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IAS 16

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 16

  • This topic has 3 replies, 2 voices, and was last updated 2 years ago by Stephen Widberg.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • May 3, 2023 at 5:22 pm #683883
    akka17bakka
    Participant
    • Topics: 105
    • Replies: 99
    • ☆☆☆

    Hello Tutor,

    Can you kindly help me understand this statement.

    “As a result of testing recently purchased or constructed PPE, product samples might be produced that are sold. IAS 16 has been amended to require proceeds from such sales, as well as the associated costs, to be recognised in the statement of profit or loss (previously IAS 16 required these proceeds to be deduced from the carrying amount of the PPE).”

    Means we need to record income and expense at the same time?

    Thanks.

    May 3, 2023 at 7:35 pm #683893
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3408
    • ☆☆☆☆☆

    I think it’s like the normal matching concept. Match sales proceeds with associated costs in P&L.

    Sample sales dealt with in the same way as regular sales.

    New one on me! 🙂

    May 3, 2023 at 7:40 pm #683895
    akka17bakka
    Participant
    • Topics: 105
    • Replies: 99
    • ☆☆☆

    Thank you so much.

    May 4, 2023 at 7:12 am #683905
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3408
    • ☆☆☆☆☆

    🙂

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘IAS 16’ is closed to new replies.

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