Doubt in Example explained

answered on 02-May-24 09:20

Sir, at point 06:03 in this video, in the example that you are explaining, isn't 25 lakhs the revised carrying amount of the asset as on 31st March, 20X3 instead of 31st March, 20X4?

latest answer

Yes. Typo. Thanks for highlighting. will get it corrected.

Antara MuraliKrishnan

CA Final

★ 3K+

2

61

Ind AS 21 exchange rate difference

answered on 08-May-24 13:59

I am attaching excel file which contains clarification on exchange rate difference can you check

latest answer

Yes. But for GST authorities, exchange fluctuation does not make any difference. If you see in imports cases, duty is paid on value determined as per exchange rate and paid to authorities.

swaminathan sundaram

CA Final

★ 110

13

83

Doubt in Illustration 17 of Impairment of Assets

answered on 02-May-24 09:25

Sir, in this question: 1) the third line mentions that "the machine does not generate independent cash flows". Can't this be taken to mean that the value-in-use is zero? 2) Suppose in scenario 2, it is only given that the management has an intention to replace the machine and sell it in the near future and nothing is mentioned about its value-in-use, will the answer differ from scenario 1? Is change in management's intention to replace & sell the machine enough to recognize Impairment Loss?

latest answer

1. No. It can generate cash with other assets in CGU. 2. If the management intends to not use the machine - it is covered by 105 and not 36.

Antara MuraliKrishnan

CA Final

★ 3K+

2

57

Reverse Acquisition

answered on 02-May-24 11:49

Hi Sir, In this problem, the solution in the module has 250 ordinary shares, And Retained Earnings as 1400. Is the answer given in the video is still correct? Can we write this in exams?

latest answer

Okay sir, thank you

Susee Arunachalam

CA Final

★ 26K+

2

45

Gains on Derecognition

answered on 30-Apr-24 19:38

Gains on Derecognition Should not be taken as revenue- As So Where will Gains on Derecognition will be accounted? Entry for gains on Derecognition sir

latest answer

Yea

Vijay Ramesh

CA Final

★ 765

3

57

Eps

answered on 29-Apr-24 12:56

What is the concept of 'control number' in diluted EPS?? Can anyone plz explain control number concept with the help of illustration 13 in icai material page number 10.74 Or Or question 4 b in may 24 mtp series 2

latest answer

Basically adjusted earnings

nazriya nasar

CA Final

★ 7K+

1

55

ind as 109 ( financial guarantee concept)

answered on 29-Apr-24 19:07

in practical world lets say, if holding co gives guarantee to bank on behalf of subsidiary and subsidiary defaults and holding pays off the amount, do holding have and right to receive or subsidiary have an obligation to pay back to holding co? like do subsidiary payback subsequently to holding as in their books they would have a liability still standing because they wouldnt have anything to credit in front of debiting the liability

latest answer

In triparty contract, the holding company will have a right to recover the amount from subsidiary. If subsidiary does not have funds or will not have funds , the holding company might impair the receivable.

Lalit Sanpal

CA Final

★ 6K+

1

44

Deferred tax rate

answered on 29-Apr-24 19:08

In mcq question 2 of the attached screenshot why it is taken current tax rate for calculating deferred tax

latest answer

40% is expected not enacted/substantially enacted.

Nihal K

CA Final

★ 440

1

35

Ind As 113

answered on 29-Apr-24 19:14

what is the difference between quoted prices of identical assets in active market (level1 ) and quoted prices of similar assts (level 2 ) . Identical and similar are terms one and the same know ?

latest answer

identical - 2BHK flat in the same building. Similar 2BHK flat in nearby society Identical - Share price of a company Similar - Deriving share price of Infosys using price of TCS.

M V Naresh

CA Final

★ 3K+

1

40

Ind AS 33

answered on 30-Apr-24 17:12

Let me clear, in illustration no. 14 in icai sm it is mentioned that int @ 6% is already been adjusted. That means they deducted 120000 or 27338? If it is 120000(as they mentioned 6%) then why we didn't correct it in 1 million

latest answer

That is while arriving at NP.

Anu T

CA Final

★ 0

1

53