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Ind AS 16
Financial Reporting
answered on 04-Jul-24 11:43
In the below question if changes in liability results in an addition to the cost of an asset, how does it indicate that the new carrying amt may not be fuly recoverable
latest answer
Decommissioning liability
R Yashwanth Kumar
CA Final
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3
82
Illustration- Share Based Payments
Financial Reporting
answered on 15-Jul-24 14:28
In case of Preliminary expenses, tax base is taken as Rs.80,000 (i.e. amount deductible in future). Out of Rs.1 lakh of preliminary expenses, 1/5th will be allowed as deduction in year 1, and the balance 4/5th will be taken as tax base (since it will be the amount deductible in future ) Likewise in Share based payments, in year 1 there will be no deduction as per income tax(because deduction allowed only in the year of exercise of options). Then , tax base would be entire intrinsic value of Rs.1.6 Crore. Why have we apportioned this Rs.1.6 Cr ?
latest answer
We are apportioning because applying the matching concept, the expenses would be considered on a straight line basis. The concept is further explained in Ind AS 102.
Swathi S
CA Final
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1
61
CFS( 2 Subsidiaries)
Financial Reporting
answered on 12-Jul-24 11:52
Can we expect this type of question in examination
latest answer
Yes
Surya Prakash
CA Final
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1
63
Illustration-3 (Consolidated FS)
Financial Reporting
answered on 12-Jul-24 11:52
Sir, In Step 4 Analysis of Reserves of Orange County, I have a doubt related to Fair value Adjustments In Revaluation of PPE we took 300 on Date of Acquisition as we increase FV but On Date of consolidation why we took 300 (Where they mentioned in question that FV doesn't changed) I'm asking just like in case of inventory we took at FV so on DOA we took 100 ,but on DOC we doesn't took 100 as they mentioned inventory sold in this way did they said about PPE anywhere in question ?
latest answer
That FV adjustment is for DOA only. If there is a subsequent FV adjustment, it will be given separately.
Surya Prakash
CA Final
★ 14K+
1
57
OCI
Financial Reporting
answered on 24-Jun-24 19:42
What happens to the OCI balance if the company is going into the liquidation and there is no going concern Also can I take any charge or credit to OCI if there is no going concern to the company It would be helpful if you could share some guidance to refer for the same
latest answer
When a company goes into liquidation, the reserves balance have no impact. What is important is how much of assets are realised and liabilities are to be paid off. Balance is paid to shareholders.
Suresh Avinash
CA Final
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2
73
Hedge Gain/Loss - FV Category
Financial Reporting
answered on 21-Jun-24 19:25
I understand that For Hedging instrument- Gain or loss to be recog in PL EXCEPT Equity FVTOCI But For hedged Item, gain or loss will be recog. in OCI OR PL. when to chose OCI and when to choose PL for recognising gain and loss on Hedged item.
latest answer
Got it sir. Thank you
Chandan Subudhi
CA Final
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2
67
Hedge accounting
Financial Reporting
answered on 18-Jun-24 10:18
Writing put option is not a hedging instrument. Like wise writing call option is a hedging instrument or not ? And why
latest answer
Animation mistake. Thanks for highlighting. In video I have mentioned written option only. Will correct.
Chandan Subudhi
CA Final
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4
93
cost with respect to Bearer Plant
Financial Reporting
answered on 14-Jun-24 09:39
What is the treatment of expenses incurred with respect to bearer plant under Indas 16, Whether should it be capitalised in the books? If not, What else the treatment for the same?
latest answer
Capitalised.
Swathi S
CA Final
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1
53
Bearer plant
Financial Reporting
answered on 14-Jun-24 09:40
Bearer plant is outside the scope of Indas 41, but agricultural produce from the bearer plant at the time of harvest would be treated as under Indas 41. Am I right, sir?
latest answer
Bearer Plants - Ind AS 16 Fruits at the time of harvest - Ind AS 41 Subsequent usage of fruits for say further processing - Ind AS 2 Inventory.
Swathi S
CA Final
★ 0
1
69
Schedule 3 of Companies Act 2013
Financial Reporting
answered on 14-Jun-24 09:45
Dividend paid on equity shares where to show in profit and loss statement. Finance cost after that depreciation and amortisation. Can I show dividend on equity in Finance Cost
latest answer
Dr. Retained Earnings Cr. Dividend Payable
swaminathan sundaram
CA Final
★ 110
3
74
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