N*w? {HInOL` Log in, Viewing 8 posts - 1 through 8 (of 8 total), ACCA LW Corporate and Business Law Forums, The books of Prime Entry (part b) ACCA Financial Accounting (FA) lectures, Types of budget ACCA Performance Management (PM), MA Chapter 1 Questions Accounting for Management, Chapter 13 Capital Gains Tax Individuals Shares ACCA Taxation (TX-UK) lectures, This topic has 7 replies, 2 voices, and was last updated. For more information, please visit the FAP and DBD website. 0000004543 00000 n Themerger reserveis the difference between the cost of investment and the acquired net assets at book value. 0000005107 00000 n endstream Earnings Per Share Computations In An Initial Public Offering. 0000091265 00000 n If you debit the DLA with the value of the shares then they're paid, not unpaid. In easy words, a subsidiary shall recognise a payroll expense in a similar way as if its own equity instruments were being granted. k-Hr3X&?8=G00m]N-mZ@LafO>d 4-"E-Gx`al wB:!AZ~lAzYB9 Rmdi\aLI$iXW#w:YZbMX oELLo P#S@c@^ Qo}}nvozwkACU\wHeejqULNkvjV9Cnbf$U|XV-VZ{sV w%aN_/G2I7qG(5l_J%;#4 C\FYy:$T=>. Shares may take bearer or registered form. Shares should be recognised as issued when the rights of share ownership pass to the holder, usually when the consideration is paid. <>/MediaBox[0 0 595.27563 841.88977]/Parent 1965 0 R/Resources<>/ProcSet[/Text/ImageC]>>/Rotate 0/Type/Page>> Bonus issue is also known as scrip issue and scrip dividends. Do you perhaps have reference to the IFRS standards to support this? 0000007246 00000 n The question arises that there are other ways as well in which parent makes transaction with its subsidiary, how to account for them. Mazars is known to offer tailored solutions to all its clients, major corporations, small and medium companies, and high net worth individuals alike. I definitely would if it made a difference to how I finish these accounts off. Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. Presumably needs to result in Owner A share capital $50 credit/Owner B share capital $50 credit! 0000005537 00000 n %PDF-1.6 % How should this be presented in the annual accounts? Amount to be offset from Share Premium Account = CU 1,000,000 Prior to the effective date of FASB ASC Topic 260, Earnings Per Share, the staff believed that certain stock and warrants, In applying the requirements of FASB ASC Topic 260, the staff believes that nominal issuances are recapitalizations in substance. The ED proposed a mandatory temporary exception from accounting for deferred taxes in respect of Pillar Two income taxes and proposed certain additional disclosure requirements. Where the preference shares are not equity of the issuer, and the terms meet the conditions of a basic financial instrument under s11.9, the investment should be measured at amortised cost. Following journal entries are required to account for a bonus issue: ABC PLC declared a 3 for 2 bonus issue. endobj This publication is intended to support entities in disclosing the extent to which climate change affects their IFRS financial statements. 0000001356 00000 n Listed company, statutory, and group audits, Thai Legal and Tax Updates JP, Information for Thai business, Mazars donated to Bangkok Community Help Charity, OECD Guidance on Transfer Pricing implications, A message from Managing Partner regarding Covid-19, Criteria on arranging meetings via e-devices, Extended deadline for audited financial statements, DBD announcement on obtaining company affidavits, TFAC measures for entities affected by COVID-19, Amendment to TFRS 16 regarding rent concessions, Revaluation to be allowed under TFRS for NPAEs, Rehabilitation of businesses affected by COVID-19, COVID-19 impact on cash flow & business valuation, Deadlines for Filing Taxes Extended in 2020, Applications to support working from home, Top Priorities for Business in Light of COVID-19, Mazars APAC Payroll Newsletter Quarter 2 2020, APAC Payroll Newsletter COVID-19 Special, Covid-19 and the world of private equity in 2021, BOI measures for medical and related industries, Replacement for Songkran holiday on 27 July 2020, One of the best companies to work for in Asia 2022, Mazars Corporate Finance team advises GSH on M&A, Give green sponsorship Light of Happiness 2022, Mazars presented at 21st and 22nd legal seminars, One of the best companies to work for in Asia 2021, Mazars attended Korean business meeting 2021, Jonathan Stuart-Smith appointed as tax partner, Mazars presented at 19th Law Seminars by KTCC, One of the Best Companies to Work for in Asia 2019, Mazars Nominated as Most Innovative Company, Mazars wins Xero Regional Partner of the Year Asia, Mazars appointed to the board of directors of KTCC, Mazars participated in an event organized by KTCC, Mazars Announced as Finalist in Xero Awards, Export