Doubt in illustration 11 (M Ltd and G Ltd)

answered on 23-Mar-24 21:11

Sir, in illustration 11, in the books of M Ltd, the forex gain of Rs.24 is booked for a monetary item (A/c receivable of G Ltd - by restating it from 83 Euro to 85 Euro), and not on inventory. Then why is that reversed in the consolidated financials, sir?

latest answer

Gain/loss on intracompany transaction reversed. You will understand this in Ind AS 110.

Varshini Pandiarajan

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54

Cost not included in carrying value of PPE

answered on 19-Mar-24 07:51

If insurance cost is incurred before a PPE is ready to use, should it be capitalised? As it is not related to bringing the machinery to its present location and condition as intended by management

latest answer

Generally Insurance cost is not included. Insurance has a validity of 1 or 2 years and is expensed over that period.

Kavin Cj

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Ind AS 21

answered on 19-Mar-24 15:16

Hello Sir, In this problem, for the year 20X2 Revalued value remains same... And for non monetary items, we convert the amount as on the date of revaluation if revaluation model is followed. Here, the difference is value is only due to difference in exchange rates.. Why do we still adjust it in the balance sheet at 31.3.X2. Is it assumed revaluation is done on 31.3.X2? Will there be no adjustment if nothing about revaluation is mentioned? If we have to adjust, how is it different from the treatment of monetary assets?

latest answer

Okay sir, Understood. Thank you so much sir

Susee Arunachalam

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IND AS 116

answered on 19-Mar-24 19:41

what does this mean "Commensurate of Standalone Price"

latest answer

Okay sir. Thank you.👌

HEMACHANDHAR M

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Ind AS 102 - Illustration 20

answered on 16-Mar-24 16:06

Why we consider Fv on the acquisition date for finding out value to be recorded as per Ind As 102 , instead of using Fv on the grant date ?

latest answer

Okay sir. Thankyou sir.

Srini Sriram

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51

Notes

answered on 13-Mar-24 19:00

1. How to follow notes while watching Video classes 2. There are point by point notes in each video 3. Inrigolearn Fr Book 4. So which Notes should we follow? Because in videos the notes are More than in the given book. 5. Should we pause after completing each video and Right the notes and examples for preparing notes?

latest answer

Book.

Vijay Ramesh

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Ind as 12

answered on 16-Mar-24 10:42

In ill 5 there is Rou asset we initially recognised. this is not a part of business combination and it neither effect accounting profit or taxable profit at the time of recognition so all conditions satisfied why dont we consider as exception to dtl

latest answer

Sir for exception condition we see initial recognition

Ravi Teja

CA Final

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51

Financial Instruments

answered on 13-Mar-24 14:37

In Financial Instruments there is topic Derivatives and Embeded Derivatives as of now i didn't completed AFM Derivatives chapter can i listen that topic now or listen after AFM

latest answer

Yes you can start.

Surya Prakash

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80

Non Cash Assets

answered on 13-Mar-24 05:14

If IND AS-10 Applicable in non Cash dividend? Then it is Adjusted or Non Adjusted Event?

latest answer

Bro if it was approved before reporting date then we account for . if After reporting date means we dont consider

Surya Prakash

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59

Investment valuations as per IND AS

answered on 13-Mar-24 09:06

From 1st April 2023 the Ind AS applicability for mutual funds came into force so for the mutual fund companies. Usually mutual fund companies value their investments at a fair value but as per Ind AS 40 investment properties cannot be valued using a revaluation model. So it is contradicting with each other so is there anything else I am missing here ?

latest answer

Hey Chirag, My bad! missed this basic note. Thanks Mate!!😁

Chandu vadla

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