IFRS

yasinACCA · 02-28-2008, 06:14 PM

Dear seniors,
i have some question. please answer it.
1-commentry of Ifrs 2 in easy language.
2-wat r the firms fter big 4, which should be join as a trainee?
please Reply ASAP
regards

kamranACA · 02-28-2008, 06:32 PM

Dear,

You first question is not clear. If you wish to have commentary of IFRS then you should check the webpages of big international firms like PWC, Deloitte, KPMG and E&Y etc. You may also check BDO, NEXIA and BAKER AND TILLY. You will certainly get something.

The other part of question will also be clear only when you will mention the city. Further, this question has so many times been answered on the "firms" at this forum. Check it out in detail.

Regards,

KAMRAN.

idreesdurrani · 02-28-2008, 08:43 PM

You can get a summary of IFRS 2 from the link provided below

http//www.iasplus.com/standard/ifrs02.htm

yasinACCA · 02-28-2008, 09:47 PM

Thanx dear Kamran And idrees bhai,
i m loocated in karachi. please tell me which firm should i go after big 4.

idreesdurrani · 03-04-2008, 03:34 PM

Well I'm not sure about the rankings in Karachi, but you can consider the following firms (after the Big Four),

Anjum Asim Shahid......Co. (Grant Thornton)
BDO Ebrahim & Co. (BDO)
Avais Hyder (RSM International)

idreesdurrani · 03-17-2008, 05:35 PM

If an entity changes its cost formula from FIFO to weighted average or vice versa and the revised formula is more accurate, how will this be accounted for?

Is this a change in Accounting estimate or accounting policy?

kamranACA · 03-17-2008, 07:56 PM

Dear,

Although this issue carries some complexity but in my view it's a change in accounting estimate. As you said, "the revised formula is more accurate", the estimates are revised to give more accurate results. However, there coud be dissenting comments on my conclusion as well.

In my view, this is a change in accounting estimate and this will be applied prospectively.

Regards,

KAMRAN.

idreesdurrani · 03-17-2008, 10:09 PM

Dear KamranACA,

As you know, a change in accounting policy also results in financials statements providing more relevant and reliable information.

In my opinion this should be accounted for as a change in Accounting policy and applied restrosepctively. The reasons which come to my mind is that this change implies a revision in the basis for the measurement of stock and any change in the measurement bases falls under a change in accounting policy.

Further argument could be that if it is treated as a change in Accounting estimate it may give rise to income statement volatility. Reporting entities may manipulate their results by changing the cost formula.

But as you said, this is equivocal.