Forums
SA 220
Auditing
answered on 05-Feb-24 10:15
Quality control review team will evaluate the discussion between engagement partner and the team on significant matters . Do discussions are also documented in audit in practical life ? Also , auditor has duty to guide, supervise the team etc has been given. So engagement partner dont apply any audit procedure or do some work. As according to standard guide , supervise , control of engagement team is only job given to him ?
latest answer
Engagement partner is basically acting like a leader of the team. He will have meeting with the Management, TCWG , understand the entity, do risk assessment .. based on all the above, audit program will be drafted and given to the team members. Then he will be responsible for supervising their work, reviewing their work. after all the evidences are obtained, conclusions are also reached upon by him. So, he is involved in major part of the audit. yes, review is documented.
Anirved Rahatgaonkar
CA Inter
★ 0
1
236
Ind AS 12- Income Taxes
Financial Reporting
answered on 05-Feb-24 11:50
Why we have taken the rate 28% instead of 30%?
latest answer
Enacted rate for future
anmol goel
CA Final
★ 5
2
329
Classification as Discontinued Operations and Held for Sale
Financial Reporting
answered on 05-Feb-24 12:02
Sir, in video 20 it was explained that a component of a business cannot be classified as discontinued operations if revenue generating activities are still being undertaken (Construction Company example). (I) In this question however, the division has been classified as a discontinued operation even though production and sale of inventories is still taking place (Opening stock = 10 lac, Sales = 8 lac & Closing stock = 9 lac). If the revenue generating activities are still taking place, how can the division be classified as a discontinued operation? Also, the offer for sale was received on 1st August, and not on 30th June. (II) Since production of inventories is still taking place, this means that the assets are also being used. How can the assets be classified as held for sale, since during this period, the depreciation on the assets is zero, symbolising that no significant use is taking place?
latest answer
In the construction company example, the activities of construction are continuing. So operations are continuing. In case of inventory, its just sale of existing inventory.
Vignesh Panigrahi
CA Final
★ 1K+
1
181
Exams
Exams
answered on 04-Feb-24 21:11
I had passed my group 2 intermediate and now I have to give paper 2,3 and 4 and my accounting exemption is carried forward how will they validate my marks
latest answer
Ok sir but when I’m filling my exam form my accounting exemption was carried forward that’s why I had a confusion … thank you sir
Ashwini Ashu
CA Final
★ 10K+
4
418
SUPPLY
Indirect Taxation
answered on 05-Feb-24 07:48
Sir, in case a person has an electronic shop registered in one state and has another liquor shop in the same state. Then will the liquor shop be considered as distinct person?
latest answer
Yes it is regarded as distinct person. If one establishment is in one state and another establishment in another state then both are regarded as establishment of distinct persons.
Swathi Krishna
CA Final
★ 8K+
7
350
Illustration Related Doubt
Financial Reporting
answered on 05-Feb-24 12:36
Sir, In case the government is sure that it will reimburse the cost in shouldn't we take it to P&L as when it becomes receivable? will there be any change in impairment computation ?
latest answer
Then we can take it to P&L applying principles of Ind AS 20
Vanacharla Sai Pavan Kumar
CA Final
★ 8K+
3
305
capital Introduction
Accountancy
answered on 05-Feb-24 12:44
In Chapter 2 Framework For Preparation and Presentation of Financial Statements . Illustration 2 . At the time of introduction of capital Asset increased , but Liability not increased . Why is it so . At the time of capital introduction, Asset ( Cash / Bank ) and Liability ( Capital ) will increases is it so ?
latest answer
Capital is not called liability. It is referred to as capital.
Rithwik pookkot
CA Inter
★ 3K+
1
169
Utkarsh amount of Rs 12 L
Financial Reporting
answered on 05-Feb-24 12:07
I didn't understood the logic behind not considering Rs 12L
latest answer
We will consider the estimate given by senior technical person.
Hrishikesh Pradhan
CA Final
★ 18K+
1
334
Ind AS 41
Financial Reporting
answered on 05-Feb-24 12:08
Cost to sell a cow Rs.1100 in the year 4?
latest answer
Yes. I guess I have considered 1000 in video.
iyshwarya Suresh
CA Final
★ 12K+
1
190
Ind AS 41 Agriculture
Financial Reporting
answered on 05-Feb-24 13:26
During the 4th year as on 31/3/20X2 fair value less costs to sell Rs.1100 will come sir i think so in the question 1100 there but you solved using Rs.1000. Am I Correct or Wrong?
latest answer
Thank you for your reply sir
iyshwarya Suresh
CA Final
★ 12K+
2
190