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Amazing. Thanks for the answer and for sharing the link to qualified members forum. I didn’t know there is one.
Will see you there with questions from practical world.
Thank you, Kim.
That is really wonderful piece of information that I was looking for.
I just wanted to keep the knowledge of IFRSs stick. Are there other platforms where I would get engaging reads about IFRSs? or are there specific tips that you would advise that will help in this regard?
I often visit ACCA technical articles under SBR and FR to refresh my knowledge. However, I would like some engaging case studies that would challenge me in different setting considering that I am not fully using my knowledge in my current duties.Thanks.
Thanks, Stephen.
If the JV or associate have nil carrying value, we should not have an investment. The carrying value is nil(due to (say) continuous losses), so we have nothing showing up in our statements. Where could the source of the dividends be coming from?
I am doing this for my continuous learning. Recently, I have turned to studying the financials of real companies through capital IQ and other CFI programs. Cleared all the exams.
Wait. Is it to take out the effect of debt from the flow? Effectively computing cash available to all finance providers.
sales with a right of return to which the entity is entitled to a refund. let me give my thought on what I was thinking:
– control and risk of ownership not yet transferred to the purchasing entity- as this is achieved at the point of sale.
– if impaired (reason outside their control), they got the right to return and will effectively claim the full amount at the value of inventory at the point of purchase from the supplier. it is the selling entity that suffers the hit.
– if impaired(reason within their control), they got the right to return but this time they won’t get full compensation. the value of the receivable will be reduced by the impairment loss.Is this correct?
That’s a wonderful lecture!
perhaps I overlooked it because of the rush with revision questions. I have to watch it all now.
SMAR- That’s a good mnemonic from Steve and surely I will be saying that to someone I love as you said hahaha.
Thanks.Thanks.
one more thing, how much is expected to be written for risks? how much is enough?
I’m adopting this strategy for these questions:
– materiality- by value
-relevant accounting treatment.
– supporting evidence/link from the scenario.
– say the risks i.e. under/overstatement or lack of disclosures.
hope this is enough (regardless of the length of the sentences).Got it now. All identified risk that requires a response is significant. that is a good summary.
thanks.so when the question asks about significant Risks of Material Misstatement (ROMM) it will include material to financial statements and significance to the users understanding of the financial statements. for example, the lack of disclosure of vital information is material by nature because of its importance/significance to the user’s understanding. It constitutes ROMM for that reason. is that correct?
secondly, In such questions, considering the use of the specific term(significant), are there possibilities of ROMM that are not significant? I thought all ROMM is significant as the name sounds it is already material and therefore important/significant. this is where I get confused.
I am getting over-conscious of the examiner’s terms.thanks, Kim.
one more thing that is completely different from this.
What is the difference between significant and material? can they be used interchangeably in this exam?Thanks for this.
I am afraid these procedures are long. what specific guidance would I adopt to maximize marks in this area? in AA it was straightforward; verb-document – assertion/reason. here it looks detailed.
any tips?
thanks, Kim.ooh was it march 2020? I was doing the quiz in the practice platform and the answer given there are just listed guidance on what carry a mark; marking scheme. where would I access the published answer, please?
The rest of the doubts are cleared. thanks.
