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Query Posted : 85
Query Replied : 85
  • Land part of CGU
    by Vinod Kumar on Tuesday, February 04, 2020  at 04:50 PM

    Whether the carrying value (CV) of land should be included in the CV of CGU for impairment computation? If so, whether the fair value (FV) of the land should be added to the value-in-use (VIU) of CGU? In the specific case, the value of land is 60% of the carrying value of FA. If value of land is considered in CGU,and the VIU is computed based on future cashflows (perpetuity) without considering a separate FV for land,the impairment loss comes to a very high number which seems logically incorrect

  • Treatment of Excess Payment under Loan due to reschedulement
    by Himesh on Saturday, January 25, 2020  at 10:22 PM

    X has taken interest free loan of Rs. 13 Cr in 20 instalment. Due to financial crunch the company approach the lender for rescheduling.Revised terms are X will have to pay Rs. 15 Cr. In 26 Instalment and will be required to pay the transaction cost of Rs. 10 lacs. There is cash inflow of Rs. 13 Cr. And cash outflow over the period will be 15 Cr. against the said loan. No interest is charged separately. Now, what would be treatment of the diff of Rs. 2 Cr (15-13) payable due to reschedule.

  • Ind AS-40
    by Chirag on Friday, January 03, 2020  at 11:59 PM

    Dear Sir, X Ltd lets out a property to Y Ltd under Finance lease . Both the companies are subsidiary of P Ltd. Y Ltd sublets a portion of the property to K Ltd under FINANCE LEASE. Query- How we will treat the property in SEPARATE FINANCIAL STATEMENT AS WELL AS CONSOLIDATED F.S AS PER IND AS -40 ?? Pls clarify..

  • RPT
    by Kamal on Monday, December 30, 2019  at 06:44 PM

    Whether dividend paid by subsidiary to holding a related party "transaction" under Ind AS 24 and whether any disclosure is required for the same

  • Security deposit
    by Chirag on Friday, November 01, 2019  at 07:31 PM

    Dear Sir, A company made security deposit of Rs 15 lacs in respect of lease. Lease period is 5 years. If Market interest rate is 10%, pls tell the accounting & Entries for first & last year ?? 2) If in above case (1), Interest on security deposit is 8% p.a., & Market rate is 10%, what will be accounting in such case ??

  • Consolidation
    by Kamal on Wednesday, September 04, 2019  at 11:54 AM

    Sir, What shall be the treatment of pre-acquisition dividend received by the parent company from its subsidiary company

  • Capitalisation of Fixed Assets
    by CHANDRA on Friday, August 23, 2019  at 05:37 PM

    Dear Sir, We have purchase an items which is capitalised in the Books of accounts in the Year 2017-18 but such material now will used in manufacture of FG as Raw material. Now we have to transfer the same from Capital to Revenue. KIndly share with us accounting implication like Journal entries and its impact on the Financial Statement

    by CHANDRA on Friday, July 26, 2019  at 05:10 PM

    Dear Sir, We have received a credit note after the end of financial year 31.03.2019 but before the balance sheet date. Please note that we knew that such type of credit note will come to us so kindly clarify as per IND AS, we should book provision for the original amount or original amount net of credit note on dated 31.03.2019 and such credit note will be treated as adjustment events after the reporting period ??

    by CHANDRA on Monday, July 01, 2019  at 10:37 AM

    Dear Sir, We are involved in the EPC contract and we have given a advances to our sub-contractor (vendor) in 18-19 on interest. Advance already given in 18-19 but ineterst is still accrued but not received Kindly share with me disclosure procedure and accounting treatment of the above interest.

  • Capitalization of cost incurre
    by vinod on Friday, June 28, 2019  at 04:36 PM

    The Company had purchased certain building and has been using it for business for last three year. During the year the Company came to know that certain permits critical have not been obtained. The permits are so critical that their absence will render the construction illegal and the building can be demolished. The Company consulted the relevant regulatory authorities and determined that the fees payable for the permit is Rs. 1 crores. Whether this cost can be capitalized as PPE ?

  • Effective interest rate -2
    by Chirag on Tuesday, June 18, 2019  at 03:40 PM

    Dear Sir, With respect to query raised on Sunday, June 09, 2019 at 01:35 AM titled- Effective interest rate , Pls clarify that whether repayment of loan of Rs 10 lacs in the 5th year will be considered for calculation of effective interest rate or not ?? 2) If yes, then how calculation of Effective interest rate will be made ?? 3) If no, pls tell the reason that why it should not be considered ?? Thanks

  • Impact on EPS of DTA recognition due to merger.
    by Ajay on Tuesday, June 11, 2019  at 02:55 PM

    How to calculate earning per share. 1.From 1st April 2018 merger happened with common control entity. 2.After Merger company recognized DTA. 3.As per IND AS 103, if merger is between common control entities than comparative financial to be prepared. 4. Our question is that should we consider DTA recognized in current year for earning per share of previous year.

  • Advance for Capital Goods is Investing or change in Working Capit
    by RAHUL on Tuesday, June 11, 2019  at 02:38 PM

    Our query is advance given to suppliers for manufacturing of tooling on our behalf. Is to be classified as Investing activity or Finance activity. We give Advance for manufacturing of tooling to our suppliers. Tooling manufacturing takes around 2 to 3 years. Advance to suppliers for tooling is classified in financial statement as Other non current assets.

  • Effective interest rate
    by Chirag on Sunday, June 09, 2019  at 01:35 AM

    A Co. borrowed Rs. 10,00,000 from a bank who has charged Rs. 91,760 as the processing charges. The coupon interest rate is 12% and the loan is repayable in 5 years in equal installments of Rs. 2,77,410. Query- While calculating effective interest rate we will, 277410 multiply by PVAF (x%, 5 yrs) IS EQUAL TO 908240. I think,as we will REPAY 10 LACS IN THE 5TH YEAR,SO WE SHOULD CONSIDER 10 LACS AMOUNT IN 5TH YEAR while calculating effective interest rate. AM I RIGHT SIR? PLs clarify

  • Bank Guarntee encash against Service Provider
    by Sangram on Monday, May 27, 2019  at 06:33 PM

    A suuplier has given bank guarntee against work performed at project site. The project has been capitalised . There is deficiency in work performed by the contractor so, the company has encashed the bank Guarantee as per the contract. My query- How to account for the such bank receipt transaction in our books ?

  • Accounting Treatment and Valuation of Share Warrants convertible
    by Manish on Wednesday, May 01, 2019  at 02:20 PM

    Sir, a listed company has issued Share Warrants convertible in Equity Shares of company to another Company to which also Ind AS is applicable. Issuer company as on 31st March 2019 has received 25% of amount against Share Warrants. My query is where is this share warrants to be Reflected in both Issuer as well as Investor Company and what will be valuation of the same. Whether investor company has to take any effect of market value of equity share of Issuer company in its investment a

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