Your Talent - MOVE Programme Testimonial, His Majesty King Bhumibol Adulyadej 1927 2016, Mazars Asia Pacific CARL Partners Meeting 2015, Mazars Student Brand Ambassador Program 2015, First Xero Gold Partner in Thailand and SE Asia, Impact from the New Investment Promotion Scheme, Presentation on Tax and Other Labor Policies by Director of Taxation, "Doing Business in Thailand" Roadshow for SMEs, Songkran Themed Dinner Party for Mazars Partners, Five Tips for Accounting and Tax Best Practice, Boutique Hotel Accounting Outsourcing Services, Mazars Asia-Pacific Corporate Finance services, Mazars sponsor European Chambers Networking. endobj Read our cookie policy located at the bottom of our site for more information. Registrants are reminded that disclosure about materially dilutive issuances is required outside the financial statements. Penalty for Company Director's "Secret" Loans, Business Asset Disposal Relief - eligibility, How digitalisation will help grow your practice, Why Making Tax Digital for ITSA offers opportunity, Accountancy bodies told to step up AML supervision, Tax day tackles IR35, simplification and tax gap. Significant judgement may be required to identify the accounting considerations that are relevant to the entitys specific facts and circumstances. endobj )BQ?xf-MpU-Sonv~mmg>&=y_y]yE>=bX%y3y"nAHh*5|lp"m-`hu_B]G4x!wcowao^ibr0"h[Cw63wWIRB,dHX5)Xwk. 0000009859 00000 n hb```b`` @1v=HRrL.`gx>AW@gRU;Vm[s/)/v?i-EI&:Tt3n~6F-]=SJ>+$B>:]RuzyvwW\\NlU^7vNvKhT2-[p2Zfgfc~NG&+6;BM'a*^/l~`WiN6~ k3ccQQK)%m;^. 657 0 obj Conversely, if the interest rate is below market terms, the excess of loan amount over fair value should be recognised in capital contribution reserve in the books of the subsidiary. Penalty for Company Director's "Secret" Loans, Business Asset Disposal Relief - eligibility, Power your practice with integrated software, How digitalisation will help grow your practice. endstream 0000003442 00000 n X'kv4(qw.W[mHrdaz-)]Wf0-w\^mFDow ~ghpnjWQV'Z-[awxismP8l%ml)Vnhx%}Zyn;8wD!VfKn\q[RK5C|e3vuIl@r;]Z~&Z[ oY"RftDpwR$ekt,mIRUvpzFNoU(]h,r1=9q1I8j"@f`FGGC3dL1 ((lR-V`\ABn D50)%&}`BJjH@:dH 6 fTI50*)CgAP,`Tft0Nf;$ 8p @:\F1(&/G>Zt]H8%01IppT`Xt >0027Z08:*dqMp9"j w$Nhy8*@b 3[ The journal entry is: Share capital is credited for CU 10,000 at the actual issuance of the 100 shares and the receipt of the cash. If the liquidator asks for it .. Dr Cash (in his pocket) Cr Share capital and treat it normally in the accounts and update the annual return next time. IAS 32 also prescribes rules for the offsetting of financial assets and financial liabilities. 0000067397 00000 n WebBesides the requirements of IAS 1, the IFRS Practice Statement Management Commentary suggests that management should include forward-looking information in the Use at your own risk. Once a share premium account has been established, it may only be used for The management of the Company will call for payment and collect from shareholders at the end of 2019. The credit entry shall go to capital contribution reserve in equity. 0000008270 00000 n 4. Grant of share options by parent to the employees of its subsidiary: Paragraph 43B of IFRS 2 requires a subsidiary to measure the services received from its employees in accordance with the requirements applicable to equity-settled share-based payment transactions, and recognise a corresponding increase in equity as a contribution from the parent. If a company raised $1 million from shares that had a par value of $100,000 it would have a contributed surplus of $900,000. Once a share premium account has been established, it may only be used for certain specified purposes, including among others to: (b) Write-off expenses of the issue of new shares; or. Accordingly, in these situations, the receivable must be treated as a deduction from stockholders equity in the balance sheet of the corporate general partner. In the process of incorporating the company, there are expenses incurred by the respective shareholder (from their own pocket). The par value of shares is essentially an In 2019, the management of the Company called for shareholders to pay up the remaining share capital, but only a certain amount was paid up. Some types of companies which are in regulated industries may be subject to higher minimum paid-up capital requirements. So what would be my entries? <>stream By continuing to browse this site, you consent to the use of cookies. The information provided on this website is for general information and educational purposes only and should not be used as a substitute for professional advice. 0000018006 00000 n 1983 0 obj %PDF-1.7 % Paid-up capital is the amount of money a company has been paid from shareholders in exchange for shares of its stock. startxref Incremental costs directly attributable to the issue of shares are accounted for as a deduction from consideration received, and are recorded in share premium. 