ACCA Paper F 7 Financial Reoirting F7FR Session19 d08
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¾ Financial statements must reflect the true substance of transactions if they are to show a true and fair view. ¾ Ultimately financial statements must follow the Framework
¾ If it is not practicable to determine the period specific effects of an error on comparative information for prior periods presented, the entity shall restate the opening
¾ An entity shall present current and non-current assets and current and non-current liabilities as separate classifications on the face of the statement of financial position,
¾ After initial recognition, an entity that chooses the cost model shall measure all of its investment property using the cost model in IAS 16 Property, Plant and Equipment, that is
This will give an annual impairment of goodwill of $20,000 which will be charged as an expense in the current years statement of comprehensive income.. The previous
No part of this training material may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or
The reduction of closing inventory in the consolidated statement of comprehensive income would reduce the profit for the year and hence the accumulated profit/retained earnings
¾ The basic EPS calculation is made by dividing the profit (or loss) relating to the ordinary shareholders by the weighted average number of ordinary shares outstanding in the
