how did you post 2 debits?
maybe Dr revenue cr cost of sales but more info needed
Search found 1309 matches
- 16 Jan 2023, 22:36
- Forum: General accounting and financial reporting discussion
- Topic: correcting journal
- Replies: 2
- Views: 11809
- 13 Jan 2023, 14:52
- Forum: IFRS-related topics
- Topic: Effect of change in law on RBO
- Replies: 4
- Views: 1454
Re: Effect of change in law on RBO
would seem odd to change the comparative for a law that didn't exist at the previous balance sheet date. current year catchup with explanatory note.
- 11 Jan 2023, 10:43
- Forum: IFRS-related topics
- Topic: High seas sales IFRS 15
- Replies: 2
- Views: 1163
Re: High seas sales IFRS 15
Yes the implications are the revenue recognition policy based on when control passes, sometimes when loaded and sometimes when unloaded, and considering who has responsibility of insuring risk whilst on board etc.
Never heard of a 'high seas sale' though so that may be something else.
Never heard of a 'high seas sale' though so that may be something else.
- 09 Jan 2023, 09:26
- Forum: IFRS-related topics
- Topic: IFRS 16 OR IAS 16???
- Replies: 6
- Views: 9019
Re: IFRS 16 OR IAS 16???
What was your answer?
- 09 Jan 2023, 09:25
- Forum: IFRS-related topics
- Topic: Partial adoption of IFRS
- Replies: 1
- Views: 998
Re: Partial adoption of IFRS
as I understand it, IFRS for SMEs does not capitalise leases, so yes, either you are using IFRS for SMEs or you are using IFRS.
- 08 Jan 2023, 17:42
- Forum: IFRS-related topics
- Topic: IFRS 13
- Replies: 13
- Views: 3031
Re: IFRS 13
In the UK you typically wouldn't charge VAT on the sale of a residential property to an individual but may be different in your country.
- 08 Jan 2023, 17:07
- Forum: IFRS-related topics
- Topic: IFRS 13
- Replies: 13
- Views: 3031
Re: IFRS 13
you have residential property as PPE in the business?
- 08 Jan 2023, 13:16
- Forum: IFRS-related topics
- Topic: IFRS 13
- Replies: 13
- Views: 3031
Re: IFRS 13
I expect that should only be taken account of if a company had a specific asset that was highly likely only to be sold to private individuals on disposal. not sure what that would be in terms of something carried at fair value from the owning company's perspective. interested to hear what it might be
- 08 Jan 2023, 12:05
- Forum: IFRS-related topics
- Topic: IFRS 13
- Replies: 13
- Views: 3031
Re: IFRS 13
The implication would be that you'd value the asset at 20% less than fair value because that person would have to pay VAT as part of the market value. So ignore VAT for the fair value. If a property valuer say it's worth £1m, you're not going to sell it for £833,333 to accommodate the fact that buye...
- 08 Jan 2023, 01:02
- Forum: IFRS-related topics
- Topic: liability to contribute money to other company's equity
- Replies: 12
- Views: 2720
Re: liability to contribute money to other company's equity
It's probably just to omit the possibility of fantasy contracts with wildly uneconomic terms designed to bend the rules...it can probably be taken as likely that a basic and fair agreement between two parties, overseen by a stable legal system in an advanced economy, is enforceable.
- 08 Jan 2023, 00:57
- Forum: IFRS-related topics
- Topic: IFRS 13
- Replies: 13
- Views: 3031
Re: IFRS 13
It's extremely likely the buyer will recover VAT anyway if they buy it so the VAT element won't come into play when they decide how much to pay, or when you decide what to price, ie the market value. Do you have a particular circumstance in mind?
- 05 Jan 2023, 15:29
- Forum: IFRS-related topics
- Topic: Invoiced for future expenses
- Replies: 5
- Views: 1506
Re: Invoiced for future expenses
There isn't really a standard for prepayments. What do you mean by 'future expenses'.? You've paid the invoice already, great, so are you saying the services you paid for are not yet rendered? So you've paid a deposit or 'on account' payment. Do you get it back if those services never get provided?
- 05 Jan 2023, 15:27
- Forum: IFRS-related topics
- Topic: liability to contribute money to other company's equity
- Replies: 12
- Views: 2720
Re: liability to contribute money to other company's equity
Seems to fit the definition of a provision doesn't it. Perhaps a committed but unpaid capital contribution. Is it a subsidiary?
What is the timing of the legal obligation to send the cash?
What is the timing of the legal obligation to send the cash?
- 03 Jan 2023, 20:18
- Forum: IFRS-related topics
- Topic: Acquisiton of a commodity at fixed price - derivative?
- Replies: 5
- Views: 1409
Re: Acquisiton of a commodity at fixed price - derivative?
Is that not a 'forward' with 'put option'?