1972 0 obj WebCapital and reserves There is some additional disclosure required by FRS 102 in relation to capital and reserves, and the standard allows for this to be presented either on the face of the balance sheet or by way of note. Incremental costs directly attributable to the issue of equity instruments are shown in equity as a deduction from the proceeds, net of tax. The total equity of the company therefore remains the same although its composition is changed. Some of these cookies are necessary, while others help us analyse our traffic, serve advertising and deliver customised experiences for you. 0000003577 00000 n 2019 - 2023 PwC. The corresponding increase shall go to capital contribution reserve in the books of the subsidiary. If it's not been called up, he doesn't owe it yet. 1970 0 obj Increase in share capital = 6,000,000 x CU 0.5 = CU 3,000,000 0000013331 00000 n Shareholder A fork out $6000 while Shareholder B fork out $3000. This annual benefit in kind charge would be based on HMRCs official rate of interest that is currently 2.5% (the rate at February 2019). 0000002780 00000 n For future expenses / capital that the shareholder is to fork out, how should it be addressed in double entry? %%EOF Can my client give land to his son for nothing? The stock and warrants encompasses by the prior guidance were those issuances of common stock at prices below the IPO price and options or warrants with exercise prices below the IPO price that were issued within a one-year period prior to the initial filing of the registration statement relating to the IPO through the registration statements effective date. (LogOut/ 0000011519 00000 n Public accounting firm S$50,000. xUQMo0Wi tHmR? <>stream endobj Shares may be issued in this manner in order to sell shares on relaxed terms to investors, which may increase the total amount of equity that a business can obtain. If the asset meets the criteria of materiality (the criteria is: influencing the decision of users of financial statements), it shall be initially measured at fair value and subsequently in accordance with its respective standard. WebThe capital of a company is contributed by a large number of persons known as shareholders. 1968 0 obj Remaining amount to be offset from retained profits = CU 2,000,000 (CU 3m CU 1m), Annualreporting provides financial reporting narratives using IFRS keywords and terminology for free to students and others interested in financial reporting. Annualreporting provides financial reporting narratives using IFRS keywords and terminology for free to students and others interested in financial reporting. Although share capital refers to a dollar amount, it is dictated by the number and selling price of a company's shares. It specifies that a financial asset and a financial liability should be offset and the net amount reported when, and only when, an entity: [IAS 32.42] has a legally enforceable right to set off the amounts; and. xYrF}WUeb$T]+WUD@@@+BzcDOw>=0Bu/Y,3Z@0N I think King Lear has the answer, "Nothing comes of nothing". This section scope includes accounting for the following: This section does not covers-up a detailed analysis of whether the issue of a financial instrument is classified as a debt or equity. <>stream There are pre-defined rules that relate to the creation of share premium on an issue of shares and also to the way in which that premium may be used. Annualreporting is an independent website and it is not affiliated with, endorsed by, or in any other way associated with the IFRS Foundation. Capital Contribution is a commonly used term in IFRS Terminology when talking about accounting for Group Transactions in separate financial statements. This button displays the currently selected search type. Share premium is the amount by which the fair value of the consideration received for shares exceeds the nominal value of the shares. The accounting 0000007194 00000 n 0000009886 00000 n 0000003853 00000 n In drafting IFRS 7, Financial Instruments: Disclosures, the International Accounting Standards Board (the Board) considered whether it should require disclosures about capital. In assessing the risk profile of an entity, the management and level of an entitys capital is an important consideration. On the same date, 25% of the registered share capital was paid up. You can use them to display text, links, images, HTML, or a combination of these. 0000004105 00000 n If nothing has happened there are no journal entries required! Generally, advances to or receivables from shareholders should be recognized as a reduction of equity. 