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Discounts – Revenue

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Discounts – Revenue

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
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  • January 25, 2022 at 2:21 pm #647445
    vikipulka
    Member
    • Topics: 21
    • Replies: 21
    • ☆

    Good day,

    Let’s say we’re preparing the FS for the YE 31.12.20X5.
    If the amount of revenue discount was recognized incorrectly in 20X5, meaning the amount should’ve been recognized in 20X4 (revenue cut off) (because it refers to 20X4), but instead it was recognized in 20X5, then what would be the JE adj for this?

    Should it be just Dr Revenue Cr AR? But then what about the outstanding balance that refers to the PY. I can’t understand the logic here

    January 26, 2022 at 8:14 am #647490
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6443
    • ☆☆☆☆☆

    Hi,

    Sorry, but I don’t quite follow the question. Could you elaborate a bit further please so that I can help? It looks from first glance that there is a prior year error and so we would be making a prior year adjustment in accordance with IAS 8.

    Thanks

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