Not my expertise though sadly
Not my expertise though sadly
- 30 Dec 2022, 22:06
- Forum: IFRS-related topics
- Topic: IFRS 16 leases and impairment
- Replies: 4
- Views: 1368
Re: IFRS 16 leases and impairment
Ok , in my view P&L then. Don't think the RoU asset is relevant in this.
- 30 Dec 2022, 21:32
- Forum: IFRS-related topics
- Topic: IFRS 16 leases and impairment
- Replies: 4
- Views: 1368
Re: IFRS 16 leases and impairment
so in computing the lease liability in the first place, you had assumed you would not take the option to terminate? otherwise it'd be at zero at that point anyway
- 27 Dec 2022, 12:27
- Forum: IFRS-related topics
- Topic: IFRS 5 Subsidiary Held For Disposal
- Replies: 1
- Views: 1022
Re: IFRS 5 Subsidiary Held For Disposal
yes because that entity's contribution to the group P&L for that year needs to be audited and if it's still not sold at year end then they need to be in a position to audit the recoverable amount you've assessed of the assets etc.
- 24 Dec 2022, 22:43
- Forum: After hours
- Topic: Merry Christmas to all who celebrate
- Replies: 4
- Views: 13770
Re: Merry Christmas to all who celebrate
Good wishes to all forum readers!
- 21 Dec 2022, 20:38
- Forum: IFRS-related topics
- Topic: Management Provision (ECL) Overlay?
- Replies: 2
- Views: 2654
Re: Management Provision (ECL) Overlay?
I have never heard of it but this is what Deloitte say... Most banks have expanded the frequency and scope of management overlays for impairment, as a result of Covid-19. The increased use of management overlays has highlighted gaps in governance and controls required to ensure ECL estimation is mea...
- 21 Dec 2022, 15:45
- Forum: IFRS-related topics
- Topic: Net investment hedge
- Replies: 2
- Views: 1375
Re: Net investment hedge
I assume the request is for an example in practice (I'm not aware of one...)
- 16 Dec 2022, 11:32
- Forum: IFRS-related topics
- Topic: Impairment of investment
- Replies: 6
- Views: 1926
Re: Impairment of investment
if it was in liquidation at dec 2021 and you knew at that point there would be no return of capital/value then yes impair fully!
- 16 Dec 2022, 10:09
- Forum: IFRS-related topics
- Topic: Impairment of investment
- Replies: 6
- Views: 1926
Re: Impairment of investment
no if there was genuinely no decision made. but if that decision later leads to an impairment, maybe there were other reasons for impairment anyway at that date, ie if the business wasn't performing well or generating profits/dividends etc. if it was doing really well, would they decide to close it?...
- 16 Dec 2022, 10:06
- Forum: IFRS-related topics
- Topic: IAS38
- Replies: 7
- Views: 2135
Re: IAS38
personally, if it was content/adverts/videos it would all be P&L and advert revenue from views would be incidental, presumably the video is advertising a product etc and the ad revenue (which must be tiny?) is not the objective of the content. would be interesting to hear more info about this ca...
- 16 Dec 2022, 10:04
- Forum: IFRS-related topics
- Topic: IAS38
- Replies: 7
- Views: 2135
- 15 Dec 2022, 17:09
- Forum: IFRS-related topics
- Topic: IAS38
- Replies: 7
- Views: 2135
Re: IAS38
I assume you set up the channel at zero cost, so no.
- 14 Dec 2022, 11:29
- Forum: IFRS-related topics
- Topic: Trust Accounts
- Replies: 2
- Views: 1596
Re: Trust Accounts
IFRS would probably say equity but you need to make sure IFRS applies and not local law or some other SORP for trusts etc. Don't trust accounts separate out an and income and capital account etc? I don't think trusts have equity, they have a capital account which may need to be preserved by the deed...
- 13 Dec 2022, 10:55
- Forum: IFRS-related topics
- Topic: IAS 1(?) - Separate financial liabilities in BS based on recognition criterias
- Replies: 2
- Views: 1302
Re: IAS 1(?) - Separate financial liabilities in BS based on recognition criterias
if it's significant to ask about here, presumably the distinction involved is of interest to readers too...
- 12 Dec 2022, 10:48
- Forum: IFRS-related topics
- Topic: Deferred tax liability for loss making company
- Replies: 9
- Views: 2662
Re: Deferred tax liability for loss making company
ok cool. hope they are not impaired then
- 12 Dec 2022, 09:57
- Forum: IFRS-related topics
- Topic: Deferred tax liability for loss making company
- Replies: 9
- Views: 2662
Re: Deferred tax liability for loss making company
How does your DTL arise Al-Mahamad?
- 12 Dec 2022, 09:54
- Forum: IFRS-related topics
- Topic: IFRS2 with both cash and equity settled option
- Replies: 8
- Views: 2105
Re: IFRS2 with both cash and equity settled option
yes if the equity settled scheme doesn't vest then reverse entries