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IAS 8 ExamplE 1

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IAS 8 ExamplE 1

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • November 8, 2016 at 7:51 am #347998
    junaidbashir
    Member
    • Topics: 8
    • Replies: 7
    • ☆

    Hello Mike
    Where does the Net profit for period 2008 “800” in “Adomas Statement of Profit or Loss and Other Comprehensive Income” came from? is it the current assets from same period’s SoFP? if yes then how,please sort it out for me,Thanks

    November 8, 2016 at 11:21 am #348032
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23325
    • ☆☆☆☆☆

    Profit for the year to 31 December, 2008 was, as reported, $1,300

    But during the year ended 31 December, 2009, “it was discovered that certain non-current assets had been included in the records at 31 December 2008 at $500,000 in excess of their recoverable amount and that this situation was unlikely to change.”

    And that’s where the restated profit figure of $800 for the year ended 31 December, 2008 comes from

    And that’s actually shown at the bottom of page 160

    OK?

    November 8, 2016 at 5:43 pm #348109
    junaidbashir
    Member
    • Topics: 8
    • Replies: 7
    • ☆

    Got it sire,thanks

    November 8, 2016 at 7:21 pm #348121
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23325
    • ☆☆☆☆☆

    You’re welcome

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