Forums
Audit opinion
Auditing
answered on 30-Jul-24 09:46
Hi maam what is meant by Pervasive on financial statements means Please explain with an example because i have confusion in this word
latest answer
A misstatement which has wide impact on over all financial statements. Or it affects one item which is very substantial part of the financial statements. Like- inappropriate accounting policy, or inventory being misstated. Please check SA 705 for more detailed understanding. This is used in the context of modified opinion .
R Yashwanth Kumar
CA Final
★ 87K+
3
336
Selling expenses and selling cost
Financial Reporting
answered on 31-Jul-24 14:48
To determine NRV, we have to reduce the estimated selling costs. But when we are determining the cost of inventory we are not considering the selling expenses. If a question ask to find the NRV and cost of a material and selling expenses are also given for the computation, should we reduce that amount from NRV and also should ignore while computing the cost of the material? Whether the selling expense and selling cost are same?
latest answer
Ok sir understood
Abhijith K B
CA Final
★ 5
2
191
Equity Valuation
AFM
answered on 28-Jul-24 09:14
Last part of the sum is bit confusing. Price = Actual yield / Expected yield x Paid up capital per share. Moreover, there is no info about no. of shares o/s to arrive Rs. 100 as paid up capital per share.
latest answer
It is a poorly structured question. Yes rs 100 is not given . You can assume it at 10 also. We are computing price as as function of yield the stock is giving hence the formula Such questions are not typically asked
Durai Murugan
CA Final
★ 470
1
269
What is mean by asset cealing In Ind As-19
Financial Reporting
answered on 31-Jul-24 14:44
Sir ,please elaborate What is the asset ceiling in Ind AS-19 While reading the book I'm not able to understand, but if I want to revisit the lecture and revise I'm not able to find where it there kindly please say
latest answer
Suppose a company has an overfunded defined benefit plan with a net defined benefit asset of ₹50 lakh. However, after evaluating the economic benefits, the company determines that it can only recover ₹30 lakh through future refunds or contribution reductions. The asset ceiling is ₹30 lakh, so the company will recognize only ₹30 lakh on its balance sheet.
Surya Prakash
CA Final
★ 19K+
2
306
Cap gain
Direct Taxation
answered on 31-Jul-24 12:35
Can anyone explain how to do this qn
latest answer
If interest on loan is availed as deduction then you cannot add it to COA else you can add it to COA
Rakesh Saraf
CA Final
★ 0
1
302
AS2
Accountancy
answered on 01-Aug-24 09:33
I want to know , how did the multiply 10 with units of products in cenvat ( during the calculation of cost the inventory. Kindly explain the concept behind it
latest answer
Thanks for highliting. We will update the question.
Deborah Susaiyappan
CA Inter
★ 8K+
3
247
Group audit
Auditing
answered on 30-Jul-24 09:50
Mcq this i couldn't understand
latest answer
The depreciation method and useful lives of assets should be aligned, and any differences need to be adjusted to ensure consistency Any adjustments required due to differences in depreciation methods or rates used by the holding and subsidiary companies should be made during consolidation to present a true and fair view.
Rakesh Saraf
CA Final
★ 0
1
246
Group audit
Auditing
answered on 30-Jul-24 09:54
This mcq i couldn't understand
latest answer
The useful life of an asset and the depreciation method should comply with Ind AS 16, which may differ from the useful lives prescribed under Schedule II of the Companies Act, 2013. The useful lives and depreciation methods used by the holding and subsidiary companies should be consistent.
Rakesh Saraf
CA Final
★ 0
1
247
DIFFERENT LECTURE
Strategic Management
answered on 30-Jul-24 13:10
KINDLY RESOLVE IT Classes which i purchased are different from what is received, course shown in bundle content are different from which in had, please consider it
latest answer
Thank you sir🙏
Praveen Raj
CA Final
★ 0
7
445
Rounding Off
Costing
answered on 29-Jul-24 10:10
In 15/1/20 entry for issue sir rounded off to 21611 but in balance he does not round it off to 126717 but keeps it at 126716. Please explain why
latest answer
Kindly ignore such small issues. You can leave all balances at 2 decimals
Gautham
CA Inter
★ 0
1
174