IFRS Box

http://traffic.libsyn.com/ifrsqa/026TransferPPErevalModel.mp3 Podcast: Play in new window | Download Show notes IFRS Question 026: How to account for transfers from owner-occupied property under revaluation model to investment property under fair value model? We apply the revaluation model for accounting for our buildings in line with IAS 16 Property, plant and equipment. Recently, we stopped using one … Read more

http://traffic.libsyn.com/ifrsqa/027AllocationCost.mp3 Podcast: Play in new window | Download Show notes IFRS Question 027: Allocating cost of conversion to cost of inventories Dear Silvia, can you please give us the examples of allocation of cost of conversion to the cost of inventories under normal circumstances, when low production and if abnormally high production? I don’t understand … Read more

http://traffic.libsyn.com/ifrsqa/028FunctionalCurrency.mp3 Podcast: Play in new window | Download Show notes IFRS Question 028: How to determine the functional currency? I have a query related to determining the “functional currency”. The standard IAS 21 does not have a lot of examples or details on determining the functional currency where there are various currencies involved in the … Read more

http://traffic.libsyn.com/ifrsqa/029ClassificationExpenses.mp3 Podcast: Play in new window | Download IFRS Question 029: How to classify expenses in profit or loss statement under IFRS? Dear Silvia, I am auditing a company who owns warehouses in several locations and rents the warehouses to other companies. Last year, the company’s owners changed and as a result, there was a … Read more

http://traffic.libsyn.com/ifrsqa/030CapexThreshold.mp3 Podcast: Play in new window | Download Show notes IFRS Question 030: How to deal with the threshold for capitalizing your assets? We have a capex threshold policy where we capitalize all assets with cost higher than the threshold. Let’s say that the threshold is CU 1 000. What if we buy lots of … Read more

http://traffic.libsyn.com/ifrsqa/031ElectricityAgentPrincipal.mp3 Podcast: Play in new window | Download Show notes IFRS Question 031: Agent or principal? A real estate company, which rents out units to different tenants and charges its own rate on utilities like electricity to tenants, at the rates set by the company (not by utility provider). The company pays the electricity bill … Read more

http://traffic.libsyn.com/ifrsqa/032IncrementalBorrowingRateIFRS16MQ.mp3 Podcast: Play in new window | Download Show notes IFRS Question 032: Discount rate for lessees under IFRS 16 We are implementing IFRS 16 Leases. We have a lot of operating leases for which we need to calculate right-of-use asset. And, we need to determine the right discount rate. We simply calculated the internal … Read more

http://traffic.libsyn.com/ifrsqa/033SettlementDiscounts.mp3 Podcast: Play in new window | Download Show notes IFRS Question 033: How to account for settlement discounts under IFRS 15? Today’s question is not so much a question, but a nice discussion I had with Mr. David Kolitz, an academic from the University of Exeter in the UK and author of financial accounting … Read more

http://traffic.libsyn.com/ifrsqa/034FinancialGuarantees.mp3 Podcast: Play in new window | Download Show notes IFRS Question 034: How to account for financial guarantees under IFRS 9? Hi Silvia, we have a subsidiary in a foreign country and the subsidiary needed to take a loan. The bank provided a loan, but we, the parent company, had to guarantee that we … Read more

http://traffic.libsyn.com/ifrsqa/035FairValueMachine.mp3 Podcast: Play in new window | Download Show notes IFRS Question 035: How to determine a fair value of a machine? We have a machine and we need to determine its fair value. We purchased the machine about 2 years ago for 50 000 USD and then we paid 10 000 USD to make … Read more