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confusion regarding

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › confusion regarding

  • This topic has 6 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • July 19, 2015 at 3:19 pm #261095
    ASHOK
    Member
    • Topics: 64
    • Replies: 103
    • ☆☆

    hello sir very very embarrassing to ask you in this time ,but i need confidence ,i am confused about disclosure ,recognise and recorded ,especially in financial statement,please explain me about this

    July 19, 2015 at 5:30 pm #261103
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Hmmm! Interesting question for a P7 student!

    :-)))

    Recognition involves dealing with the numerical value of the item within the financial statements

    Disclosure is where the numerical value is NOT incorporated within the financial statements but the matter is fully explained by way of disclosure note within the notes to the financial statements

    Is that better?

    July 20, 2015 at 6:57 am #261129
    ASHOK
    Member
    • Topics: 64
    • Replies: 103
    • ☆☆

    better than before ,thank you so much sir, but still i want through example

    July 20, 2015 at 6:59 am #261130
    ASHOK
    Member
    • Topics: 64
    • Replies: 103
    • ☆☆

    please give me the example of recognise and disclosure

    July 20, 2015 at 8:16 am #261136
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    In the area of contingencies, we would recognise a probable liability but would merely disclose a possible liability.

    For the probable liability (where the chance of it crystallising is greater than the chance of it not crystallising) we would Dr statement of profit or loss with the reliably measurable amount and Cr a provision account

    For the possible liability (where the chance of it crystallising is lower than the chance of it not crystallising) we would explain by way of disclosure note within the notes to the financial statements the circumstances that have given rise to this possible obligation

    Better?

    July 20, 2015 at 3:28 pm #261156
    ASHOK
    Member
    • Topics: 64
    • Replies: 103
    • ☆☆

    thank you millions times, now fully understood

    July 20, 2015 at 6:06 pm #261170
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    You’re welcome

  • Author
    Posts
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