IFRS

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karthik (Querist)
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02 February 2011 Hi,

Presently i am working with one of the BOOT company. My company is falling IFRS road map phase 1. So that we want to prepare our balance sheets as per IFRS. For this purpose i read IFRS standards like IND AS 101, PPE, IFRIC 12, Borrowing cost etc., but while i try to prepare necessary workings for Investments, Capital WIP and Advances to others (like effective rate of interest/Fair valu etc) i am facing some difficulty. Anybody please help me, how to calculte effective Interest and Fair value. If you have any workings in excel sheet please provide the same to me

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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02 February 2011 You read AS 30 properly, because as per your query, you donot have the knowledge of IFRS. Because advances,capital WIP are not a financial assets as per IFRS. You have to read a lot, since it is a new subject.

What do you mean by IND AS 101 ?

Various rule are applicable for calculating of fiar valuefor different Financial assets.

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karthik

karthik (Querist)
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03 February 2011 Hi Shailesh,

On 14th Jan 2011 ICAI has issued near draft standards for replacing IFRS. IND AS 101 replace IFRS 1 (IND AS 101 is First time adoption of Indian Accounting standards).

as per My knowledge IFRIC 12 is applicable for BOOT projects.
as per Previous Indian GAAP, expditure incurred relating to project during the construction period is shown as Capital WIP

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