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Adjusting/non adjusting events

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Adjusting/non adjusting events

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 19, 2021 at 5:30 pm #618238
    osamasyed123
    Member
    • Topics: 51
    • Replies: 42
    • ☆☆

    Hi there Sir,
    I recently came across a question in the bpp kit
    Which stated that a property held for sale
    Was sold for above its FVLCS
    And gain =150K
    We had to determine the gains etc.
    The mark scheme stated that it would be a non adjusting event under IAS 10
    But in our notes its stated that the determination of purchase/sale price of PPE is an adjusting event ?

    April 20, 2021 at 1:07 pm #618296
    Stephen Widberg
    Keymaster
    • Topics: 12
    • Replies: 2843
    • ☆☆☆☆☆

    Sometimes it’s better not to mention the word ‘adjusting’ at all.

    I don’t think you can take account of the ultimate sales proceeds until the PPE is actually sold, because of the uncertainty. Did the buyer have it in his mind to pay the extra 150 – again we don’t know.

    Compare to inventory, where if you’ve got stock that is rubbish, and it all gets thrown away after the year end – well that would be adjusting.

    In the exam write the knowledge point

    ADJUSTING = GIVES EVIDENCE OF CONDITION AS AT THE YEAR END

    And then press the gamble button.

    As always, it is the KNOWLEDGE that puts scores on the doors. 🙂

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