: 7492
Re: IFRS 16 Advance Payment
So you mean that the Right of use asset will be depreciated straight line which will be the only expense and there will be no finance cost expense as there is no lease liability hence there is no discount and no finance cost will be there? Would you be kind enough to share an excel working like othe...
- 31 May 2021, 10:30
- Forum: IFRS-related topics
- Topic: IFRS 16 Advance Payment
- Replies: 8
- Views: 7492
IFRS 16 Advance Payment
Dear Forum Members,
Can anyone guide on the working of IFRS 16 if lease period is for 3 years and total lease payment for the entire period is made in advance at start of lease?
Can anyone guide on the working of IFRS 16 if lease period is for 3 years and total lease payment for the entire period is made in advance at start of lease?