[mubeenjuma]

@chally said:
Hi, its in the Kaplan study text. Read the chapter about intangible assets. theres also an exercise carried out to fully support this

Thanks I’ll check it out

[mubeenjuma]

@chally said:
under IAS 38 intangible asset depreciation is capitalised when production expenditure meers the PIRATE criteria

Which book says this maybe I can go check it up

[mubeenjuma]

Depreciation is never capitalised……development costs are amortised due to they are intangible
Both depreciation and amortisation are expensed whatever the condition

[mubeenjuma]

@emansaleem said:
When is the result due for June 2017?

17/07/17

[mubeenjuma]

@spiegel said:
Thanks, Mubeenjuma! I have almost the same answers))

Then worry not ull get em right

[mubeenjuma]

@spiegel said:
Hey guys! Also found mcq rather tricky..
What did you answer to 16d) DisAdv on Outsourcing IA ??

It was all about expensive
Breach of confidentiality is on the verge
Understanding of entity
Due to they r not employees can’t do more work other then that in the contract etc

[mubeenjuma]

@feroz1234 said:
Did anyone choose any Answer A’s for the MCQ’S on revenue recognition question 25-30?

When retained earnings increase we credit them and when they decrease we debit them
In 20×2 they decreased
And 20×3 they increased
So answer is c

[mubeenjuma]

@surajnair said:
I dont think you have to proportionate it aaradhya. It was a sale from subsidiary to parent.you have to deduct the entire unrealised profit from retained earnings. Which would be 6k. Im prettyy sure about it

Its 3600 coz the question stated what will we remove from the parents RE so due to sub’s selling to parent
PURP goes to both parent and NCI
so from parents we remove 60% of 6000 which gives 3600

[mubeenjuma]

@meldass said:
Mubeenjuma. I did calculate payables initially but changed it as the payables days fell Year on Year and I would not have been able to use it as an audit risk.

Yeah Melissa those calculations were just to earn marks….coz most of the audit risks were found in the scenario and I think only trade receivables days had an audit risk coz even the gross profit….the net profit all of them showed an improvement

[mubeenjuma]

Melisa yeah then its good though u should have tried adding inventory days and payables days but as long as u did 4 its good

[mubeenjuma]

@studyfreaksy said:
Cud it have been comparing sales returns from year to year?

Yes

[mubeenjuma]

@abdiaziz said:
What did you guys say about subtantive analytical procedure for revenue?? Can someone help??

It was comparing month to month
Revenue to prior year
And compare to budgets

[mubeenjuma]

I wrote it was material a qualified except for paragraph to b added above the opinion

[mubeenjuma]

The part that confused me is if there is analytical procedures for depreciation

[mubeenjuma]

@tom section A was hard ….B was kindah owk but time issues I remember for question 1 A A D D C

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