Hi mike another chapter bites the dust, and by that I mean I have watched the lecture ;)
Can you advise me where the figure in working two goes in the statement of financial position? Is it a current asset called unbilled work in progress? (or a current liability if negative)
I understand working three is receivables / (payables)
Ask the Tutor ACCA FR
Ias 11 construction contracts w2
11y ago#1Working 2 is called "Amounts due from customers" (or "amounts due to customers") and will be shown within current assets (or liabilities as appropriate) and separately shown from the other "amounts due from customers"
The first is the equivalent of inventory whereas the second is a receivable.
In practice I imagine that they will be shown within an aggregated figure for current assets or current liabilities with the detail of that aggregated amount disclosed within the notes to the financial statements
Ok?
That's great thanks Mike that makes sense
11y ago#3You're welcome
hello mike,
i have undestood this standard theoretically but quite worried about the mcq's and kindly do suggest some effective F7 preparation tips please
11y ago#5Work through the free course notes and listen to the lectures
Work through the mini-exercises at the end of e course notes
Question practice from past exam papers and from the practice questions at the very end of the courses notes
Practice, practice and then practice some more! You cannot do enough practice!
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