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IND AS 23

Financial Reporting

answered on 18-May-23 11:09

Test your knowledge 3rd qn, The method followed by ICAI is different. And answer varies drastically. Why?

latest answer

Here they have used weight of 12.

Bharath sha

Bharath sha

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Ind as

Financial Reporting

answered on 12-May-23 18:12

Is change in method of depreciation or amortization considered as change in accounting policy or accounting estimate as per Ind as

latest answer

Estimate

Priya Namburi

Priya Namburi

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Financial instruments

Financial Reporting

answered on 07-May-23 16:10

In illustration 37 , the question says they are convertible debentures Then while calculating FV of financial liability, why repayment at the end of 8th year also considered?

latest answer

Yes. If its compulsorily convertible, then only interest part will be used to compute liability

Priya Namburi

Priya Namburi

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IND AS 113

Financial Reporting

answered on 01-May-23 19:11

In order to value fair value of share that is going to be listed soon ( Launch of IPO), we get to know about the GMP of the share price based on trading between market participants in unofficial market. Will it be considered as Level II hierarchy or it will not be considered reliable at all?

latest answer

Level II inputs are those that are observable inputs, other than quoted prices included within Level I, such as quoted prices for similar assets or liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly. However, it's important to note that the reliability of the GMP as a fair value input may depend on several factors, such as the liquidity and transparency of the grey market, the credibility of the information source, and the characteristics of the IPO and the company being listed. As such, it's essential to exercise professional judgement when using the GMP as a fair value input and to supplement it with other reliable information sources as appropriate.

Himanshu Somani

Himanshu Somani

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Ind AS Conceptual Framework

Financial Reporting

answered on 25-Apr-23 13:14

I would like to purchase the individual above titled course, please help. Thanks.

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Pls check under my courses now.

Ram Nilangekar

Ram Nilangekar

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Ind as 23- I'll 14 group borrowings

Financial Reporting

answered on 17-May-23 12:12

Good evening sir! In CFS, you have added the exp incurred by Construction co. to the exp. Incurred real state co. And used Captialisation rate .Here ,the construction co. Used its own resources as per IND as 23 notional B.C shouldn't be capitalised know sir!!? But in CFS ,when we add this exp and calculated B.C indirectly we are capitalising the borrowing cost on 10lacs exp made by Construction co. From its own resources. Can you please give clarification on this sir??

latest answer

The money received by the construction co would have been indirectly financed by the other entities in the group. Think of these as 4 departments in the company. And then there is a general borrowing.

Priya Bhimani

Priya Bhimani

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Ind as 36

Financial Reporting

answered on 26-Apr-23 23:04

If asset is measured at revaluation model each year end and previously assets was Remeasured at fair value with revalaution loss, this year asset recoverable amount in excess of Carring amount so can we show such asset at recoverable value, although it is not a fair value.

latest answer

thank you sir

DEEP VICKY

DEEP VICKY

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reversal of impairment loss is possible in case of revaluation asset.

Financial Reporting

answered on 22-Apr-23 13:06

Sir reversal of impairment loss is possible in case of revaluation asset

latest answer

In the case of revaluation of assets, the reversal of impairment loss would be recognized in the revaluation reserve to the extent that the impairment loss was previously charged to the revaluation reserve. The reversal of impairment loss recognized in the revaluation reserve should be recognized in the profit and loss account, to the extent that it offsets the original impairment loss previously recognized in profit and loss account. For example, if an entity had previously recognized an impairment loss of Rs. 10,000 on a revalued asset and had charged it to the revaluation reserve, and if subsequent to that, the recoverable amount of the asset increased by Rs. 12,000, the entity would recognize a reversal of impairment loss of Rs. 10,000 from the revaluation reserve and the remaining Rs. 2,000 would be recognized as a gain in the profit and loss account (if earlier impairment was charged to P&L). It is important to note that any reversal of an impairment loss should be recognized immediately in the profit and loss account, unless the asset is carried at a revalued amount, in which case the reversal should be recognized in the revaluation reserve to the extent that the impairment loss was previously charged to the revaluation reserve.

DEEP VICKY

DEEP VICKY

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Course completion

Financial Reporting

answered on 20-Apr-23 13:47

Please let me know if classes for business combination, CFS and Financial instruments are uploaded fully or few more classes are yet to be uploaded. If classes are still to be uploaded let me know how may hours approximately is pending.

latest answer

yes

harish Ramkumar

harish Ramkumar

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IND as 101 , 7 (cash flow statement), analysis of Financial statements, schedule-3

Financial Reporting

answered on 17-Apr-23 12:29

Sir, is it ok if I don't read the above ones

latest answer

101 - Important. Cash flow statement- mostly like AS 3 Analysis of FS is case based chapter on Ind AS Schdeule III - Format is important.

Gandlapati Hari Reddi

Gandlapati Hari Reddi

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