₦airaland Forum

oliverjiad:
sallaum:#880k
Grimaldi:900k

Regards

Jaid

Thank you

How much is the cost of clearing 2010 lexus rx350 for sallaum and grimaldi?

Please is there any engineering student utme admitted recently?

07034440293

Please help me to check akandeowoo4535@gmail.com

Practice

Dereformer:
Yes.

In practice or industry?

Yes, and I guess you are one.

I mean no Ifrs to back the reschedule up. If there is you wouldn't be asking your question now, you will just go to ifrs 9.

After my research, I saw that expert has been using their judgement to account for below market rate related party loan the way you said.
No Ifrs to back it up, why not use your judgement to account for the reschedule.
I.e Fair value again over the shorter or longer term take difference to sopl, perform amortised cost on the fv loan to get finance cost.
Take it as a change inaccounting estimate, so account for it prospectively.

That is just my take on it o. Ask expert.

OK thanks

I believe you are wrong in accounting for this financial liability

1- the fv of the loan is the 10m minus any transaction cost

2- the main issue with related party transaction is disclosure

3- pv of the loan is not the fv, fv is the consideration received

4- the effective interest multiply by the fv minus transaction cost is your finance cost that should be deducted in sopl

5- loan amount of 10m minus pv of loan amount recorded in profit or loss is wrong.

To your question, Ifrs 9 is silent on treatment of amortised cost in a case of reschedule, but what I think you should do is recalculate the effective interest over the remaining years and apply it to the carrying amount before rescheduling.

I hope you get this. How about calling a chartered accountant close to you.

I just read it again and saw you put it in the note that the loan is carried at amortised cost. I think I understand now.
The loan is accounted for using amortised cost. At initial recognition the Fair value is used to calculate the amortised cost. Now that the loan has been rescheduled you want to know if u need to get the current fair value to calculate another amortised cost.
Am I right?

Since you are accounting using the Fair value method, the loan should be fair valued again. The changes in the loan term will be reflected when estimating the Fair value. The changes in fair value will be reported in statement of profit or loss.
The new fair value will be reported in statement of financial position. However you only need to do this at the end of the reporting period except there is a special case for it.
This is in accordance with ifrs 9, however you mind need to account for changes in fair value which is as a result own credit risk which goes to other comprehensive income.

Are you accounting as the loan giver(financial asset) or loan receiver( financial liability) , we need to perform business model/ cash flow test to determine whether d loan should be carried at fair value or amortised cost by finding the reason why they are holding the loan.

Is it for trading purpose or to get specified income at a certain date.





































Pls answer that to know the proper way to account for it.

ibadanfinest:
You saw not that u attempted it, Technical question always looks simple, you should be thankful u were not writing the exam.

.

I did attempt it and gave some of my students to attempt. There is no good test of IFRS there, the question on impairment of asset is too simple and there was a question that just tested depreciation in a whole question. The thing is ican questions are simple, they might just be strict to there students which is unfair.

The point is can the qualification make you a good Accountant, Acca does that, which is what matters. I saw last November Ican questions on Financial reporting, it is simple and not comparable to Acca's f7, why is it now harder than Acca? Nigerians like saying one is harder than the other.

kamikaze2458:
I'vo got 2012 version for Gmat

pls send to bukolaakande25@yahoo.com

zoks:
@OP
If you have not written your test already,then you are gonna get a fair chance at getting into Deloitte.The first part is the usual gmat type questions.Verbal and quantitative. Calculators are not allowed.Then the second part! That part is an IQ test.It's rocket science.Put your email address here,i'll give you something that will Deloitte out of the water.I did the test in November 2011 for audit associate.

bukolaakande25@yahoo.com

Search Dip in IFRS-ACCA on google, you will learn all you need to register on Acca website, you can buy Bpp books on it. I offer the lectures in Ilorin.

If you read very well, you can get the certificate in 6months or you can go for lectures depending on your location.

Acca offers Diploma in IFRS, it cost around 200 pounds, google it, u will be well versed in IFRS

Pls forward IELTS material to bukolaakande25@yahoo.com

Pls I need IELTS material. bukolaakande25 @yahoo.com

Salam, if women are invited I would love to be there, as I stay close to offa garage.

I have replied u

Sorry, maybe u should email me directly in my inbox bukolaakande25@yahoo.com, cos I can't get it

Got it, but didn't get the message

I have a nikon d90 for rent in Ilorin,