Financial Statement – KAPLAN EXAM KIT – CHAMBERLAIN

Home Forums Ask ACCA Tutor Forums Ask the Tutor ACCA F7 Exams Financial Statement – KAPLAN EXAM KIT – CHAMBERLAIN

This topic contains 1 reply, has 2 voices, and was last updated by Avatar of MikeLittle MikeLittle 3 years, 9 months ago. This post has been viewed 153 times

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts

  • Avatar of rzaib
    rzaib
    Participant
    • Topics: 13
    • Replies: 6

    Hi Dear
    Can any one clear my concept regarding the presentation of ”Prfoit & Loss from Construction Contracts”.

    OPTION 1
    When solving the above title question I took the net figure (Profit of $ 20,000 from Construction contract) and present it after Gross Profit.

    OPTION 2
    or I should follow , as the question solved.

    Please let me now which is better as per IAS .


    Avatar of MikeLittle
    MikeLittle
    Keymaster
    • Topics: 0
    • Replies: 6968

    I haven’t got the question book with me, and I can’t remember how it was dealt with in the suggested solution. However, I really don’t think that you will need to worry about the exact positioning of the profit from the construction contract – it’s hardly going to feature in the examiner’s marking scheme! can you really believe that Steve Scott is going to instruct his marking team and say something like “….and if the student has put the construction contract profit in this position, then that’s worth a mark” or equally “….if they haven’t put it in this position, then they lose a mark”?

    Don’t worry about it!

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.