371-380: Accounting and Audit - Accountancy Forum Topics

Acca & Sap

Hi I have recently completed my ACCA qualification and am planing to do SAP financial. What is the scope of ACCA with SAP in pakistan? Regards Faisal

Fixed Assets

1- Could anyone provide me the information on the prescribed rates, to be used for depreciation, by CBR with regards to different assets? 2- How do we classify I.e. fised asset or expense, under normal circumstances the value of mobile hand sets / normal telephone sets? Regards, Asif

Job In Sage Line50

Can anyone help me finding a job in Accounts dept of any company using sage line 50 in Karchi???

Ca And Acca

Is it the right decision not to join CA articleship and join ACCA?How my papers does CA Inter student need to attempt of ACCA?

Material For Module "e"

can any one plz guide me about the best study material for module "E" and specifically from where to prepare Group Accounts. thanks

Interest Free Loan For Ca Students

A CA student wants to obtain interest free loan for pursuing CA study. Can anybody helps in this matter? Plz Plz it is very urgent. He is a trainee student and requires loan to take admission ia a RAET.Plz help in this matter.

Impairment Of Intangible Assets

Under IFRS and FASB standard on impairment of intangibles, it is required to review the intangible assets for impairment atleast annually. Is it also required separately to review useful lives? As amortisation has been banned, a review of useful lives seem superflous. Your comments please.

Rent Expense Question

Background PAB Industries, a public company with a December 31 year-end, is a wholesaler of office supplies. The Company is headquartered in Lubbock (“Head Office”), but has four regional sales offices and warehouses (Northeast, Southeast, central and West). PAB has entered into operating leases for its office space and warehouses, with varying terms; certain of the leases include free/holiday rent periods, leasehold improvement allowances and/or scheduled rent increases. Davidson, Needles 7Fess (“DNF”) has audited PUB for three years. As a result of the findings outlined in the SEC’s Letter to the center for Public Audit Firms re: Certain Lease Issues (concerning numerous instances of incorrect lease accounting and the failure of auditors to detect them), PAB has asked DNF to review the Company’s lease agreements, including significant terms, monthly rent, future minimum lease payments, and any associated leasehold improvements. DNF has set overall materiality at the financial statement level at $100,000. The 10-year average CPI is 1.0237. Summary of Lease Arrangements by Region Northeast – The Northeast office has an operating lease for its warehouse space in Boston, MA. This lease was entered into on February 27, 2004 and has a commencement date of March 1, 2004. At the time of signing, The Company negotiated a deal in which it would not have to pay rent for the first two months from lease commencement date. The annual rent is $1,850,000 (or $154,167 per month). The lease term is for a period of 72 months with the option to renew for an additional period of 72 months at the option of the landlord. The Company spent $2,000,000 in leasehold improvements at the lease’s inception. Accumulated depreciation on the leasehold improvements at 12/31/06 is $472,222. Southeast- The Southeast region entered into an operating lease for office space in Atlanta, GA. The lease commencement date was July 1, 2006 for a period of 60 months with no renewal option. The company felt that this lease was favorable due to expected expansion of this region and the probability it would need to move larger promises in five years. Under this agreement, the landlord offered to reimburse the Company for lease improvement at 12$ per sq. ft. (floor space leased is 100,838 sq.ft.). The monthly rental for office space is 202,050.80$ with an annual increase of 10% per annum. At inception, the Company incurred $1,250,000 for leasehold improvements. The improvements have an expected useful life of four years. At 12/31/06 accumulated depreciation on these improvements was 125,000$. For the landlord’s incentive received by the Southeast region, the Company recorded the following journal entries in July 2006: Leasehold Improvements 1,250,000 Cash 1,250,000$ (Cost incurred to make changes to the Company’s premises.) Cash 1,210,056 Leasehold Improvements 1,210,056 (Receipt of funds form the Landlord on July 30, 2006.) Central- this office in Denver was established as a central point of distribution. The Company entered into the warehouse lease for 5,000$ per month for 48 months with the option to renew the lease. The annual increase in rent is 20%. The lease commencement date was October 1, 2003. West- The Company entered into lease agreement for a warehouse in Seattle, WA on August 1, 2005. The monthly rent for the warehouse is 15,000$ per month and the term of the lease is 36 month with an option to renew for two years. There is no escalation clause in the lease agreement. Head Office: The final lease agreement relates to an office lease in Lubbock for head office operations. The agreement has been in place since Novemeber 1, 2001. The monthly rents is 22,000$ per month. The original lease term is for 60 months with the option to renew for an additional two years. Annual rent increases each year are based on change in the CPI. Disclosures in the Financial Statement Northeast Southeast Central West Head Office 2004 2005 2006 2007 2008 2009 2010 2011 Requirements: Complete the table above, providing the rent expense that should recognized for each region in the years listed. Provide supporting calculations. Also address any additional non-rent measurement issues, including any corrections that should be made.

Please Recommend A Book

Hi Can anyone recommend me a book on Hedging with Options, futures and forward contracts.I am looking for an easy approach. Thanks alot Faisal

Help - Vat

Hi Can any tell me if when filling in a VAT Return, things like Insurance payments and finance payments can be used? Thanks