1. if we know the accounting standard number, can we just simply say IAS 16 ? instead of IAS 16 property plant equipment ?
2. are there reasons for removing unrealized profit in inventory between group members and associates / joint ventures in IAS 28 ?
they are not part of the group account but why do we remove the unrealized profit ?
Ask the Tutor ACCA AAA
Exam enquiry
7y ago#1 Please can you give your posts more specific titles - to help fellow students review and identify those that might be relevant to their own queries - e.g "Quoting IASs and IAS 28"
1. In the same vein as my answer to your post about quoting auditing standards (referenced to this https://opentuition.com/topic/isa-11/#post-479483) - if your reason for wanting to reference the IFRS/IAS is as an authority, you should give its title on first mention.
2. Yes - to the extent that any inventory is still held at the reporting date, there will be unrealised profit and IAS 28 says that P's share of unrealised profits (or losses) from 'upstream' (A to P) or 'downstream' (P to A) transactions must be eliminated.
Sign into reply to this topic.