*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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Sa m No part of this training sttudy may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system without express written permission.

study question bank – Becker Professional Education

This revised value is being incorporated into the accounts. Comments are invited from all interested parties during an exposure period, usually six months. A similar argument to the above could be applied to the deferred franchise fees in ii above. In many jurisdictions, the financial statements form the basis of dividend payments, the starting point for the assessment of taxation, and often the basis for executive remuneration. In such cases the legal form of the transaction is that the lessor retains the legal title to the assets.

Draft a memorandum for the directors dealing with the following matters: Some transactions and balances are accounted for at historic cost whilst others are incorporated at fair value. It may introduce another element of subjectivity, but accounts preparation inevitably does involve many judgmental decisions. It is merely a refinement of an existing policy to reflect changed circumstances.

Thus increases in economic benefits in the form of enhancements of assets or decreases in liabilities result in income, and decreases in economic benefits in the form of outflows or depletions of assets or incurrences of liabilities results in losses expenses.

April 8, at At 31 March the details for the construction contract have been summarised as: Documents Flashcards Grammar checker. Normally there would be far too many uncertainties remaining in the operating cycle. You should have completed CertIFR first.


study question bank – Becker Professional Education

If the going concern concept is followed when it is not appropriate, assets may be overstated, liabilities may continue to be shown as non-current when the collapse of the going concern status of the entity renders them current liabilities, and the profit is likely to be overstated.

When a condition has been satisfied after the goods have been delivered The most common occurrence of this type of sale is where the customer has the right to return goods and not incur a liability for them. Describe three methods of arriving at cost of inventory which are acceptable under IAS 2 and explain how they are regarded as acceptable.

These statements are intended to show how well a company has performed and give an indication of the value of the business.

IFRS 10 Consolidated Financial Statements requires that group accounts be prepared to show information about the group as that of a internationql entity, without regard for the legal boundaries of the separate legal entities. Not to do so would distort gearing ratios. Sudy sells them from its showroom on the same site, which it owns. 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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During the process, the Board may decide to issue a Discussion Paper for comment, or to issue more than one Exposure Draft. Be ready to explain what u are doing. The IASB seems intent on ensuring that this change will take place. It is argued that if transactions were accounted for on a legal basis, there would be greater certainty and objectivity in the preparation of accounts and hence more comparability.

The collection of cash for these sales is often considered to be the end of this process, but it should be borne in mind that in some cases further risks can exist in relation to product warranties or other after-sale commitments. U just need to train yourself to pass this exam. If additional disclosure is not so much addition as contradictory to the accounting treatment, then surely the result is confusing the user and hence still misleading and not true and fair.


Explain what is meant by the critical event in relation to revenue recognition and discuss the criteria used in the Framework for determining when a gain or loss arises.

There would be no direction or guidelines governing the content, or rules, that should be followed and parties would devise their own rules. Users would be very interested in seeing the age analysis of the accounts receivable balances in order that they may make a more informed judgement on the solvency of the business. Gives complete coverage of maherial syllabus with a focus on learning outcomes. All three of these methods are acceptable under IAS 2 because they are either the actual cost of the inventory method 1 or a reasonably close approximation to that actual cost methods 2 and 3.

A lot can happen in that three-month period, so the statements become out of date very quickly. The overhead allocation should be based on the normal level of production and should exclude selling expenses and general management expenses. Consistency, comparability and subjectivity pl e Another argument put forward against the use of substance over form is that it introduces yet more subjectivity into accounts the judgment of mqterial true substance.

The Revision Question Bank also includes past examination questions updated where relevantmodel answers and alternative solutions and tutorial notes. The traditional view of determining profit involves matching revenues earned with the related cost of earning those revenues.

During the manufacture or production of goods pl afc Again for most industries this is not the critical event. The allocation of these overheads must however be based on the normal capacity of production facilities such that the value of inventories is not increased as a result of inefficiencies.

Draft, for inclusion in a report, your opinions on the views expressed by each director, stating the principles involved. This was being depreciated over its life internationa, a straight line basis.