701-710: Accounting and Audit - Accountancy Forum Topics

Recognition And Reporting Of Selling Expenses

hi, outbound freight incurred during selling, the cost is not COGS. the cost should be considered as what cost and where it should be reported? thanks regards

Accounting For Bonus Shares

Company A own 300 shares (100%) in Company B. Company B made a bonus issue of 1:3 Number of shares held by Company A in Company B: Before bonus issue – 300 shares After bonus issue – 400 shares How will Company A accounts for the Bonus issue in its financial statements? Which Accounting Standards (IFRS) governs the accounting treatment of bonus shares? Please help. Thanks Rafick :)

Accountants In Canada

Dear All, I am ACMA and currently employed in a private limited company as a Finance Manager. I have got the Canadian immigration visa and would request the Canadian members to give their valuable advice on following queries 1- What is the right season to land in Canada 2- What is the status of ACMA's in canada, i have been told that to work in canada one need to have local qualification and local experience, any comments. 3- CGA offer exemptions in 13 papers, do you guys recommend to go for it or any other qualification is recommended. 4- I was planning to do CIA , as its an international qualification it might help in finding a job in canada, what you guys think 5- Apart from finding a job , can you guys suggest any small business opportunities available in Canada and how much investment is required? The valuable input from members will be highly appreciated Thanks and warm regards MRS

Cash Flow Statement - Indirect Method

AOA, i am having trouble in tallying cashflow. Can somebody help me? if somebody is willing to spent his precious time in solving my problem then please tell me. i will mail you the accounts. Thank you

Seperate Account For Dividend Payment

What is the requirement for payment of Dividend through a seperate Bank Account in case if dividend is declered by a private company. Pls cross reference the relevent laws. Regards / Ayub

Cash Flow From Operating Activities

AOA.plz give me guidence relating to non cash items in operating activites under indirect method. that "is the gain/loss on sale of fixed assets or investment is treated as non-cash item"?? if yes what is logic behind it?? i shall be very glad regards

Questions Regarding Assets And Depreciation

I have two questions regarding fixed assets (1) A company is charging depreciation on fixed assets as "full year depreciation is charged in year of purchase and no depreciation is charged in year of disposal". now if i want to change the above policy as full month depreciation is charged in month of purchase and no dep in month of disposal or depreciation on proratt basis on additions and disposal, then what should i do.i mean (a) is it allowed (b) what will be its effect.retrospective or perspective (c) if no retrospective effect then do i need to disclose the change of this method.if yes then how should i disclose. (d) how we will call this change of method as per ias-8. i mean is it change in estimate,change in policy,error etc. (2). i just want to confirm that As per IAS-40 land and building held for rental purpose will be investment property. now if plant and machinery is used for rental purpose then will it be classified under ias-16. and secondly a company is using a plant and machinery as a sample for its customers. company give machinery to customers for 2-3 months free of cost as a test product.after 2-3 months customer return the machine and it remains idle until next customer testing. will this machine be treated under IAS-16?

Initial Direct Cost In Lease

AOA. i want to know abt intial direct cost in lease. i know that initial direct incurred by lessee will include in amount of leased asset recognized in lessee balance sheet. but whats about if initial direct cost incurred by lessor?? and whats about if initial direct cost incurred by (Maufacturer and dealer lessor). kindly give me guidence regards

Accounting For Guarantees And Lcs

Dear Members, Can any one help me to indicate double entries needed to record guarantees and LCs in the books of a bank during recognition, maintanace and cessation of such transactions? Your help will be highly appreciated. Kind regards

Changes In Ias-27 And Conslidated Accounts

Hence many changes have made in IAS-27 and its terms and calculations which are made while making Consolidated financial statements such as minority interst. so the traditional books (Intermediate accounting,advanced accounts by Shukla,Advanced Accounts by S.P Jain and Advanced Accounts R.L Gupta,Modern Advanced Accounting by E. John Larsen,Advanced Accounting by Harry Simons / Wilbert E.Karrenbrock) of accouting which are used by mostly students of ICMA and CA have become useless. Please tell me which books cna be read to prepare topic of Consolidated Financial Statements from eximination point of view. Regards, Awais Aftab