IFRS Box

http://traffic.libsyn.com/ifrsqa/006CommodityContracts.mp3 Podcast: Play in new window | Download Show notes IFRS Question 006: Accounting for own-use contracts under IFRS 9 Our company produces metal products and we buy lots of raw materials, like lead, nickel, copper iron. We often enter into contracts for future delivery, for example, to purchase 10 tons of nickel with delivery … Read more

http://traffic.libsyn.com/ifrsqa/007RestrictedCash.mp3 Podcast: Play in new window | Download Show notes IFRS question 007: Restricted cash under IFRS We are a constructing company and we received an advance payment from our customer for the construction of the specialized production hall amounting to 5% of the total sales price. This is very significant for our financial statements. … Read more

http://traffic.libsyn.com/ifrsqa/008LeaseTermIFRS.mp3 Podcast: Play in new window | Download Show notes IFRS question 008: Lease term of cancellable property rentals under IFRS 16 A company has opened a branch at a building, by signing a rental agreement with the landlord of the building on which branch is situated. The initial agreement will be for 10 years … Read more

http://traffic.libsyn.com/ifrsqa/009CustomerListIFRS.mp3 Podcast: Play in new window | Download Show notes IFRS question 009: Capitalization of a customer list under IFRS A bank purchased information about subscribers from a telecom company in order to reach its targeted customers via phone, SMS or other advertising medium. Can the bank recognize the expense incurred to buy this subscriber … Read more

http://traffic.libsyn.com/ifrsqa/010HedgeEffectiveness.mp3 Podcast: Play in new window | Download Show notes IFRS Question 010: How to test hedge effectiveness under IFRS 9? Under IFRS 9, we are required to test the hedge effectiveness prospectively and we can use the qualitative methods, for example the critical terms matching. Does it mean that there’s no need for quantitative … Read more

http://traffic.libsyn.com/ifrsqa/011MajorOverhauling.mp3 Podcast: Play in new window | Download Show notes IFRS Question 011: Should we create a provision for major overhauling? We are manufacturing company and we have lots of heavy machines. Some of these machines require major maintenance works and overhauling after some time – some of them after 3 years, or 5 years. … Read more

http://traffic.libsyn.com/ifrsqa/012BarterIFRS15.mp3 Podcast: Play in new window | Download Show notes   IFRS Question 012: How to account for barter transactions? I work in a food producing company and we buy cashew nuts from the local agricultural company for cash. However, recently, our supplier wanted to buy some products from us for their employees and we … Read more

http://traffic.libsyn.com/ifrsqa/013VariableLeasePayments.mp3 Podcast: Play in new window | Download Show notes IFRS Question 013: How to account for variable lease payments? We are a large retail chain and we rent the premises for our stores from various property owners, mostly in the high-class shopping malls. In some cases, the rental payments are calculated as a fixed … Read more

http://traffic.libsyn.com/ifrsqa/014LoansBreachedCovenants.mp3 Podcast: Play in new window | Download Show notes IFRS Question 014: How to present a loan when the covenants are breached? I work for a company that is a subsidiary of a multinational group. Our local company took the large loan from the bank to finance group’s operations repayable after 5 years. As … Read more

http://traffic.libsyn.com/ifrsqa/015NotGoingConcern.mp3 Podcast: Play in new window | Download Show notes   IFRS Question 015: IFRS financial statements under basis different than going concern I am now preparing the financial accounts of a company which is forced to cease its business, and it is apparent that the going concern basis is no longer appropriate. I am … Read more