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F7 notes

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › F7 notes

  • This topic has 9 replies, 3 voices, and was last updated 11 years ago by MikeLittle.
Viewing 10 posts - 1 through 10 (of 10 total)
  • Author
    Posts
  • February 25, 2014 at 8:34 pm #160075
    emmu
    Member
    • Topics: 31
    • Replies: 40
    • ☆☆

    Why in chapter 3 of F7 is revaluation deficit shown under revaluation reserve in socie…Should not htis be under retained earnings

    February 26, 2014 at 7:33 pm #160480
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    No, I believe that revaluations are a comprehensive income item and are thus shown both in Statement of Comprehensive Income as well as in Statement of Changes in Equity

    February 26, 2014 at 8:20 pm #160496
    emmu
    Member
    • Topics: 31
    • Replies: 40
    • ☆☆

    Sir, I am asking something else…..my question is why is revaluation loss shown under revaluation reserve heading in socie….should not that be under retained earnings heading ……I had read somewhere that revaluation gain is shown in other comprehensive income and revaluation reserve whereas revaluation loss is shown in statement of profit or loss and retained earnings

    February 27, 2014 at 6:06 am #160587
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    It depends on whether the revaluation reserve relates to the asset which is now being impaired. If it does relate to that asset, the revaluation decrease is used, first of all, to reduce that revaluation reserve and then, if there is an impairment greater than the previous revaluations, the excess is written off within Statement of Income

    Ok?

    February 27, 2014 at 7:18 am #160591
    baiju
    Participant
    • Topics: 1
    • Replies: 4
    • ☆

    Dear Sir,

    i have been facing the exam queston on December 2012. in the given an information (v) is Goodwill has been impaired by $ 2 million as at 30 setp 2012. i asking you why dont less impaired in the calculation in Goodwill. see the answer sheet on december 2012

    rgds,
    Baiju Deo
    Nepal

    February 27, 2014 at 3:13 pm #160829
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    It certainly should appear in working W3 “less goodwill impaired since acquisition (just our share) and also in working W2 Goodwill “less goodwill impaired since acquisition” in full ie including any impairment attributable to the nci

    Does that help?

    February 27, 2014 at 5:44 pm #160884
    emmu
    Member
    • Topics: 31
    • Replies: 40
    • ☆☆

    Thanks @MikeLittle.
    But i got confused now since you used the word impairment…are revaluation loss and impariment interchangeable terms??

    February 28, 2014 at 6:49 am #161050
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Probably not, but where a revalued asset is now suffering a downward revaluation, is that not effectively the same as an impairment?

    February 28, 2014 at 7:06 am #161053
    emmu
    Member
    • Topics: 31
    • Replies: 40
    • ☆☆

    ok thanks

    March 2, 2014 at 10:56 am #161247
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    You’re welcome

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