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October 18, 2015 at 1:34 am
I want to ask how can i prepare for F7
October 18, 2015 at 8:24 am
Work through the free course notes at the same time as watching the free lectures.
Then start practicing the mcqs from a recognised publisher
Then follow my workings as I go through past exam questions in the free revision notes on this site
And post any queries that you may come across in your preparation
October 14, 2015 at 10:31 am
hi sir,,,i want to ask the treatment of the following example in P&L ,, Soci and B/s..
Q= NBV of NCA (1-1-2000) = $60 , Revalued amount =$90 ,Tax Base =$50 . from the year 2000 onwards NCA will be depreciated for 20% p.a.. tax rate =30% ,, explain the Deferred tax implication as on “31-12-2000” … assuming that revaluation surplus is realized to retained earnings Annually.
October 14, 2015 at 10:50 am
At 31 December, 2000 the book value of the revalued asset will have fallen to $72 as a result of charging 20% depreciation for the year 2000. I presume the tax base will also fall by 20% down to $40
That leaves a difference between the two values of $32
$32 x the 30% tax rate is $9.60 and that would be the Deferred Tax liability to carry forward.
The Deferred Tax liability brought forward would be ($60 – $50) x 30% = $3.00
So movement on the Deferred Tax Account will be to credit that account with $6.60 and debit the Current Tax Account
October 14, 2015 at 6:19 pm
i solved this example ,and i assumed that there is no capital allowance on tax base …20% depreciation is only for Accounting base.. and also after giving the treatment of realization of revaluation surplus in retained earning anually….
Tax base = 50 , AB= 60 ,,, R.A = 90
90 – 50 = 40 x 30% = 12 deferred tax liablilty
60-90 = 30 (revaluation surplus) .,,,, 30 x 30% = 9
Depreciation = 18
realisation of Revaluation to Retained Earnings = (30 – 9) = 21 ….. 21×20% = 4.2
reduce deferred tax liability = 9x 20% = 1.8
:::::Other comprehensive Income :::::
Revaluation surplus = (30-9-4.2) 16.8
::::::Balance sheet ::::
NCA (90-18) 72
Equity:: Retained earnings 4.2
NCL :::: Deferred tax Liab (12 -1.8) 10.2
Is it Right??????
October 15, 2015 at 6:46 pm
you are right ,,,,your question seems like good……
October 15, 2015 at 6:51 pm
ops… your answer seems better than my answer
October 17, 2015 at 6:41 pm
please tell me … you have calculated the figure of ” “6.60 “.. comes from through (9.6 -3) = 6.6 ??? i’m right?
its mean Deferred Tax liability brought forward will be deducted from deferred tax liablility …???
October 17, 2015 at 6:53 pm
October 17, 2015 at 7:27 pm
October 17, 2015 at 7:29 pm
May 25, 2015 at 4:47 pm
can anyone explain why in impairment testing in past exam Q1, dec 2012, total assets amount was used, however in Q1, june 2013 – net assets amount.
May 17, 2015 at 8:13 am
I like these theoretical lectures very much – thank you sir!
And finally I heard man’s voice from the class, not only women’s
May 17, 2015 at 12:17 pm
So you see, women have NOT taken over the World
August 1, 2015 at 12:19 pm
Ha Ha I like your last sentence(word) Mike 😉
Great Lectures from All Open Tuition Tutor. Thank you All so very much So far passed all exams on first attempt, thanks to Open Tuition Tutors
November 16, 2014 at 3:35 pm
anyone what is the meaning of BM and AA on page 67?
November 16, 2014 at 9:17 pm
Bench mark? Allowed alternative?
Hope that helps!
November 16, 2014 at 9:56 am
My question is to do with the newly added agriculture.
In the example answer the calves are valued at the closing FV rate (5000 X 58.15) which makes since but also the change in fair value is also this amount. Should this not be (5000 x 58.15) – (49.35 x 5000) 44000?
September 19, 2013 at 12:27 pm
A company expensed its research cost and after a period of 2,3 years they have discovered that they developed an asset how would they recognize that asset ?
January 27, 2016 at 5:45 pm
Research cost previously written off can not be capitalised. They would recognise the asset based on other directly attributable cost and not include the research cost.
July 24, 2013 at 6:31 pm
For the development criteria do ALL criteria need to be satisfied for it to be capitalized or only one of the criteria must be satisfied
November 21, 2012 at 5:31 am
I can not see why not.
November 21, 2012 at 5:33 am
@WhiteWulf, ignore this ^
October 30, 2012 at 10:03 pm
Im just curious which country are you lecturing as you always make reference to here, where is here @ Mike
October 3, 2012 at 10:49 pm
Can it be assumed that these video lectures are applicable to the Dec 12 examinable documents?
November 21, 2012 at 5:32 am
@robertalangordon1984, I can not see why not.
April 19, 2012 at 11:25 pm
May 16, 2011 at 8:52 am
hi, wanted to ask if there would an acca p2 exam analysis. thank you and Good job
May 15, 2011 at 10:02 pm
enjoy these lectures very much it is a great for studing
May 9, 2011 at 5:18 am
why it doesn’t work??
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