IFRS dip exam

[veslava2001]

Hi All,

Nice to find a company, I am styding for IFRS diploma exam in Dec 2010. does anybody too?

[Prajna B]

Hi All,

Nice to find a company, I am styding for IFRS diploma exam in Dec 2010. does anybody too?

HI,

Welcome to this forum which you can use as knowledge sharing platform where you can get lots of useful information related to the ACCA subjects you are studying.

In Dip IFRS -Diploma in International Financial Reporting Standards section of the forum you will find many students who are doing IFRS Diploma.

Looking for your important contribution in the forum!!

Prajna B

[santoshkumar Ge]

Yeah, I am also preparing for IFRS 2010. lets share our doubts here, my email id is kumarsantosh90@gmail.com , I am from hyderagad. do reply me asap

[Sharada]

Hi Santosh how is your preparation coming along? I am still awaiting books from GTG?..Do you think the time is too less to take the Dec exam? I work full time and can spare for studies only on weekends...

[santoshkumar Ge]

Hi Sharada, my preparation is good, what about you? of course its less, but have to practice. where are you working? what is your qualification? I got books from GTG. I am also a full time employee,spends sometime everyday to learn.....

[Sharada]

In that case do you think it would be better to go for Jun 2011?

[santoshkumar Ge]

ofcourse, if you dont have time for preparation , better to go for jun 2011, but you can write now also , there are two chances for onetime registration both in dec 2010 and jun 2011.

[debapriya]

Hi,
Nice to find your quote. I am also appearing for Dec 2010 IFRS exam. Let me know if we can do knowledge share.

Best Regards
Debapriya

[Sharada]

Debapriya, nice to knw you too...How is your preparation? How much have you covered so far?

[debapriya]

Hi Sharda,
I have completed till impairment of assets. However, I have some doubts on IAS-16 which I have detscribed below.

Could you help me in cleraing my doubt....

This is regarding the valuation model optional to an entity : either cost model or revaluation model.

An entity goes by revaluation model and has revalued its non current asset (PPE) between a year say, on 01.04.2009 assuming the year ends on 31.12.20XX.

The original cost on 01.01.2009 was $10 M and depreciation is charged on SLM method.

Revalued amount on 01.04.2009 is $12 M and further revaluation on 01.08.2010 was for 16 M.

My question is :-
1) How do we calculate and charge depreciation in SOCI (Statement of comprehensive income) for the yaer ended 31.12.2009 and 31.12.2010.

2) If the entity opts to transfer from revaluation reserve to the retained earnings, how much do we transfer the differential depreciation based on revalued carrying amount and depreciation based on original cost ?

Would appreciate if anyone could clarify this in light of IAS-16.

Thanks & regards
Debapriya