[alimaqsoodca]

Thank you Hayor.

[alimaqsoodca]

OK. Thanks

[alimaqsoodca]

Well my point is not that

Simply I want to know…..

“ASSET IS READY FOR ITS INTENDED USE” means the same as “ASSET IS AVAILABLE FOR USE” or these terms mean different?

It is because A/c to IAS 16: Depreciation begins when an asset is available for use

[alimaqsoodca]

Well I understood. But you could only tell me what para of IAS 23 provides such treatmeant. Anyway Thanks for your help.

[alimaqsoodca]

Thank you very much for your immediate help and you make my concept clear. My viewpoint was also that completeness and occurrence have nothing to do with figures, they are just concerned with whether transaction is recorded (in which only understatement can occur) and whether recorded transaction has really taken place (in which only overstatement can occur) respectively. So, I believe they are just opposite to one another.

[alimaqsoodca]

Thank you Ken

[alimaqsoodca]

Audit procedure include:
1) Risk assessment Procedure [related to inherent risk and control risk (design)]
2) Test of controls [related to control risk (operations)]
3) Substantive procedure (related to detection risk)

All the above three procedure can be performed through
1) Observation
2) Inspection
3) Re performance & Re calculation
4) Analytical Procedure
5) Confirmation
6) Inquiry

[Author]

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