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sir
Audit report changes are there in the syllabus??? if not then is it worth studying current issues… the chapter is just 5-6 pages
does ias 24 related parties apply to groups? in text book its given it doesnt but in revision kit many places its mentioned …….suppose while selling goods to subsidary?
a change in accounting policy is disclosed in the notes wht about accounting estimates?
last question–where in income satement does provision exactly come? other expenses?
The revised audit reports are not included in “examinable documents” for June 2016
“does ias 24 related parties apply to groups?”
Extract from IASPLUS website:
“(b) An entity is related to a reporting entity if any of the following conditions applies:
(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).”
That doesn’t leave much room for doubt!
“a change in accounting policy is disclosed in the notes wht about accounting estimates?”
No disclosure, nothing
“where in income satement does provision exactly come? other expenses?”
It depends what is appropriate. A provision for the outflow of economic resource involved in giving full refunds for returned items – probably include within selling and distribution costs
A provision for the dismantling in the future of some major construction would not be in the statement of profit or loss – it would be capitalised within the asset itself. Movement in that provision WOULD feature in statement of profit or loss – probably within Finance Costs
OK?
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