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EPQ issues

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › EPQ issues

  • This topic has 2 replies, 2 voices, and was last updated 3 years ago by Kim Smith.
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  • September 4, 2021 at 3:55 pm #634311
    sruthi06
    Participant
    • Topics: 31
    • Replies: 44
    • ☆☆

    Sir..Suppose for a question on ethical threat, if the threat is self interest, shall I provide 2 safeguard..

    Like auditor as NED which creates self interest threat (1 mark)
    Safeguard : politely decline the invitation since no safeguard can reduce the threat
    Safeguard: if the appointment to go ahead, resign as the partner

    Can I get 2 marks for 2 safeguard, but only 1 threat

    September 4, 2021 at 4:01 pm #634313
    sruthi06
    Participant
    • Topics: 31
    • Replies: 44
    • ☆☆

    Another query..

    Suppose, revenue 30% received in advance from customer and rest 70% will be paid later after the completion of contract.

    if on a % of completion basis (performance obligation over period), can I recognise the 30% as and when received and, the rest 70% at a later stage when the control is passed. Is there any early revenue recognition risk in this issue.

    Sir, Is my understanding correct? If not please advise..

    September 4, 2021 at 7:36 pm #634343
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    For marking advice please see the sticky/starred posts on this forum – like this one “This was the most productive 1 hour I had in the preparation for the exam!” and “Read the mind of an AAA marker – ESSENTIAL READING”.

    There may be NO safeguards sufficient to reduce a threat to an acceptable level – see Example 1 on page 27 of the notes – clearly there can be no marks for suggesting safeguards in this case.

    Cannot recognise any % in advance if there is not proportionate performance – the customer’s prepayment is a liability/deferred income.

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