• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

FRANCIS GROUP dec’14 (A) Kaplan kit part b)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › FRANCIS GROUP dec’14 (A) Kaplan kit part b)

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • October 6, 2021 at 2:23 pm #637133
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    The auditor should review the financial statements to identify whether any disclosure has been made of the issue. If no disclosure has been made the financial statements will be materially misstated due to lack of disclosure of the non?adjusting event and overstatement of contingent assets.

    maam here are we talking about the disclosure notes regarding the fact that insurance proceeds will no longer be received?

    because now it makes no sense to disclose the non-adjusting event- contingent asset with re insurance proceeds- as it will not be received.

    so then the auditor should look for amended disclosures which talks about non-receipts of proceeds? which would be in complete contrast to what the disclosure notes would have read like if they were receivable as expected earlier.

    October 6, 2021 at 6:06 pm #637149
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6783
    • ☆☆☆☆☆

    The natural disaster is a non-adjusting event – the claim for any insurance proceeds must also be non-adjusting. Asset recognition in SoFP is incorrect – “at best”, the expectation of insurance proceeds can only be disclosed.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • cBarsoum on Audit Risk – ACCA Audit and Assurance (AA)
  • allistair.a@gmail.com on Digital strategy – CIMA E3
  • John Moffat on Statement of Cash Flows (part b) Example 1 – ACCA Financial Accounting (FA) lectures
  • Joanne94 on Statement of Cash Flows (part b) Example 1 – ACCA Financial Accounting (FA) lectures
  • cBarsoum on The Stages of an Audit – Appointment – ACCA Audit and Assurance (AA)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy