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IAS 8 ExamplE 1

JJunaid9y ago
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
MikeLittleMikeLittleTutor9y ago#1
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?
JJunaid9y ago#2
Got it sire,thanks
MikeLittleMikeLittleTutor9y ago#3
You're welcome
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