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Comments

  1. RajatBadaya says

    July 30, 2020 at 6:22 pm

    If one of the office building is under construction, Company have incurred some amount as Insurance premium of building under construction. Shall we capitalize this expense in building or record as an expense?

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    • John Moffat says

      July 31, 2020 at 8:58 am

      Insurance is an expense.

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  2. amritash says

    May 30, 2020 at 10:43 am

    Hi Sir,

    If we have a downward revaluation , it appears as an expense. Will it be under other comprehensive income or operating expenses.

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  3. mandoh1980 says

    February 23, 2020 at 8:29 am

    Hello Sir,
    I am looking at the cost of intangible asset. Would the cost involve in training staff to understand the functioning of a new machinery be considered part of an intangible cost?

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    • John Moffat says

      February 23, 2020 at 10:53 am

      No – it would be an expense in the SOPL

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  4. Sali says

    August 16, 2018 at 11:15 pm

    Hi Sir,
    Could you please help me in an accounting issue which I am dealing with in my work.

    Could you please help me in this case, regarding fixed asset and long term debt:

    A company lets say “A” transferred a fixed asset (property) to the shareholder of the company “A” as a way to settle the debt of the company to the shareholder.

    The net asset of this property was lets say 15.000 and the debt of the company to the shareholder was 12.000. The double entry in company “A” was:

    Debit: Shareholder Debt 12.000
    Debit: Cash 3.000
    Credit: Fixed Asset 15.000

    The amount of 3.000 was payed to the company to match the differences between the net fixed asset and the shareholder debt.

    The question is: under IFRS is this transaction permitted if yes what kind of disclosure should the company “A” bring in.

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    • sbennett says

      January 30, 2020 at 12:33 pm

      Hi Sali

      Is this shareholder debt his/her personal debt (director’s loan) or the company’s debt?
      Thanks

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