Hi,

Can anyone help with this CIMA member's query, please? 

" My contract is with an organization that is negotiating a ‘turnround’ from prior year losses. Q1 accounts for 2012 plus April show a modest operating surplus, and a continued focus on new business, prices and costs should improve matters further.

Auditors were retained to provide a Statutory audit despite £1M TO, and are struggling to sign off the 2011 accounts on a going concern basis.

Can anyone explain the implications of their failure to do so? "

Hello,

I am currently trying to search for the International Accounting Standard which Commission costs sits under.

Basically the company I work for pays companies a commission rate for aquiring new business, for example a flat rate of 20% for each new business. We also pay companies such as Google for Pay Per Click (PPC).

What I need help on, is that we are trying to confirm if PPC is classed as a commission cost or if this is an advertising expense but I need something official such as an IAS stating the definition for a commission cost.

The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft (ED) 47, Financial Statement Discussion and Analysis. The ED proposes minimum required content while still providing flexibility for entities to prepare and publish financial statement discussion and analysis that best portrays their specific circumstances.

Because of the close link between financial statement discussion and analysis and an entity's financial statements, ED 47 proposes that:

We've just established a US Corporation as a wholly subsidary of a UK Company.

I seem to be stumbling across various reporting requirements, W8s, W9s, 1190 etc etc and the local accounting firm isn't proving to be very proactive in helping me identify requirements. 

Any ideas for a definitive list of reporting and even individual suggestions gladly received.

If anyone is interested in a benchmarking for financial business partnering (preferably in a manufacturing/engineering environment but not limited to those sectors), please contact me.

We are looking to measure our current processes against others and hopefully help progress UK plc with a collective continuous improvement in business partnering.

Contact details:

Tim Day

Senior Financial Controller

Philips AVENT - Sudbury, Suffolk

The International Public Sector Accounting Standards Board (IPSASB) has released for comment a consultation paper as part of its project to develop a conceptual framework for the general purpose financial reporting of public sector entities. The Conceptual Framework is the IPSASB's key strategic objective from 2010 through 2012, and is of fundamental importance to the future of global public sector standard setting for at least the next 10 to 15 years.

Hi,

Can anyone help me? 

I have four practical issues on consolidation of financial statement.

Hi everyone,

Could anyone help me with the following:

My client is a Limited company engaged in three types of construction works:

1. buying, improving and selling the property (residential)
2. doing decorating works for their clients
3. buying, demolitiong to the ground level and then building a brand new property

I need to get some help with VAT matters. What is zero-rated, standard rated, exempted.

Kind regards

Tomasz Szlachta

Hi Guys

I need help as to the motivation to either capitalise expenditures or treat them as just revenue expenditure. Should it depend on the amount or also the purpose of the expenditure. I have a number of small amounts that were capitalised during the opening of a branch such as chairs which easily breakdown and neding a lot of maintenance. Also kindly point me to the accounting standard for guidance.

Thanks

Is there anybody out there who uses and is familiar with the COSO internal control framework?  If so, you may be interested to know that it is currently being updated.  Please let me know if you would like to comment on the exposure draft which is open until 31 March 2012.

Best wishes

Gillian Lees

The UK Accounting Standards Board (ASB) has issued revised proposals for the future of Financial Reporting Standards in the UK and Republic of Ireland.  The revised proposals recommend:

The IFRS Foundation has published an exposure draft of the IFRS Taxonomy 2012. The proposed taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs. The IFRS Taxonomy 2012 is a translation of IFRSs as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language). The proposed taxonomy is open for comment until 17 March 2012.

For further information see the IASB website

I'm currently working with a recruitment company and we think we might have come across a little problem.

Currently they recongise revenue when a candidate accepts the job and signs the contract.  However, they don't invoice the client until the candidate has started work.  They're trade debtors however is the amount of the invoices raised plus the revenue that has been recognised.

As far as I can see there are 2 issues here - one of revenue recognition and the other of trade debtors. 

Hi,

Is there an accounting standard that specifies disclosure of trade debtors/classification of trade debtors? 

When does a transaction fall under the category of trade debtors? 

I am Head Of Finance in a family run company.  The MD has changed the job titles of myself, Head of Sales and Head of Operations to Finance Director, Sales Director and Operations Director.  We have monthly meetings which are called Senior Staff Meetings. 

Dear All,

I just want to know as i understand the IAS 2 regarding inventory. Does the (marine insurance) cost we pay to insure our goods can be the part of a product cost. Please let me know if any one with any refernece or a best practice.

Regards

The UK Accounting Standards Board and the European Financial Reporting Advisory Group have published a paper in order to solicit views on how the financial reporting of income tax could be improved.  In particular, the paper discusses tax reconciliations, uncertain tax positions, discounting of deferred tax and the following bases of tax accounting: flow-through, partial allocation, valuation adjustment and accruals.

The International Accounting Standards Board (IASB) has published proposed amendments to IFRS 10 Consolidated Financial Statements.  The objective is to clarify the transition guidance in IFRS 10 by confirming when an entity needs to apply IFRS 10 retrospectively.

In a developer accounts, can a revocation and rescission of S&P for a sale made in last financial year (FY) be reversed in current FY as both a reversal onto current FY's Revenue and Cost of Sales? If yes, what happens if current FY has no Revenue? It will lead to negative Revenue. If a reversal made onto both Rev and COS, wouldn't it be treated as PYA?

Wouldn't it be more appropriate if the net amount which is a loss be treated as other operating expenses?

Kindly help.

Thank you. 

hi - I'm after help / advice.

 Our financial year end is December, we have budget this year to perform an office upgrade refurb (it will be opex rather than capex due to non permanent nature of the work).  The PO will be placed with a 3rd party to perform the work, however it will not be completed until 2012.

What clause do i need to insert into the 3rd party contract to ensure that the cost is recognised as an expense in our 2011 accounts? i.e. our external auditors recognise the expense in 2011 rather than deferring it into 2012?