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Dear tutor in Answer to Example 5 Workings to be shown in the “Statement of Profit or Loss and Other Comprehensive Income” in year 2 there is Costs recognised-general of $750,000. How arrived to this figure?
We have to recognise the forecast loss. So put the revenue amount in line 1, calculate the forecast loss and put that in line 3, then you can fill in $750,000 as costs to be recognised.
Do you know something? I get asked the same question on a regular and frequent basis!
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