Forums
NCI impairement
Financial Reporting
answered on 17-Feb-24 15:45
While calculating impairement loss of pluto ltd why intially good will is not added to CGU C and then find impairement? In all othercases we first allocate impairment loss out of goodwill..why it is not happening here?
latest answer
I see it is allocated to goodwill. Can you recheck once.
binu mathew
CA Final
★ 0
1
164
Doubt regarding the Illustration
Financial Reporting
answered on 05-Feb-24 12:35
Dear Sir, In case Assumption 2 has the following sentence only (i.e., In question Assumption 2, Management Budget/ Forcastes have clearly stated they have an intention to sell the asset in the near future and replace it. Should we not Impair the Asset since the management has no intention to keep the asset in near future Hence the question of value in use will it not become irrelavent?
latest answer
If we cannot determine value in use, we will need to compute fv less cost to sell. An asset has to be impaired if there are indicators of impairment.
Vanacharla Sai Pavan Kumar
CA Final
★ 8K+
4
301
AOA
Corporate & Other Laws
answered on 05-Feb-24 12:07
if a co. have a branch on foreign co. . do they also have to follow rules in AOA of domestic co.?
latest answer
Ofcourse !
Harshavardini
CA Inter
★ 180
1
300
AS16
Accountancy
answered on 05-Feb-24 11:52
when a qualifying asset is purchased it takes 4 months of time to get ready for its use so when we purchased we incur some cost right now the cost that we incur is charged to respective asset acc. or p&l a/c?
latest answer
Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset should be capitalized as part of the cost of that asset. So if 4 months is considered to be a substantial period of time (generally less than 12 months is not considered to be substantial), then you can capitalise.
Harshavardini
CA Inter
★ 180
4
560
Exam form
Others
answered on 05-Feb-24 08:42
I passed CA inter grp1 in nov 23. I know that i need to write audit and FM&SM.For group 2, am i need to claim exemption for costing in exam form under do you have any exemption column?
latest answer
No. Unit 2D is applicable
Kurva Mahender
CA Foundation
★ 5K+
1
324
Consolidation of FS
Financial Reporting
answered on 09-Feb-24 16:56
Sir, while preparing the CBS in exam, should we need to prepare the notes to accounts and statement of changes in equity?
latest answer
okay sir
Swathi Krishna
CA Final
★ 8K+
4
362
SA 220
Auditing
answered on 05-Feb-24 10:15
Quality control review team will evaluate the discussion between engagement partner and the team on significant matters . Do discussions are also documented in audit in practical life ? Also , auditor has duty to guide, supervise the team etc has been given. So engagement partner dont apply any audit procedure or do some work. As according to standard guide , supervise , control of engagement team is only job given to him ?
latest answer
Engagement partner is basically acting like a leader of the team. He will have meeting with the Management, TCWG , understand the entity, do risk assessment .. based on all the above, audit program will be drafted and given to the team members. Then he will be responsible for supervising their work, reviewing their work. after all the evidences are obtained, conclusions are also reached upon by him. So, he is involved in major part of the audit. yes, review is documented.
Anirved Rahatgaonkar
CA Inter
★ 0
1
225
Ind AS 12- Income Taxes
Financial Reporting
answered on 05-Feb-24 11:50
Why we have taken the rate 28% instead of 30%?
latest answer
Enacted rate for future
anmol goel
CA Final
★ 5
2
306
Classification as Discontinued Operations and Held for Sale
Financial Reporting
answered on 05-Feb-24 12:02
Sir, in video 20 it was explained that a component of a business cannot be classified as discontinued operations if revenue generating activities are still being undertaken (Construction Company example). (I) In this question however, the division has been classified as a discontinued operation even though production and sale of inventories is still taking place (Opening stock = 10 lac, Sales = 8 lac & Closing stock = 9 lac). If the revenue generating activities are still taking place, how can the division be classified as a discontinued operation? Also, the offer for sale was received on 1st August, and not on 30th June. (II) Since production of inventories is still taking place, this means that the assets are also being used. How can the assets be classified as held for sale, since during this period, the depreciation on the assets is zero, symbolising that no significant use is taking place?
latest answer
In the construction company example, the activities of construction are continuing. So operations are continuing. In case of inventory, its just sale of existing inventory.
Vignesh Panigrahi
CA Final
★ 1K+
1
171
Exams
Exams
answered on 04-Feb-24 21:11
I had passed my group 2 intermediate and now I have to give paper 2,3 and 4 and my accounting exemption is carried forward how will they validate my marks
latest answer
Ok sir but when I’m filling my exam form my accounting exemption was carried forward that’s why I had a confusion … thank you sir
Ashwini Ashu
CA Final
★ 10K+
4
400