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Hi Mike.
Kindly give me brief about IFRS15. The key points to consider. I get lost in the wording. Help!Read the chapter headed IFRS 15 in the free course notes!
Then, if you have a specific question, by all means come back to me
It’s either the last chapter in P7 notes or it’s the last chapter in P2 course notes
Let me know again if you can’t find it!
Ive checked P7. It’s not there. I have IFRS 15 material for P2. But I want to have like some practical questions with revenue recognition answered as to IFRS 15. That would have been very helpful.i.e. how to deal with IFRS 15 while auditing. Please share if you hav that kind of practical question answered with IFRS 15
Hi Sfarhan
I’ve been thinking about this ever since I wrote the chapter for the (p2) course notes and there really shouldn’t be the possibility that the examiner can throw you a curve-ball.
So long as you are aware of the five steps you should be able to construct an answer covering the auditing procedures / matters to which you should direct your attention / further procedures that should be undertaken / evidence that you would expect to find in the working papers.
Am I not correct in thinking that this is an area crying out for the application of a healthy helping of common sense?
Hi Mike, what five steps?
Is it like, materiality, accounting and risk of material misstatement? Can’t figure out the rest two.Rick, no, it’s nothing like that!
Check the chapter in the P2 course notes – that chapter sets out the 5 steps
Hi Mike
Multiple times I have tried to download free p7 notes… But it is unsuccessful… Can u please please email me shahzad.pasta@gmail.com
Or any one else can help me..
Thanks in advance
Hi Mike,
Understand you are busy with the questions but having gone through the 5 steps, it seems reasonable however, when a loss on a contract occurs, do you amortise over the life of the contract??
Thanks
Marc
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