Search found 213 matches

by Asnake E
03 Mar 2024, 15:05
Forum: IFRS-related topics
Topic: Transition to IFRS vs IFRS 16
Replies: 6
Views: 409

Re: Transition to IFRS vs IFRS 16

The requirement is for preparing single financial statements too.
by Asnake E
03 Mar 2024, 14:33
Forum: IFRS-related topics
Topic: Transition to IFRS vs IFRS 16
Replies: 6
Views: 409

Re: Transition to IFRS vs IFRS 16

Yes, it does not make any sense but it is the law. The subsequent accounting will be recording the periodic lease payments as rent expense. As there is no right of use of asset, there will be no depreciation. And as there is no lease liabilty, there will be no liability to deduct for the periodic pa...
by Asnake E
03 Mar 2024, 13:18
Forum: IFRS-related topics
Topic: Transition to IFRS vs IFRS 16
Replies: 6
Views: 409

Re: Transition to IFRS vs IFRS 16

The companies are required by law to adopt IFRS. There is a proclamation for the adoption of IFRS.
by Asnake E
03 Mar 2024, 12:23
Forum: IFRS-related topics
Topic: Transition to IFRS vs IFRS 16
Replies: 6
Views: 409

Transition to IFRS vs IFRS 16

Hi, Following adoption of IFRS, the accounting regulatory body in our country issued the following directive for entities applying IFRS for the first time Offsetting assets and liabilities: If application of International Financial Reporting Standards for leases, IFRS 16, at first time adoption of I...
by Asnake E
01 Mar 2024, 12:22
Forum: General accounting and financial reporting discussion
Topic: Depreciation of Diagnostic Laboratory Equipment
Replies: 8
Views: 503

Re: Depreciation of Diagnostic Laboratory Equipment

Unfortunately, the technical people in my audit client don't have definitive answers on the estimated lives of the equipment.

I tried to google for examples in depreciation policies. They give range of years in the policy notes eg. Useful lives of 3 - 15 years
by Asnake E
01 Mar 2024, 09:29
Forum: General accounting and financial reporting discussion
Topic: Depreciation of Diagnostic Laboratory Equipment
Replies: 8
Views: 503

Re: Depreciation of Diagnostic Laboratory Equipment

Thank you. My question was on accounting depreciation rates. As you said, it might be proper to estimate an entity specific in consultation with the entity's personnel who might have some knowledge on the useful life of the specif asset.
by Asnake E
29 Feb 2024, 09:04
Forum: General accounting and financial reporting discussion
Topic: Depreciation of Diagnostic Laboratory Equipment
Replies: 8
Views: 503

Depreciation of Diagnostic Laboratory Equipment

Hi,

Any guidance on the depreciation rates on diagnostic laboratory equipment?
In our country's tax law such assets are depreciated at 15% on the straight line basis or at 20% on the reducing balance basis. These rates seem very accelerated.
by Asnake E
28 Feb 2024, 18:05
Forum: IFRS-related topics
Topic: Right of Use Asset at the Date of Transition to IFRS
Replies: 2
Views: 264

Re: Right of Use Asset at the Date of Transition to IFRs

Thank you. Now I also see it under IFRS 1's Appendix D that deemed cost is also applicable for right of use assets.
by Asnake E
28 Feb 2024, 17:13
Forum: IFRS-related topics
Topic: Right of Use Asset at the Date of Transition to IFRS
Replies: 2
Views: 264

Right of Use Asset at the Date of Transition to IFRS

Hi,

Can the deemed cost exemption be applied for the right of Use Asset at the date of transition to IFRS in measuring the RoU at fair value on the opening statement of financial position at the transition date to IFRS?
by Asnake E
20 Feb 2024, 03:00
Forum: After hours
Topic: Excel Vlookup function
Replies: 9
Views: 284

Re: Excel Vlookup function

All the solutions proposed by AI don’t work. The proposed are still work for the customer side. My problem was say I have 15 outstanding balances and 10 customers and that the 10 customers are matched with the 10 outstanding balances. How can I identify the remaining 5 outstanding balances. I’d rath...
by Asnake E
18 Feb 2024, 18:25
Forum: After hours
Topic: Excel Vlookup function
Replies: 9
Views: 284

Re: Excel Vlookup function

According to www.iAsk.ai Ask Ai Answer Engine: Identifying Unmatched Outstanding Balances in Vlookup When using Vlookup to match outstanding balances with customers, it is essential to be able to identify outstanding balances that remain unmatched. There are several ways to achieve this: Using IFERR...
by Asnake E
18 Feb 2024, 16:02
Forum: After hours
Topic: Excel Vlookup function
Replies: 9
Views: 284

