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If you borrow to build an asset and don’t use the loan, does the lender not object? 🙂
But I would say P&L.
ALL ANSWERS FOR EXAM PURPOSES ONLY
1. We only answer questions for exam purposes. You need to take professional advice if you are asking about a situation at work.
2. For exam purposes =if material error – therefore prior period adjustment,
2. IAS 8 no longer examinable – it’s much safer not to use standard numbers in the exam.OK. Two weeks on FR, six weeks prep for SBR plus 2 weeks revision.
But start today!
🙂
In the BPP answer the 2 goodwill figures are 400 and 240 and the impairments are 40 and 24 (both 10% as stated in the question). In part 1 the loss must be shared with the NCI because we are valuing NCI at fair value. In part 2, no goodwill is attributable to the NCI , so no loss will be chaged. (If in doubt, look back at our groups lectures).
i’m guessimh that you’ve already done FR.
If your FR is strong, you probably need about 3 months – 6 weeks to work through our lectures and then 4 weeks on past questions using your BPP revision kit.
Follow the lectures and you will be fine.
About 10 hours per week.
Your understanding is perfect.
For PPE to IP – I would say gain to OCI / RR not “OCI in RR”, as OCI and RR are 2 different things.
🙂
Follow the guidance in your BPP revision kit. One mark per decent sentence. Remember that your answer will be a lot shorter than the examiner’s. 🙂
Company has a policy of revaluation.
IFRS 5 requires that, if the policy is revaluation, you must:
1. Revalue to FV at date of classification as HFS.
2. Compare FV with FV less costs to sell – resultant loss to P&LImpact is that selling costs will go to P&L.
Very irritating rule but we are stuck with it.
🙂
100% no.
Don’t use any P2 materials at all. Why?
1. Exam is now about explanations rather than calculations.
2. Accounting standards have changed.
3. Style of consolidation question has changed.Only use BPP or similar revision kit valid for current sitting.
🙂
Financial assets – Dr FA Cr Cash
Financial liability – Dr FL Cr CashException if FA or FL is measured at fair value with gains/losses in P&L, then:
Dr P&L Cr CashAll I can say is ….. if you plan to do AAA ….. do it next…… but be aware it’s harder than SBR so will need a lot of time.
🙂
If you mean – comment on the weaknesses of standards – not the most important thing in the world. Nothing outside the study materials. Exam is more practical than theoretical.
ALL ANSWERS ARE EXAM PURPOSES ONLY (AS ALWAYS) 🙂
Two distinct stages:
Stage 1
Build asset
End of Stage 1 – asset complete – there will be no further adjustments to CA of asset / capitalisation of interest
Stage 2
Start to depreciate
Have a go at the spreadsheet exercises at https://opentuition.com/acca/sbr/
Otherwise all I can think of is recent past question practice from ACCA platform
If your double entry feels rusty perhaps look back at some our FA materials.
Best I can do
🙂
IFRS 5
NCA held for sale – maesure at lower of CA and FV less disposal costs; classify as current asset
No reference in the scenario to ownership passing at the end of the lease.
So, shorter of life and lease term