0000006401 00000 n Is this an entry I do via expense 2 shareholders, total registered share capital is $210k. Accounting for Residential Property Development, Accountancy bodies told to step up AML supervision, Tax day tackles IR35, simplification and tax gap. the below note usually says fully paid. As a result, at the end of the year, the Company had paid-up share capital totalling THB 5 million. What if the parent company loans out to subsidiary company at first and later on, the parent company decides to treat it as an capital contribution? There's no obligation on the company to make the call - the only downside, of course, is that he'll The International Sustainability Standards Board (ISSB) is seeking nomination of suitable candidates for membership of the Transition Implementation Group on IFRS S1 and IFRS S2 (TIG).. The timing of initial recognition of issued shares should follow legal and regulatory requirements. Gifts from Parent to Subsidiary: The subsidiary is required to consider whether a gift from parent is material enough to be accounted for in its books. If your intention is to record the amounts as "unpaid", then both of the balance sheet formats specified in the companies act allow for two ways of disclosing unpaid called up share capital: In a separate section (A in companies act classification), before Fixed Assets, called "Called up share capital not paid"; or, The organization that oversees FASB and GASB is continuing an effort to strengthen oversight by offering a convenient way for those impacted by the boards' The accounting policy choice would be applied to all investments in a single class. %%EOF 100 shares of nominal CU 100 are subscribed at 75%. Select a section below and enter your search term, or to search all click Apart from specific uses, the share premium account should be treated as if it were part of the paid-up share capital of the company. cash receipt is CU12,500 (=100 shares x CU100 x 125%), shares issued are CU10,000 (100 shares x CU1,000), and. This publication is intended to support entities in disclosing the extent to which climate change affects their IFRS financial statements. Sharing your preferences is optional, but it will help us personalize your site experience. Reducing capital with the approval of the court Click here to extend your session to continue reading our licensed content, if not, you will be automatically logged off. On the same date, shareholders of the Company paid up 25% of total share capital. 0000017303 00000 n For example, under the U.K generally accepted accounting principles (GAAP), equity accounting is required if the investment provides the fund with a 20-50% minority stake in the company and is not part of a larger portfolio. As a result, the total paid-up share capital as of 31 December 2019 is THB 16 million. 2. Cr Issue of New Equity Share Capital at Par, Dr Bank xUKn@V] C ZHY He dkOX'qizp+hz3oJjAHeq8v The statement of income should also state the results of operations on a per unit basis. Does the capital contribution, increases the paid up capital (Equity) or not? <>stream 0000008945 00000 n 1. ;{G]Wuc>pL>u=a?wOGn'EoO%]*SZFl6Li|Z.\*&sI*;\E*OQtV:9mLEWE}:Z=-WAc3+IIg[A~pVKa2{PewCMTB!}"zsVNOOWM=fZ-E >N3cg*KG0W?0t%(dlHM@A%(@Ni@ l!UBP]((i:PTBL BJAjE\\\C020c=0CC4`@-L@H201~gec(;N31L`p i)]2|`\a"y?,\f33720g(x`n2g>C#&[;tM2. There are now only two types of joint arrangement and two types of accounting; joint venture (equity accounting) and joint operation (direct accounting for assets and liabilities). Welcome to Viewpoint, the new platform that replaces Inform. Venture capital fund accounting may also be affected by the amount of control the fund has over an entity. startxref Question: Example of the Accounting for Preferred Stock Davidson Motors sells 10,000 shares of its Series A preferred stock, which has a par value of $100 and pays a 7% dividend. You are already signed in on another browser or device. A company should recognize a receivable from a shareholder if it has a contractual right to receive cash or another financial asset. Unpaid share capital may be called upon by an administrator if a company gets into financial distress. As a result, the Company must present the registered share capital and paid-up share capital in the financial statements as follows: (200,000 ordinary share capital at a par value of THB 100), (200,000 ordinary share capital at a par value of THB 25), Noteto financial statements for the period ended 31 December 2018. trailer For official information concerning IFRS Standards, visit IFRS.org or the local representative in your jurisdiction. Discover the Accounting Excellence Awards, Explore our AccountingWEB Live Shows and Episodes, Sign up to watch the Accounting Excellence Talks. ARC Sakhile Chartered Accountants and Auditors Incorporated - Free State. xUn >,t"6wa\\oL\'/T$0X097[kU+ys Presently, there are 2 ways to obtain approval to reduce share capital: The court-approved method; and Non-court approved method Under both methods, the Accounting and Corporate Regulatory Authority (ACRA) does not require any fees to be paid for the entire process. endobj When expanded it provides a list of search options that will switch the search inputs to match the current selection. The reason being that the balance sheet formats to which you refer, say at the bottom of the balance sheet "called up share capital". Whether a security was issued for nominal consideration should be determined based on facts and circumstances. 