- This topic has 10 replies, 4 voices, and was last updated 9 years ago by
.
- Posts
in relation to revenue recognition
disclosure requirement are
Accounting policy note
Amount of each significant category of revenue
Amount of revenue from exchange of goods /services
Contingent gains/losses,warranty costsmy question is how to audit this disclosure requirement in relation to revenue?
in relation to revenue recognition
disclosure requirement are
Accounting policy note
Amount of each significant category of revenue
Amount of revenue from exchange of goods /services
Contingent gains/losses,warranty costsmy question is how to audit this disclosure requirement in relation to revenue? and also types of evidence in relation to disclosure requirement of IAS 18 Revennue
You would audit this in the same way that you would audit any note in the financial statements.
Get a copy of the client’s working papers, assess materiality, and (if material) check adds and calcs, assess reasonableness of any estimates used, check the cash element of revenues actually received, obtain copies of those contracts to which IFRS 15 apply, confirm completeness, accuracy and overall reasonableness of the note …….
Need more?
I need more,please
can u please explain me using example of IAS 18 ,and illustrate using real statement of comprehensive income statement where it is disclosed ? because i know that disclosure is in the form of notes to the account as you told me it will be in the form of notes to account,I would like to know where in the income statement will this be disclosed as a note? and also how to get evidience
How to get evidence is in the classic way!
Analytical procedures
Enquiry
Inspection
Observation
ReperformanceIAS 18 no longer exists – it’s been replaced by IFRS 15 and there’s a chapter on this new IFRS in the course notes – if not for P7 than it’s in P2 course notes
Where revenue is earned on a contract and that revenue is to be earned part now and part with reference to continuing obligations, it has to be spread to reflect the revenue earned in each accounting period
Hi, noted that IAS18 and IAS11 have been replaced by IFRS15 in P2 syllabus, is this applicable to P7 (September 2015 exam) as well? Having said, we should have to quote IFRS15 instead of IAS18 and IAS11 when we write/discuss about Revenue or Construction Contract in the exam?
Noted that IAS39 has been removed from P2 syllabus as well, is this applicable to P7 as well? Meaning that we can’t quote IAS39 in the P7 exam?
I’m taking Sep15 exam (3rd attempt), kindly advise if there is any changes/issues that i should be aware of..
Thank you in advance!
There’s no need to “quote” any standard by number nor title. You simply have to follow the standard ie yes, answer any applicable exam question applying the IFRS
Same with IAS 39 – it’s gone, so application of IAS 39 rules where they differ from IFRS would be incorrect
Ok?
Well, that’s most unlikely isn’t it?!!!!
IFRS 15 is in the syllabus for the first time this week so there are clearly no past exam questions based on this new examinable document!
Read the IFRS again and see if you can’t make up your own questions – maybe something about the five step approach – and the correctness / appropriateness of the client’s chosen accounting treatment
- You must be logged in to reply to this topic.