Ind AS 37

asked 3 hrs ago

Video No 11 Illustration 15 X Beauty solutions is selling cosmetics product under its brand name B. In this problem I am passing the below mentioned journal entries. Reimbursement Receivable from Y 900000 To Other Income 900000 Expense (claim on damages) 3000000 To Provision for claim on damages 3000000 Kindly let me know above entries are correct

latest answer

No answers yet!!

swaminathan sundaram

CA Final

★ 110

0

4

Ind AS 37 Provision

asked 6 hrs ago

Vide No 8 Illustration 14 Restoration cost is debited and Provision for restoration is credited. Assuming that capital asset is purchased and there is a future liability this restoration, then restoration should be debited to the asset (not to be taken to P & L) and provision should be credited. Am I correct.

latest answer

No answers yet!!

swaminathan sundaram

CA Final

★ 110

0

5

Ind AS 20

asked 1 day ago

Hello Sir, in this problem when we are recognizing the govt grant should we not recognize the deferred income in the first year as 60,000 irrespective of it being receivable in installments. So ideally the deferred income balance will be 60,000-21667 for the current year. Is this right sir?

latest answer

No answers yet!!

Suresh Avinash

CA Final

★ 3K+

0

17

Ind AS 12 Illustration 6

asked 2 days ago

In this question I can understand calculation of difference between fair value and carrying amount. But Tax base of assets and liabilities is not given. When tax base is not given how to decide is it DTA or DTL

latest answer

No answers yet!!

swaminathan sundaram

CA Final

★ 110

0

23

As to Ind AS

asked 2 days ago

Is there any impact on deferred tax due to employee dues "Payroll area" while converting from AS to IND AS

latest answer

No answers yet!!

Gauri Shete

CA Final

★ 4K+

0

28

Ind AS 12 deferred tax

asked on 16-Apr-24 22:00

Video No 14 Illustration 4 Tax base and carrying are required to take a decision whether the difference is DTA or DTL.. In this question tax base and carrying can I assume and do it.

latest answer

No answers yet!!

swaminathan sundaram

CA Final

★ 110

0

21

Bc

answered on 15-Apr-24 19:01

While re measuring existing share in case of step acquisition resultant amt transfer to pl or oci if ind as 109 applies . but what if entity applies ind as 27 measure at cost there is no re measurement gain ?

latest answer

P&L

Ravi Teja

CA Final

★ 20

1

31

Ind AS 37 Video No 22

answered on 15-Apr-24 19:11

U Ltd is a large conglomerate with number of subsidiaries. In this question I can understand provision entry calculation. But Parent company subsidiary company information why given I am not able to understand this.

latest answer

Impact on consolidated FS.

swaminathan sundaram

CA Final

★ 110

1

33

Ind AS 37 Contingent Liability

answered on 15-Apr-24 19:28

Page 9. 100 module 3 old syllabus book financial reporting Ind AS 37 Illustration 4 X Ltd has entered into an agreement with its selling agent Y, in accordance with which X Ltd has to pay a base percentage of commission on export sales and additional commission is to be paid if the export incentives are received. Here for the routine commission instead of passing provision entry can I create a liability account as routine commission is paid after understanding the quantity of sales. Data is known here. My understanding is provision is different and liability is different. That is the reason I am asking this

latest answer

Provision is anyways a liability. We use provisions as there could be returns etc.

swaminathan sundaram

CA Final

★ 110

1

32

Deferred Tax

answered on 15-Apr-24 19:39

Video No 30 Illustration 13 DTL is calculated as 25%. In the question 20% is the tax rate given

latest answer

will recheck. Sometimes in a flow, I would have taken previous question rate!

swaminathan sundaram

CA Final

★ 110

1

46