[gulam007]

Alhamdulilla passed P7. Special thanks to Mike little
Can anyone please share an alternative link to log to Myacca

[gulam007]

Thanks for that

[gulam007]

New Audit team assigned to the audit

[gulam007]

Yeah i put 2 points, audit strategy & as part of identifying what areas to concentrate on as auditors do not have all the time to go through 100% of the accounts

[gulam007]

An example will be if i imported a machine on credit of 1 month at $100 and the rate of Pound to dollar was £1= $1.4. However on the payment date the pound moves to £1= $1.3. Should i capitalize the loss i made on the payment date or it should be expensed

Thanks once again sir

[gulam007]

Well, thats a relief for me as i have been going through this thread & see no one has mentioned about it

[gulam007]

Anyone write Detection Risk as An audit Risk. The risk the new staff assigned to the audit will not be able to detect misstatements???

[gulam007]

Check the recent article

”Auditing of Disclosures in The Financial Statements”

[gulam007]

Hi Mike,

So if you do the plan in the answer booklet, wouldn’t the examiner think this as bullet points etc? Can we just cancel the plan once we write the main answer or is it possible we can make the plan at the back of the booklet to avoid confusion

Thanks in Advance

[gulam007]

In a nutshell, we can say that IAS 23 relates to self constructed assets? Am i on track there

[gulam007]

🙂 Thanks Mike

[gulam007]

Sorry Sir, but am still confused here. Please refer to June 2012 Q5 part a.

This is an extract of the answer from the BPP Book. Any idea why they is no mention of a qualifying asset in the kit

”IAS 23 Borrowing costs requires directly attributable costs to be capitalised as tangible non-current assets. This would include the borrowing costs, which are capitalised over the period of construction. This would be the six months from 1 March to 1 September. The date when the asset started being used is not relevant to this calculation”

Kindly advise

Thanks in advance

[gulam007]

Thanks for that, Sir

[gulam007]

I understand, so OCI do not have any double entries?

[gulam007]

Refer to examiners report

[gulam007]

Yes Sir,

Thanks once again

[gulam007]

P7 from LSBF please? Anyone having Mock Papers?

[gulam007]

Yes Mike. Thanks you soo much

[gulam007]

Thanks Mike,

Any other article which has a chance of coming up? for eg.articles on ACCA but not yet examined

Thanks

[gulam007]

Q2 Dec 2013- Mizzen Co

[gulam007]

Wow, this just blew my mind…thanks a million times Mike, i will try this strategy.

Regards

[gulam007]

The reason i asked you this question was i was going through the examiners and the BPP kits answer and thought that there answers are really big. Do we need to write all those points, i was wondering. Therefore i took an extract from the BPP answer kit to see how many marks i would get if i would have written those many points because i dont think i would have written 4 lines to get 14 marks 🙂

Thanks for clarifying sir.

[gulam007]

🙂 I get it sir, so a mark for materiality & 2 for Matters? right?

[gulam007]

Sorry to stretch my question, but why would i only get 3 marks. Ive made a comment on materiality and 3 points on impairment.
Please explain Sir as i’m confused on mark allocation

[gulam007]

Hi Mike,

What if we look from the tax point of view where the opposite is possible ie. Overstating of expenses and understating revenues. What do you make of that?

Thanks In Advance

[Author]

Posts