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cloat co; march/june 2021

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › cloat co; march/june 2021

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  • August 7, 2022 at 10:04 am #662595
    ABDULLAHI312
    Participant
    • Topics: 106
    • Replies: 97
    • ☆☆☆

    hi
    in the last part of this scenario, the statement on the insurance recovery read as ‘before the financial statements were approved, it was PROBABLE that the insurance claim for the loss of NCA would be paid…’
    the answer in the debrief classified the transaction as VIRTUALLY CERTAIN. please clarify.

    thanks.

    August 8, 2022 at 9:56 am #662661
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3428
    • ☆☆☆☆☆

    IN FUTURE PLEASE REFER TO TOPIC NOT QUESTION NAME IN THE THREAD NAME.

    If the question states probable – disclose contingent asset.

    If the question states virtually certain – recognise insurance receivable.

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