2. Please see www.pwc.com/structure for further details. Change). WebAs a minimum, the following items are required to be presented on the face of the income statement: Revenue Finance costs Share of the profit or loss of associates and joint ventures accounted for using the equity method Tax expense Post-tax profit or loss of discontinued operations aggregated with any post-tax gain or loss recognised 1971 0 obj The scenario goes like that: now 75p shares not 1 shares 75p called). WebAccounting for Unpaid Share capital - Mazars - Thailand On 15 June 2018, a new company (the Company) was set up, having registered share capital of THB 20 million If the Is it possible that it hasn't been called up? 06 Dec, 2022. wV Share capital issued by an entity meets the definition of an equity instrument as defined in IAS 32 Financial Instruments when the contract evidences a residual interest in the assets of an entity after deducting all of its liabilities. The balance sheet display of these or similar items is not determined by the quality or actual value of the receivable or other asset contributed to the capital of the affiliated general partner, but rather by the relationship of the parties and the control inherent in that relationship. Share capital and share premium arising from investments in subsidiaries and associates is eliminated on consolidation. For official information concerning IFRS Standards, visit IFRS.org or the local representative in your jurisdiction. Generally, IFRS instructs the capital contributions made by parent companies to be credited directly to equity in the books of a subsidiary, and as an investment in the books of a parent. 1. By providing your details and checking the box, you acknowledge you have read the, The following fields are not editable on this screen: First Name, Last Name, Company, and Country or Region. If the Company submits a Form BOJ 5 to the DBD containing incorrect information, then Form BOJ 5 must be revised. However, the accounts disclosure for share capital would reflect the new status of the shares in issue (e.g. I ended up going down the not technically correct route. And I have just received confirmation from CH that accounts have been accepted too. In these circumstances (when called upon by administrator or 0000002737 00000 n WebClassification under IFRS 11 is driven by the rights and obligation of the parties arising from the arrangement rather than the legal form of the arrangement. In computing basic EPS for the periods covered by income statements included in the registration statement and in subsequent filings with the SEC, nominal issuances of common stock should be reflected in a manner similar to a stock split or stock dividend for which retroactive treatment is required by FASB ASC paragraph 260-10-55-12. Such situation may arise when the loan is not repayable or is repayable at the discretion of the subsidiary company. Bonus shares are shares issued to shareholders of a company free of any cost. All rights reserved. If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. 605 0 obj These shareholders are issued shares of the company. In addition, based on the Department of Business Developments website, the Company must submit Form BOJ 5 listing the amount of actual cash received from shareholders, not the registered share capital, to the DBD in the first year that the Company is set up. e.g. 0000012028 00000 n There's no obligation on the company to make the call - the only downside, of course, is that he'll have to chip his quid into the pot if there's a liquidation. @tH#DgiX{{9]x OLC7$6C@%}L3{\Aiy[Hb' z8;yk= $y Zx-Nn0tZ{[J5_uTR7)*WX**C-0gh"UU^QXr-V}J*WBD)k$k$KRLjX ^[2k,tL\c eaB~pX N_{|;H}v,B}.Ac vZE6CA\ZU@l#@qI`T9c"cL{c: In such circumstances, a company will have issued share capital, called upon share capital and paid share capital. Unpaid share capital may be called upon by an administrator if a company gets into financial distress. In these circumstances (when called upon by administrator or company) shareholders become debtors <> Loan made by parent to its subsidiary other than on normal commercial terms: The loan shall be initially recognised at fair