Okay makes perfect sense now, thank you so much!!
Search found 23 matches
- 09 Apr 2024, 11:27
- Forum: IFRS-related topics
- Topic: Royalties & sales commissions
- Replies: 12
- Views: 1112
- 08 Apr 2024, 20:50
- Forum: IFRS-related topics
- Topic: Royalties & sales commissions
- Replies: 12
- Views: 1112
Re: Royalties & sales commissions
Yeah that makes sense. Also you are saying that the subsidiary should recognise as revenue the gross amount of the service and maybe expense the commission from the parent company or am I misunderstanding this and should recognise as revenue the net amount since it should be disclosed as revenue fro...
- 08 Apr 2024, 17:23
- Forum: IFRS-related topics
- Topic: Royalties & sales commissions
- Replies: 12
- Views: 1112
Re: Royalties & sales commissions
Nope, basically the parent company has a contract with the ship's owner and since it is in spain's port, the subsidiary serves the ship based on that contract with the parent. Then the customer(ship's owner) pays the subsidiary and the parent company keeps a % as a marketing fee. What they are doing...
- 08 Apr 2024, 16:46
- Forum: IFRS-related topics
- Topic: Royalties & sales commissions
- Replies: 12
- Views: 1112
Re: Royalties & sales commissions
Basically parent company is in sweden for example and subsidiary is in spain. Both sell goods and services to ships. Subsidiary in spain can sell goods and provide services to ships that might be in spain's port based on the contracts and the prices they might have with the parent company that is lo...
- 08 Apr 2024, 15:01
- Forum: IFRS-related topics
- Topic: Royalties & sales commissions
- Replies: 12
- Views: 1112
Re: Royalties & sales commissions
Heyy, anyone who might know??
- 06 Apr 2024, 00:05
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1173
Re: Credit note received after YE
I see. Just out of curiosity, if we received a refund in the following year due to exceeding the agreed level of custom in the prior year (discount basically) and not because of error the accounting treatment would be the same? Decrease trade payables at year end?
- 04 Apr 2024, 18:20
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1173
Re: Credit note received after YE
Oh okay, thank you! I wasn't sure if i should decrease the trade payable since we haven't received the credit note as at year end.
- 04 Apr 2024, 16:46
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1173
Re: Credit note received after YE
Hey,
incorrect pricing basically from the supplier's side! They overcharged.
incorrect pricing basically from the supplier's side! They overcharged.
- 03 Apr 2024, 22:47
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1173
Re: Credit note received after YE
Anyone who might know please let me know! I was thinking if we could recognise a contract asset and credit the expense? Would that be correct?
- 03 Apr 2024, 22:40
- Forum: IFRS-related topics
- Topic: Royalties & sales commissions
- Replies: 12
- Views: 1112
Re: Royalties & sales commissions
Hey! In a more specific scenario, basically parent company charges to the subsidiary a % of each sale made by the subsidiary to a parent's client. It is like a sales commission/marketing fee if it makes sense.
- 03 Apr 2024, 21:43
- Forum: IFRS-related topics
- Topic: Royalties & sales commissions
- Replies: 12
- Views: 1112
Royalties & sales commissions
What would be the best way to classify royalties and sales commissions on the pnl? As distribution expenses? COS? Decrease revenue by the same amount ( i have seen this once,not sure if it's correct). Happy to give more info if needed.
Thank you in advance!!
Thank you in advance!!
- 03 Apr 2024, 16:33
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1173
Re: Credit note received after YE
Yeah. Also tryna understand it from the client's sake when I decide to jump ships and move to industry.
- 03 Apr 2024, 13:06
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1173
Re: Credit note received after YE
Hey,
its the first one.
its the first one.
- 03 Apr 2024, 09:46
- Forum: IFRS-related topics
- Topic: Credit note received after YE
- Replies: 13
- Views: 1173
Credit note received after YE
How to deal with a credit note received lets say in FY24 but relates to a purchase I made in FY23? Do I need to adjust the FY23 figures with a provision? What are the journal entries required? Basically the opposite of a sale with right of return lol
- 28 Mar 2024, 20:04
- Forum: IFRS-related topics
- Topic: Related parties Note
- Replies: 1
- Views: 454
Related parties Note
Should accrued expenses, income etc be included in the related parties note for both balances and transactions or only what has been invoiced?
Thank you!
Thank you!
- 12 Mar 2024, 13:21
- Forum: IFRS-related topics
- Topic: Cash pooling
- Replies: 10
- Views: 333
Re: Cash pooling
Noted, thank you so much!
- 12 Mar 2024, 11:22
- Forum: IFRS-related topics
- Topic: Cash pooling
- Replies: 10
- Views: 333
Re: Cash pooling
This may require a few discussions between management and auditors, but you can also make the case that the balances in the cash pool are a cash equivalent, as it meets the definition in IAS 7. If you conclude that it does not meet the definition of a cash equivalent, then these are I/C balances, a...
- 11 Mar 2024, 23:12
- Forum: IFRS-related topics
- Topic: Cash pooling
- Replies: 10
- Views: 333
Re: Cash pooling
Thank you!! Approach 2 sounds reasonable and something I was considering as well. Im just unsure in which line to include it in financing activities or how to name it? I have seen it under borrowings once as an outflow but im not sure if its correct. Anyone else who happens to know please feel free ...
- 11 Mar 2024, 22:02
- Forum: IFRS-related topics
- Topic: Cash pooling
- Replies: 10
- Views: 333
Re: Cash pooling
Hey thanks for your reply, appreciate it!!
We have to prepare a separate set of FS including a CFS for the sub for stat purposes in my country. Any idea how would the cash pooling would be presented in both sub's and parent's CFS(for educational purposes)?
We have to prepare a separate set of FS including a CFS for the sub for stat purposes in my country. Any idea how would the cash pooling would be presented in both sub's and parent's CFS(for educational purposes)?
- 11 Mar 2024, 21:04
- Forum: IFRS-related topics
- Topic: Cash pooling
- Replies: 10
- Views: 333
Cash pooling
So we are auditing a subsidiary company which transfers all of its cash to a cash pooling account at year end which is controlled by its parent company and is recharged the interest. How should this be presented on balance sheet? As an other receivable or as a loan or maybe something else?? Also how...
- 11 Mar 2024, 20:58
- Forum: IFRS-related topics
- Topic: Time deposits
- Replies: 5
- Views: 513
Re: Time deposits
Thanks, appreciate you.
- 09 Mar 2024, 23:12
- Forum: IFRS-related topics
- Topic: Time deposits
- Replies: 5
- Views: 513
Re: Time deposits
I know,so? I have 2 separate fslis on my balance sheet, financial assets at amortised cost which also includes some bonds and some other stuff and trade and other receivables. Where should i include the time/term deposits? Or it doesnt really matter is what you mean?
- 08 Mar 2024, 23:42
- Forum: IFRS-related topics
- Topic: Time deposits
- Replies: 5
- Views: 513
Time deposits
Hi!! How to present time deposits on balance sheet? As receivables or financial assets at amortised cost?? Duration is 3+ months.
Thank you!!
Thank you!!