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Hello, Thank you for your previous reply. I have a follow-up question. As per IAS 1, what should be disclosed in the notes to the accounts of Company Y (the acquired company) regarding the going concern assumption as of the acquisition date? Company X is acquiring Company Y, assuming all its assets ...

Hi, a. Bank A acquired Bank B on February 1st, 2023, resulting in Bank B's legal dissolution. Bank A began operating B's business on the same date. b. Bank A had a wholly-owned subsidiary company, X, while Bank B also had a subsidiary, Y. c. Y became a subsidiary of Bank A upon the acquisition of Ba...

The bank provided a performance bank guarantee after having some collateral and cash margin for a commission. The non-funded loan deed is entered between bank and the ABC Co.

Thank you everyone for your replies. I am referring to the performance guarantee issued by the bank on behalf of the applicant (ABC Co.). Specifically the guarantee read as follows: "Whereas the applicant have entered into a contract with you (beneficiary) for the above purpose (the supply arra...

How to account it if it is the performance guarantee issued by the bank on behalf of the stockiest to the supplier? How does the stockiest disclose this in its financial statements?

Hello Everyone, Standard Chartered Bank (guarantor) issued a bank guarantee amount in Rs. 5,000,000 to ABC (beneficiary) on behalf of XYZ (applicant). As this guarantee contract is contingent liability for the bank but is it to be disclosed as contingent liability as per IAS 37 in the notes to accou...

Hello, My company has invested in a promotor shares with lock-in period for sale for 3 years. The shares are listed in the stock exchange for 7 months and being traded above par value. Shall we present the Fair Value at Market Price as at the end of financial year or shall we calculate another fair ...

Hello, I have found something in google. Is this correct to show bank overdraft with cash in balance sheet?
https://www.fe.training/free-resources/ ... 0statement

Hello,

Seeking assistance regarding the treatment of transaction cost on sale of FVTPL equity instruments. Shall it be netted off with gain or loss or should we show transaction cost on derecognition separately from gain or loss on sale?

We are applying the Modified Retrospective Approach with the practical expedient (showing ROU asset at PV of outstanding lease payments) from this year.
How can we account for opening lease liability calculated under the previous lease standard?

I mean is it shown in Equity or in Profit or Loss?

How to treat the 'Lease liability' under IAS 17 on initial application of IFRS 16?

Hello,
How to account for the lease liability under IAS 17 using straight line method, after application of IFRS 16 ( recognized ROU asset in Modified Retrospective Approach at PV of Lease liability)?
Thanks

Hi, I have found the practice of presenting the difference between the closing Fair Value (of previous year end) and the sales value to profit or loss statement rather than OCI. Is this the correct practice? I don't think it shows the better comparability and presentation.

Hi, Thank you for your response.

Would you please tell me the treatment of the transaction cost (commission and other related costs) while selling the FVTOCI designated equity instrument? Would it go to Profir or Loss or OCI ?

Hi, I have designated my equity instrument at FVTOCI. The changes in the fair value are presented in the OCI. Now, I sold such equity instrument. How to account for the sale transaction? As the difference between Cost Price and the Year end Fair Value are being reflected in the OCI Reserve till the ...