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Examples - Contingent Consideration

Financial Reporting

answered on 15-Sep-24 07:37

In both the examples, shares only being issued. Then why in the 1st example, it has been taken as equity & in 2nd example it has been taken as Liability, sir?

latest answer

Fixed number of shares - equity If number is not fixed liability

Swathi S

Swathi S

CA Final

880

1

3

Deferred Tax Asset - Carried forward losses - example

Financial Reporting

answered on 17-Sep-24 06:37

However, DTA & DTL are not be considered as they are not operational oriented assets. If so, even if the condition existed on Balance sheet date, We will not adjust it against Goodwill or Bargain purchase. Am, I right ,sir?

latest answer

Then recognise

Swathi S

Swathi S

CA Final

880

3

13

Contingent liability

Financial Reporting

answered on 14-Sep-24 22:00

Conditions existing on Date of acquisition or Balance sheet date , sir?

latest answer

Date of acquisition

Swathi S

Swathi S

CA Final

880

1

4

Query in Illustration 1

Financial Reporting

answered on 16-Sep-24 12:49

Hi, sir In the 2nd part of illustration 1, if the property was purchased for administrative purposes, wouldn't it be treated as PPE as per Ind AS 16?

latest answer

Amount wont change - Classification would be change.

Ruthvik Reddy Adala

Ruthvik Reddy Adala

CA Final

0

1

275

Journal entries

Financial Reporting

answered on 16-Sep-24 12:50

Sir is it necessary to write narration for journal entries, If not written then will marks be deducted

latest answer

1-2 marks may be deducted Write narration in lesser words.

R Yashwanth Kumar

R Yashwanth Kumar

CA Final

86K+

1

271

Logic-Guarantee Contract

Financial Reporting

answered on 16-Sep-24 12:51

What is the logic behind taking Interest if Gurantee not taken for calculating Present Value?

latest answer

If guarantee not taken, interest is higher If guarantee is taken, interest is lower Differential amount is saving or benefit. Generally if you take guarantee from outside party, they charge commission/fee.

Hrishikesh Pradhan

Hrishikesh Pradhan

CA Final

7K+

1

265

Consolidated Financial Statements

Financial Reporting

answered on 10-Sep-24 22:12

In Example-4 Unrealized profit on inventory amount is 80 it should be reduced from post acquisation reserves of holding company only Why it is shared to NCI Also ??

latest answer

Is the profit earned by holding or subsidiary?

Narayanashetti Suresh

Narayanashetti Suresh

CA Final

355

1

8

Shortlist of questions for practice

Financial Reporting

answered on 10-Sep-24 15:09

Hello Sir! I am a student who took your classes for FR earlier. I found the classes helpful. Thank you sir! I wrote my final exam last may and scored 44 marks in FR. I couldn't clear the exams. Now I am preparing for this November exams. I request you to suggest important questions in every topic. Some topics have over 50 questions. A pointer on important questions might helps us a lot!

latest answer

Thank you sir!

Deepika Kashyab

Deepika Kashyab

CA Final

300

2

326

Journal Entries in Illustration 2

Financial Reporting

answered on 09-Sep-24 17:09

Why have we passed the 2nd and 3rd entry. I couldn't get the logic behind passing such entry, sir.

latest answer

When the entity held 30% stake, it accounted for the investments using the equity method. So share of exchange differences and share of revaluation reserve would be recognised in OCI. Now since control is established, the balance in OCI is transferred to retained earnings as it is no longer an associate.

Swathi S

Swathi S

CA Final

880

1

5

Assets held for sale

Financial Reporting

answered on 09-Sep-24 17:10

What if on the given conditions for asset held for sale, the regulators deny for the permission denies for the approval

latest answer

Then it will no longer be held for sale.

Mohammed Sarfaraz

Mohammed Sarfaraz

CA Final

720

1

52


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