value. Use at your own risk. Some examples include: Travel agencies S$100,000 or S$50,000 if the agency only conducts tours within Singapore and do not arrange for accommodation. The shares were unpaid in the first year and will be paid the next year. Insurance intermediary 10.8 Puttable shares/redeemable upon liquidation, 10.10 Initial measurement of a liability with a related party. Share capital is carried at par value. Please seewww.pwc.com/structurefor further details. Paid up capital refers to the amount shareholders have paid to the company for their On 15 June 2018, the Company was set up with registered share capital of THB 20 million, consisting of 200,000 ordinary shares at a par value of THB 100. All rights reserved. The ED proposed a mandatory temporary exception from accounting for deferred taxes in respect of Pillar Two income taxes and proposed certain additional disclosure requirements. Receivables from shareholders are generally required to be presented as contra-equity under US GAAP, whereas under IFRS they might qualify for presentation as an asset. As an alternative to cash dividends, companies at times give away free shares to their shareholders when they are short of cash and dont want to upset shareholders that expect a regular income. A dedicated professional with over 25 years of extensive experience in the Accounting domain and served to multifarious industry spectra like Manufacturing, Trading, Export House & Banking and Finance Companies. Only nominal values are debited (repayment of shares) or credited (issuance of shares), the difference with amounts subscribed is credited/debited to a separate account within equity. Get to know our team or send us a messages about our services. <]/Prev 303372/XRefStm 2398>> endobj Sorry I did not understand your reply. I'm preparing a set of accounts where the share capital (1 share at 1) was issued but unpaid. any share capital up to at least 100 I just debit as cash in hand, any more than that I would suggest they actually pay it in the bank rather than keep it in their trouser pocket. The total share capital which has not yet been paid up by the shareholders is THB 15 million. The management of the Company will call for payment and collect from shareholders at the end of 2019. +66 2 670 1100 Send a message Linkedin profile. You must be logged in to reply to this topic. However, the staff would consider the subsequent return of such cash payment to the officer or director to be part of a scheme or plan to evade the registration or reporting requirements of the securities laws. As of 31 December 2018, the Company had paid-up share capital of THB 5 million. 0000010305 00000 n 0000013612 00000 n Change), You are commenting using your Facebook account. Navigating IFRS Accounting Standards in periods of rising inflation 23 September 2022 | Updated 27 October 2022 In brief INT2022-13 Cash received via electronic transfer as settlement for a financial asset (IFRS 9) CA In brief 21 November 2022 In depth INT2022-14 IFRS 17 affects more than just insurance companies Can my client give land to his son for nothing? Successful candidates will be appointed for a term of one, two or three years. You can set the default content filter to expand search across territories. However, in the financial statements, the amount still owed by shareholders had to be offset against the total share capital. Significant judgement may be required to identify the accounting considerations that are relevant to the entitys specific facts and circumstances. GC^^IN_ Z>Q]BQ]"5('Qw I^uD ~+B&b4g4*`pDx2|ETW`B|EUYQ &B^X :ee"gG16ebZ*Dpqc5LVP8^/4hLQ|(a28{4S`T0=D;.k Total number of shares before bonus issue = CU 2,000,000 CU 0.5 = 4,000,000 <>/Filter/FlateDecode/ID[<70D42DFB8F9B63C0B5E2DF3537DFAAB2>]/Index[1967 30]/Info 1966 0 R/Length 82/Prev 245480/Root 1968 0 R/Size 1997/Type/XRef/W[1 2 1]>>stream How should it be reflected in double entry for addressing paid up share capital and unpaid share capital for the respective shareholders? Therefore the premium, whether for cash or otherwise, must be transferred to the share premium account. 1996 0 obj 2. (30,000 x 2.5%) = 750 x 45%= 337.50. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. It increases the share capital of the company but not its net assets. 0000006324 00000 n Deputy Manager at Fauji Fertilizer Bin Qaism Limited. Extract of ABC PLCs balance sheet prior to issuance of bonus shares is as follows: Because of the nature of a revaluation reserve (arisen from a specific asset/asset group which is subject to impairment risks) revaluation reserve should not be used for the purpose of accounting for bonus issue, whereas retained profits should only be used if other reserves are exhausted.
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