*LSBF Pass 1st Time Guarantee™ provides a free re-sit course in case .. ATC International became a part of Becker Professional Education. Most of u come here for ACCA materials and study buddies, however ACCA One of those degrees is Diploma in International Financial Reporting Standards, or DipIFR. And again, as for Study material, i recommend ATC. ACCA June –Kazakhstan. Morgan ATC International The package comprises Becker’s ACCA Approved Study Text, Revision. Question Bank and the.

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Include in your answer two ways in which you think the quality of the information disclosed in financial statements could be improved. Any non-controlling interest would be measured at the proportionate share of the fair value of the identifiable net assets of Compound.

Details of the contract to 31 March are: Although a customer may have the right to return goods, if it can be demonstrated that in practice this never actually occurs, then recognising the sale before the expiry of the return period could be justified. The liability of Jenson is to produce and deliver the next 18 publications. A lot can happen in that three-month period, so the statements become out of date very quickly.

The difficulty of the paper lies between F7 and P2 exams. Explain what is meant by the critical event in internattional to revenue recognition and discuss the criteria used in the Framework for determining when a gain or loss arises. It chooses to define the elements of financial statements, principally assets and liabilities, and uses these to determine income gains and expenses losses. Assume that it constitutes a material error. If the materiality concept is not followed, financial statements could become confused by the inclusion of unnecessary detail of trivial matters, or could be rendered misleading by sutdy exclusion of reference to important matters.


Sa m Commencement date Contract costs: In the course of preparing the financial statements at 31 Decemberthe need for a number of adjustments emerged, as detailed below: The goods were returned by the customer in October Taking the transactions as sstudy whole, the commercial substance is that of a short-term loan secured on the inventory.

This is at least in part due to the historical separation of fiscal and financial accounting. The traditional view of determining profit involves matching revenues earned with the related cost of earning those revenues.

To find out more, read our updated privacy policy and cookie policy. In fact most accountants would say that it is the substance over form principle which is designed to increase comparability by making transactions of a similar nature treated in similar ways.

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Therefore the statement of comprehensive income may be inadequate in reflecting the amount of profit made in a period. Achieving objectives Users of financial statements are interested in three main areas in their use of company financial statements: Revenues and profits from high risk credit sale agreements may be examples of this.

The remaining useful life is unchanged. However where this is a very difficult task, perhaps due the rarity or scarcity of materials, then it may be critical. During inetrnational year, the showroom was renovated and enlarged by means of an extension to the existing building. Hughes has entered into a sale and repurchase agreement with the Wodwo Bank. It is not acceptable to include selling costs or matdrial not related to production in the cost calculation.

IAS 16 Property, Plant and Equipment requires that where the original estimate of useful life is revised, adjustments should be made in current and future periods not in prior periods.

Discuss how the transaction should be accounted for in the accounts of Hughes at 31 December Depreciation is charged on the straight line basis. The Framework is a useful qcca for financial reporting but a fundamental change in the stucy basis of financial reporting will be required for it to have any practical application.


Nowadays, financial statements prepared under a financial reporting framework e. Describe three methods of arriving at cost of inventory which are acceptable under IAS 2 and explain how they are regarded as acceptable. The balance sheet approach would mean that Jenson would recognise all of the profit on the publications on receipt of the subscriptions.

This was being depreciated over its life on a straight line basis.

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Depreciation is to be based on a time apportioned basis. Some transactions and balances are accounted for at historic cost whilst others are incorporated at fair value.

Hi Ansi If I may ask, which kit are you refering to?. You can read more about it here: Documents Flashcards Grammar checker. This revised value is being incorporated into the accounts. For a transaction to be recognised as giving rise to a new asset or liability, or to add to an existing one, it must meet the following recognition criteria: It can take up to year or more to study it well.

IAS 1 Presentation of Financial Statements states the importance of prudence, substance over form and materiality in the selection and application of accounting policies and the preparation of financial statements.

Goods on sale or return Less: When complex contractual agreements are made between parties it may also be difficult to specify an appropriate amount of revenue to be included.

For some products such costs can be significant e. They must be clear and detailed. A limited liability company is therefore a separate entity which can sue and be sued in its own name. The bill was paid in July In my posts i accz refering to ATC kit.

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