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Ind AS 37 disclosure requirement

Financial Reporting

answered 2 days ago

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

Ind AS 37

Financial Reporting

answered 2 days ago

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

CA articleship

Others

answered 2 days ago

Along with Ca articleship , I studied in M.com also & filled form 112 and now I completed course I have to intimate Institute , of completion of course?

latest answer

I think you should update the qualification details in the portal

A M K

CA Inter

★ 2K+

Professional Ethics Part 1 Clause -11 (Engaging in Business or occupation

Auditing

answered on 20-Apr-24 21:39

Ma'am in general permission Private tutorship is given and under Special permission part time or private tutorship is given ? So which has to follow ma'am ?

latest answer

Specific permission is required and also adherence to many guidelines which I have explained in the topic regarding name n all. Also information in detail should be provided to icai . No misrepresentation can be done

M V Naresh

CA Final

★ 3K+

Ind AS 37

Financial Reporting

answered 6 hrs ago

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

Ind AS 37 Provision

Financial Reporting

answered 6 hrs 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

Dr PPE Cr Restoration Cost (This is shown under non current liability)

swaminathan sundaram

CA Final

★ 110

NP for kr - IP or MP

Financial Management

answered 7 hrs ago

Hii could someone clarify my following doubt regarding FM COC? In the illustration 13 of ICAI SM, the net proceeds for kr is Market price whereas in the practical sum no 5 of ICAI study material, net proceeds for kr is Issue price. Could anyone tell me when should MP and IP be used for the purpose of kr computation?

latest answer

Institute has stated that For computation of Kr MP may be considered as NP (as per Illustration 13). It also say that alternatively even IP may be considered as NP (practical problem 5). So any method can be considered, but please mention a note about the alternative method also.