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Poodle june 13

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Poodle june 13

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • August 2, 2018 at 11:11 pm #465912
    zkaay
    Participant
    • Topics: 212
    • Replies: 98
    • ☆☆☆

    Hi sir,

    1) Regarding trade receivable here i think that the matter is pervasive individually as its 72% of profit but in answer its material and not pervasive?

    2) becauae i think it is pervasive, i woud discuss it in materiality and uncertaininty related to going concern para? Well can i?

    August 6, 2018 at 7:24 am #466364
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8308
    • ☆☆☆☆☆

    “Pervasive” is NOT a “degree” of materiality. Ignoring Poodle – just looking at the concept – if $10,000 is a material error in trade receivables (say), $100,000 is also a material error in trade receivables. In both cases we say “except for …. [error in receivables] … the financial statements show a true and fair view”.

    “Pervasive” concerns the financial statements as a WHOLE.

    If something is not pervasive you will not get credit for what would amount to a digression.

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