chapter 9 – eg 1

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December 5, 2010 at 9:48 am #46633
gaodoudou
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For the condition given:
” at the date of acquisition, some of Dace’s inventory had a fair value of $16,000 in an excess of its carrying value. all had been sold before the year end. “

The condition has no impact to the CSOFP. why?

thanks!
December 5, 2010 at 1:32 pm #72609
MikeLittle
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because SofFP is as at the year end and, as at the year end, all this inventory had been sold! So no asset remained.
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