Ind AS 19 employee benefits

answered on 22-Apr-24 12:04

Video No 9 Illustration 4 An entity has 100 employees who are each entitled to ten working days of paid sick leave for each year. In the answer 180 days taken for calculation. 180 days how arrived. (On mathematical part I am not clear)

latest answer

Total employees - 100 Total leave entitlement - 200 Expected leaves which will be availed - 20 Balance - 180

swaminathan sundaram

CA Final

★ 110

1

33

Reclassification of financial instruments

answered on 21-Apr-24 19:14

Sir Reclassification from FVTOCI to Amortization cost method, we will adjust the cumulative OCI balance to Fair value on the date of reclassification and From there onwards Amortisation schedule will be prepared from new Effective interest rate or will we use the old amortisation schedule ?

latest answer

For reclassifications from FVTOCI to amortised cost, the financial asset is transferred at fair value, but amounts accumulated in other comprehensive income are derecognised with an offsetting entry to the financial asset’s new carrying amount (i.e., the new carrying amount is treated as though it had always been classified at amortised cost). So existing rate.

M V Naresh

CA Final

★ 3K+

1

24

IND AS116

answered on 21-Apr-24 19:14

Sir in leases if question did not tell about payment date like beginning or end what we generally take

latest answer

End.

Ravi Teja

CA Final

★ 20

1

25

Illustration 13- IND AS 21

answered on 21-Apr-24 19:16

In this question it is mentioned that cumulative exchange difference attributed to NCI in FCTR = 20. So shouldn't NCI balance of date of derecognition be - 100 + 20=120 and 120 should be derecognized as NCI ?

latest answer

Net Assets already represent that indirectly. YOu will understand after you complete consolidation.

Bhoomi Makhecha

CA Final

★ 35

1

26

Ind AS 37 disclosure requirement

answered on 21-Apr-24 19:17

In extremely rare cases, disclosure of some of the information required can be expected to prejudice seriously the position of the entity in a dispute with other parties on the subject matter of the provision. In such a case an entity need not disclose the information. Any example available for this scenario

latest answer

Say a company has made a provision for court case. Which means, they are likely to lose the case. If you give more details, the other party may take advantage.

swaminathan sundaram

CA Final

★ 110

1

30

Ind AS 37

answered on 21-Apr-24 19:21

A constructive obligation to restructure arises only when an entity has a detailed formal plan for the restructuring identifying atleast the business or part thereof concerned, the principal locations affected, number of employees who will be affected. Assuming that these conditions are fulfilled before reporting date but the entity has not identified a purchaser to sell its operation then no constructive obligation exists so no provision is required. Am I correct

latest answer

identification of buyer is not mandatory. In some cases of restructuring, there could be a simple shut down as well.

swaminathan sundaram

CA Final

★ 110

1

27

Ind AS 37

answered on 23-Apr-24 17:23

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

yes

swaminathan sundaram

CA Final

★ 110

1

25

Ind AS 37 Provision

answered 2 days 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

Yes

swaminathan sundaram

CA Final

★ 110

3

30

Ind AS 20

answered 2 days 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

We may or may not receive grant in future. So entire 60,000 cannot be accounted.

Suresh Avinash

CA Final

★ 3K+

1

39

Ind AS 12 Illustration 6

answered 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

Carrying amount is assumed to be the tax base.

swaminathan sundaram

CA Final

★ 110

1

42