Re: Excel Vlookup function

I think it should be further investigated as excel has various functions. A combination of functions might be the solution.
by Asnake E
18 Feb 2024, 06:21
Forum: After hours
Topic: Excel Vlookup function
Replies: 9
Views: 284

Re: Excel Vlookup function

Unfortunately, my version of excel is of 2016. I don’t think Xlookup is available for this version.
by Asnake E
16 Feb 2024, 23:53
Forum: After hours
Topic: Excel Vlookup function
Replies: 9
Views: 284

Re: Excel Vlookup function

Let’s say we use vlookup to find/match the outstanding balance for each customer. My question was how can we know the outstanding balances which remain not matched with the customers (that may be because there is no customer for the specific outstanding balance, formula error)
by Asnake E
16 Feb 2024, 05:02
Forum: After hours
Topic: Excel Vlookup function
Replies: 9
Views: 284

Excel Vlookup function

Hi, Assume you have a column data (let’s say Column C of your data range) where you find the values from it using the vlookup to match with other column’s data values, is there any option (ie other than manually finding them) to identify values/cells of the Column A which remain not matched with the...
by Asnake E
14 Feb 2024, 16:48
Forum: IFRS-related topics
Topic: Employee Benefits- current service costs
Replies: 3
Views: 266

Re: Employee Benefits- current service costs

Thank you. But I came across cases where the defined benefit obligation at the year end is lower than the defined benefit obligation at the beginning of the year plus the interest on the benefit obligation at the beginning of the year for some employees in my workings. How can I explain this? Note: ...
by Asnake E
14 Feb 2024, 05:33
Forum: IFRS-related topics
Topic: Employee Benefits- current service costs
Replies: 3
Views: 266

Employee Benefits- current service costs

Hi, Is there any possibility that the current service cost can be zero when the actuarial assumptions change (decrease in the estimated salary growth rate, increase in the staff turnover rate) and the change in the benefit obligation is the result of discounting cost (interest on the benefit obligat...
by Asnake E
24 Jan 2024, 16:14
Forum: IFRS-related topics
Topic: IFRS accounting policy choices
Replies: 6
Views: 1499

Re: IFRS accounting policy choices

I don’t think it is possible to get such list in one place. You might try to Google. But it is better to be specific about the accounting policy so that you can go through the applicable standard and see if there are policy choices.
by Asnake E
18 Jan 2024, 09:19
Forum: IFRS-related topics
Topic: Measurement of a real estate under development for sale
Replies: 4
Views: 1296

Measurement of a real estate under development for sale

Hi
Is there any possibility to measure of a real estate under development for sale at fair value per IFRS?
by Asnake E
31 Oct 2023, 01:07
Forum: General accounting and financial reporting discussion
Topic: Deferred Income Tax
Replies: 17
Views: 3754

Re: Deferred Income Tax

Thank you. You are real Expert!
by Asnake E
30 Oct 2023, 19:02
Forum: General accounting and financial reporting discussion
Topic: Deferred Income Tax
Replies: 17
Views: 3754

Re: Deferred Income Tax

Thank you. The explanations are really helpful. My question on the deferred tax emanates from the fact that those "intangible assets" are amortised to the PL for ten years straight line for tax. And as I said they were taken to the balance sheet at fair value and as a result there arises a...
by Asnake E
30 Oct 2023, 14:02
Forum: General accounting and financial reporting discussion
Topic: Deferred Income Tax
Replies: 17
Views: 3754

Re: Deferred Income Tax

No, it is not quoted. But the exchange sells seats to new members. The average price for the year (as evidenced by a letter that the exchange gives to the members upon the members' request for financial reporting is used as fair value of the seat.
by Asnake E
30 Oct 2023, 12:51
Forum: General accounting and financial reporting discussion
Topic: Deferred Income Tax
Replies: 17
Views: 3754

Re: Deferred Income Tax

Yes, there is a market.
by Asnake E
30 Oct 2023, 01:18
Forum: General accounting and financial reporting discussion
Topic: Deferred Income Tax
Replies: 17
Views: 3754

Re: Deferred Income Tax

It is the value of a seat in commodities exchange that the company is a member.
by Asnake E
29 Oct 2023, 19:27
Forum: General accounting and financial reporting discussion
Topic: Deferred Income Tax
Replies: 17
Views: 3754

Deferred Income Tax

Hi,
Do deferred income tax liability arise on an intangible asset which is recognised in the books at fair value model and for tax reported at cost less amortization?
by Asnake E
24 Oct 2023, 19:09
Forum: IFRS-related topics
Topic: IAS 2 Transportation costs
Replies: 8
Views: 1037

Re: IAS 2 Transportation costs

Thank you.