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General Doubt regarding Exam

Financial Reporting

answered 1 day ago

Sir, in the exam, if they do not specify the Method to be used (Direct/Indirect), which one should we use?

latest answer

Indirect. Mostly with given info you will understand

Antara MuraliKrishnan

Antara MuraliKrishnan

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39

ill 26

Financial Reporting

asked 1 day ago

sir the no of years getting confused . can u explain once how it is 4years not 3years

latest answer

No answers yet!!

HEMAVATHYSUBRAMANI SUBRAMANI

HEMAVATHYSUBRAMANI SUBRAMANI

CA Final

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19

Presentation currency

Financial Reporting

answered 1 day ago

How is INR the presentation currency in India? Can I prepare my financial statements in other than INR?

latest answer

Hello sir, in companies act section 129 it is mentioned in accordance with schedule iii and in schedule iii it is mentioned as rupees. But can we file the financial statements with ROC (XBRL) in other than INR

Suresh Avinash

Suresh Avinash

CA Final

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20

FR Mark anlysis

Financial Reporting

answered 2 days ago

Sir Analysis of question and weightage that you have showed in your fastrack class live where will that be available??

latest answer

Thank you sir

kabilan sam

kabilan sam

CA Final

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32

Cash Flow from operations before changes in Operating Assets/ Operating Liabilites

Financial Reporting

answered 2 days ago

Sir, I am not clear why we are using the phrase "Before changes in Operating Assets & Operating Liabilities" in this question instead of "Before changes in Working Capital" that we use generally.

latest answer

Its just a nomenclature. This is to exclude non operating assets like current investment. Technically when we calculate working capital, we include current investment. However, the items used in calculation as per AS 3 and Ind AS 7 are similar.

Antara MuraliKrishnan

Antara MuraliKrishnan

CA Final

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30

Classification of certain items

Financial Reporting

answered on 22-Jul-24 09:09

Sir, under which head will "Other Income - Interest" & "Changes in Inventory" be classified? (These items are in the P&L in the example taken in this video

latest answer

Interest - Investment Changes in inventory- operating

Antara MuraliKrishnan

Antara MuraliKrishnan

CA Final

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28

Inventory IndAS2

Financial Reporting

answered on 22-Jul-24 10:02

If market value(fair value)=4000,and transport cost is Rs.200,but for bulk sale ,price is 3500 so Net realizable value comes to 3300 after transport cost So what is the amount of Rs.3500 known as,Fair Value or Gross Realisable Value?

latest answer

Fair value is 4000 3500 - is gross value that you would realise

Mohammed Sarfaraz

Mohammed Sarfaraz

CA Final

720

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34

Why is Phrase -1 &Phrase -2 capitalised even though a substantial period is less than 1yr

Financial Reporting

answered on 22-Jul-24 12:21

Why is Phrase -1 &Phrase -2 capitalised even though a substantial period is less than 1yr

latest answer

Assumed as qualifying. I have explained in the class that 12 months/1 year period is indicative.

Surya Prakash

Surya Prakash

CA Final

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23

Capitalisation of Int in Loan?

Financial Reporting

answered on 21-Jul-24 17:37

Sir Can we capitalise interest on loans only if paid ? Mere accrual of interest we cannot capitalise isn't it???

latest answer

Pls check para 18 in Ind AS

Surya Prakash

Surya Prakash

CA Final

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IND AS 38

Financial Reporting

answered on 22-Jul-24 12:22

If in the attached question software was 10 and robots were costed 4 cr then as significant amt was of software so entire 14 cr is recognised as intangible asset, it is correct sir

latest answer

Its not based on amount. Its based on nature.

R Yashwanth Kumar

R Yashwanth Kumar

CA Final

71K+

3

43

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