Suppose, its first time adoption of IFRS. Transition date is 1st April, 2015.
Company had availed a long term loan at Rs.10 millions, out of this upfront fees and loan processing charges were paid at Rs.0.1 million.
Interest Rate of loan facility is fluctuating which is payable at every month end (Initial rate was 12.50% on 1st April, 2014 and subsequently, interest rate was changed to 10.65% w.e.f. 1st March 2015).
Repayments to be made in equal quarterly instalments in 5 years.
Can anyone please tell the treatment alongwith working of EIR and entries to be made in books at the time of transition to IFRS (1st April, 2015) and further at year end 31st March 2016?