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This topic has 3 replies, 2 voices, and was last updated 13 years ago by MikeLittle.

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June 2, 2011 at 3:23 pm #48828
leornado
Member
- Topics: 29
- Replies: 7
Dear sir,
Can I have an example for “unrecognised firm commitment”?
A Sale & Purchase Agreement pending for signing can be
considered as unrecognised firm commitment?
Please advise.
Thanks.
Regards,
Leornado
June 5, 2011 at 8:51 pm #82789
MikeLittle
Keymaster
- Topics: 27
- Replies: 23309
Where have you got this term from? I don’t have a study text in front of me – but I’ll check it. And if I can find an adequate explanation in the study text – I shall notbe happy!
June 6, 2011 at 3:38 pm #82790
leornado
Member
- Topics: 29
- Replies: 7
I get it from Malaysian Accounting Standard.
I thought the term is same as the term use in
International Accounting Standard.
May be I was wrong.
Anyway, Thanks.
June 7, 2011 at 6:39 am #82791
MikeLittle
Keymaster
- Topics: 27
- Replies: 23309
Am I being too simple if I say that it’s merely a “firm commitment which is, as yet, unrecognised”? and if I have read the text correctly, it seems that it should in fact be recognised.
Maybe I’m wrong – but I don’t think so
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