Summary of Exposure draft on Hedge Accounting IAS 39 issued by IASB on 9-Dec-2010

by R. Venkata Subramani

Please find below the summary of the Exposure Draft on hedge accounting under IAS 39 issued by IASB on 9th December 2010. We are all aware that IFRS is principle based while US GAAP is rule based. However, the hedge accounting portions of IAS 39 do contain certain rule based criteria for testing hedge effectiveness. [...]

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Weather derivatives covered by IAS 39?

by R. Venkata Subramani

Are weather derivatives covered by IAS 39 or are they insurance contracts? Contracts that require payment only if a particular level of the underlying climatic, geological or other physical variables adversely affects the contract holder are insurance contracts and as such are outside the scope of IAS 39. However contracts that require a payment based [...]

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Cash Flow Hedge for a Foreign Currency debt

by R. Venkata Subramani

As per US GAAP, Cash flow hedge accounting for a foreign currency debt is permissible using a FX forward contract to cover the Foreign Exchange risk . Section 815-20-25-28 is quoted below: “If the hedged item is denominated in a foreign currency, an entity may designate any of the following types of hedges of foreign [...]

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Wiley CPA Exam Review Test Bank Online (CD-ROM)

by R. Venkata Subramani

Product Details CD-ROM Publisher: Wiley (May 20, 2010) Language: English ISBN-10: 0470621907 ISBN-13: 978-0470621905

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The Ultimate Accountants’ Reference Including GAAP, IRS & SEC Regulations, Leases, and More

by R. Venkata Subramani

Product Description A wide-ranging source of information for the practicing accountant, The Ultimate Accountants’ Reference, Third Edition covers accounting regulations for all aspects of financial statements, accounting management reports, and management of the accounting department, including best practices, control systems, and the fast close. It also addresses financing options, pension plans, and taxation options. The [...]

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Accounting of repurchase agreements comes under scanner

by R. Venkata Subramani

The Securities and Exchange Commission has started an inquiry into about two dozen financial companies to determine whether they followed accounting practices similar to those recently disclosed in an investigation of Lehman Brothers. Repurchase agreements, which are a common way that investment banks provide funds for trading activities. The commission wants to know whether other [...]

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Wiley IFRS 2010, 2010 Book and CD ROM Set: Interpretation and Application of International Financial Reporting Standards

by R. Venkata Subramani

Product Details Paperback: 1328 pages Publisher: Wiley; Pap/Cdr edition (March 22, 2010) Language: English ISBN-10: 0470453249 ISBN-13: 978-0470453247 Product Dimensions: 9.4 x 7.4 x 3 inches Shipping Weight: 3.9 pounds Product Description Your one-stop resource for understanding current International Financial Reporting Standards With widespread acceptance and use of the IASB standards around the globe, the [...]

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FII income from hedging not liable to tax, rules AAR

by R. Venkata Subramani

Income of foreign institutional investors (FIIs) from derivatives trading will not be liable to tax in India, the Authority for Advance Rulings has said, clearing the air on taxability of the income of foreign investors trading in Indian securities. The ruling will help FIIs undertaking similar transactions subject to the provisions of the tax treaties [...]

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Accounting professionals can form LLPs in India soon

by R. Venkata Subramani

The Indian government is set to introduce Bills to amend existing laws governing chartered accountants, cost accountants and company secretaries in the current Budget session, a senior government official said. The proposed amendments will allow registration of large size consultancy firms in India. The amendments will remove the hurdles that come in way for members [...]

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No decision taken about the timing of a possible conversion to IFRS

by R. Venkata Subramani

While the SEC approved a statement supporting the adoption of global accounting standards for U.S. companies, the Chairman Mary Schapiro cautioned that, “Incorporating International Financial Reporting Standards (IFRS) into our financial reporting system would involve a significant undertaking. We must carefully consider and deliberate whether such a change is in the best interest of U.S. [...]

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