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Deferred Expenses and Prepaid Expenses

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Deferred Expenses and Prepaid Expenses

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
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  • August 2, 2015 at 1:10 am #264533
    Pinky
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    Hello Mike

    Is there any difference between deferred expenses and prepaid expenses?

    Cheers

    August 2, 2015 at 9:39 am #264611
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23311
    • ☆☆☆☆☆

    Maybe a deferred expense is an obligation incurred today but is to be paid in the future.

    An agreement to pay interest on a loan that is non-cancellable would be an example of an expense that will only crystallise over the years of the loan but next year’s (and all years’ following) interest element will be deferred until the appropriate period.

    A prepaid expense is (as the name suggests) an expense paid this year relating to next year (or years beyond)

    Ok?

    August 2, 2015 at 5:19 pm #264750
    Pinky
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    Thanks Mike

    August 2, 2015 at 6:20 pm #264762
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23311
    • ☆☆☆☆☆

    You’re welcome

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