ACCA Paper F 7 Financial Reoirting F7FR Session12 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
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 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
¾ When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract should be recognised as
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
¾ Where the share of the associate’s net assets acquired at fair value are in excess of the cost of investment, the difference is included as income in determining the investor’s
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
