ACCA Paper F 7 Financial Repoirting F7FR Session02 d08
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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
at the inception of the lease, the present value of the minimum lease payments is greater than, or equal to substantially all of the fair value of the leased asset.. the
¾ Subsequent expenditure on an acquired in-process research and development project is accounted for like any cost incurred in the research of development phase of internally
Assuming that the only temporary difference that the company has relates to this asset construct a note showing the movement on the deferred taxation and identify the charge to
(ii) Plant and equipment of Silver had a fair value which was $60,000 in excess of its carrying value at the date of acquisition.. These assets had four years remaining life on
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
The consolidated statement of comprehensive income shows the income generated by the group’s resources (= net assets in consolidated statement of
If a business revalues its assets rather than carrying them at historic cost, this will usually increase capital employed and reduce profit before tax (due to higher
