What should be the treatment of retention money deposit outstanding in books ( non current) as on the date of transition to IND AS .
Company X a listed company has acquired majority equity shares in Company Y an unlisted company on 31.3.2017. Company X is Ind AS compliant company and Company Y is AS compliant company. Now that Company Y has become subsidiary of Company X, please advise-
1. Whether Company Y need to comply Ind AS for 16-17
2. Whether Company X need to present conso FS as per Ind AS
3. What to do if Standalone FS of Co. Y are not as per Ind AS & time is not there to wait considering filing with Stock Excha
For 31 Dec 15, Company and auditor were not able to agree on particular audit fees amount. Management provided Rs. 500 as audit fees (best estimates) and which was agreed by auditor for the purpose of finalization of financials. After negotiation, final fees paid to auditor was Rs. 400 for 2015. How excess provision of Rs. 100 will treated? Whether it is a error or changes in estimates? Whether reversal of Rs. 100 will be adjusted against retain earning or will be credited in PNL in 2016?
What is the treatment for Mobilisation Advance (i) received and (ii) paid by a construction industry. Is Mobilisation Advance considered as financial instrument cosnidering the fact that it does not qualify as asset or liability as it is not being a resource or obilgation
Ind AS are applicable on a manufacturing company. Such manufacturing company is a holding company of another NBFC. Whether Ind AS need to complied for NBFC in its Standalone F.S. and in the grpup's Consolidated F.S.
Whether EPS is to calculated on Net Profit after tax and Other Comprehensive Income(OCI) or before OCI?
Thanks,If Company A and Company C are subsidiaries of Company B then it shall be applicable on both A & C because if Ind as applicable on holding co then it shall be applicable on all subsidiary co.
But we want to clarify that Company C is subsidiaries of Company B but Company A is not the Subsidiary of Company B.
Company-A is the associate Company of Company B because more than 20% but less than 50% shares of A is hold by company B.
Pls clarify accordingly.
More than 20% shares of our Company (A) are hold by another company (B). Net worth of our company (A) is less than 250 cr but Net worth of our shareholder Co.(B) is between 250-500 Cr., Hence Ind.-AS will be applicable on our Co. (A) from 2017-18.
But as on 31st March 2016, Net worth of Subsidiary Co.(C) of our shareholder company (B) get exceed by 500 crores, in such case Ind As shall be applicable on Co. B & C from FY 16-17.
Pls clarify Ind-As shall be applicable on our Co. (A)
Thanks for reply but i have one query
ESOP was not expired unexcersiced, it will be expire in Aug 17. But Emp. canceled it before end of expiry period.
Can we trans ESOP outstanding in General Reserve ac ?
1. Company has granted ESOP to few employees & one director in Aug. 2010.
2. All shares was vested in Aug 2014.
3. all Employees exercised ESOP.
4. but director did not exercised ESOP because at the time of Exercise, his exercise price (900) was greater than fare value of share (600).
5. maximum Exercise period of ESOP was 7 years from Grant date, that end on Aug 2017.
6. But In May 16, director has given request to the company to cancel his ESOP.
7. Pls suggest us how to account for it.
Whether Deferred Taxes of Holding Company can be adjusted with the Deferred Taxes of Subsidiary Company and vice versa at the time of Consolidation
Company has O/s loan of Rs. 50,00,000 as on Balancesheet date, which is repayable over next 36 months. Interest rate is 10%.EMI amount is 161,336.Interest payable over loan tenure is Rs.8,08,000.Please advice on below
a. Whether Interest amount needs to be accounted on fair value basis? If yes,Please guide on how to calculate faire value?
b.Whether loan amount needs any adjustment for fair value? If yes,please guide on how to calculate faire value for Loan?
Urgent matter please reply ASAP
As per Ind AS 21, Exchange differences arising on settlement or translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous f.s. shall be recognised in P & L, except as described in paragraph 32. The co. was initially capitalizing all the exchange difference on account of imports of P&M with the cost the asset due to virtue of Para 9 of AS 10. Can the company escape from expensing off the exchange difference
Financial guarantees are treated as financial instruments under Ind AS 109. In this regard, kindly advise about:
1. what journal entry shall be passed for recording such financial guarantee it being contingent in nature
2. what is the difference between financial guarantee and other guarantee, since Schedule III for Ind AS requires disclosure of guarantees excluding financial guarantees
All the companies have deposits for electricity, water, sales tax etc.
There is no fixed date for refund of theses deposits as entity utilizes services for very long period. But refund amount remains same.
Please explain How this deposits should be recognized under IND AS 109 at initially as well as subsequently.
Whether this deposit should be recognized at faire value? if yes, how to calculate fair value as there is no fixed repayment date.
Please provide examples if possib
If creditors are outstanding for last five years. What treatment should be given or how they should be brought to present value?
As on 31st 2015, Net-worth of our shareholder companies (shareholders having more than 20% shares in our co.) are between 250-500 Crores, accordingly Ind AS was supposed to be applicable on us from 2017-18.
But as on 31st March 2016, Net worth of shareholder companies get exceed by 500 crores, in such case company has to follow Ind AS from FY 2016-17 or 2017-18. Pls clarify.
Whether it is necessary to disclose the financial information in the offer document as per the requirements of Ind AS?
Has Ind AS based financial statement been notified ?
Whether Ind AS is applicable on banks? If yes, then what is the effective date?