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ACTG 3010F Presentation Final

ACTG 3010F Presentation Final - Click to edit Master...

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Click to edit Master subtitle style 11/24/10 Jiaxu (Henry) Shao, Rangeena Akbary & Waleed Butt
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11/24/10 IFRS Transition Timeframe {26A753B9-7BEE-4116-86A2-22990D6EABE3} Canadian GAAP {702569B6-3484-4A21-8262-178E9E903750} IFRS {D280F0B6-6DAE-476C-B92E-BFFBFF67AB95} Transition
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11/24/10 Issues 1) Borrowing Cost 2) Property, Plant, Equipment- Revaluation Accounting 3) Impairment of Long-Lived Asset 4) Related Party Transaction
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11/24/10 Borrowing Cost Borrowing costs include: - interest on bank overdrafts and borrowings, - amortization of discounts or premiums on borrowings, - finance charges on finance leases
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11/24/10 Comparison Canadian GAAP - GAAP accounting policy gives choices to either expense borrowing costs as incurred or capitalize the costs if directly attribute to acquisition or construction of a qualifying asset. IFRS - IAS 23 , “Borrowing Costs”, requires capitalization of borrowing costs to all qualifying assets for which the commencement date is on or after earlier 'designated effective date'. The
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11/24/10 Alternative Choices The previous option to expense borrowing costs that are directly attributable to qualifying asset are eliminated by the revision of IAS 23 Adopt IAS 23 retrospectively . apply the IFRS 1.D23 option of prospective application
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11/24/10 Problems in Conversion Problem: The Company expects to elect to apply IAS 23 prospectively, which will result in derecognition of borrowing costs previously capitalized. Exemption: IFRS 1 has allowed first-time adopters to capitalize borrowing costs relating to all qualifying assets for which: - the commencement date for capitalization is on or after the date set by the latest version of IFRS OR - the date of transition to IFRS, whichever is the later
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11/24/10 Restatement
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11/24/10 Restatement
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11/24/10 A global grocery and merchandising retailer headquartered in UK. Second largest retailer in profits, after Wal-mart.
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