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In the chapter headed Revenue in F7 (sorry, I confused P7 with F7 – but there should be sufficient in the F7 notes for you to build up an audit approach to any question about revenue recognition)
sir what types of question will come in relation to audit test and audit evidence ?
ai also looked at IAS plus .com in there it said that entity has to use IFRS 15 after or on 1 january 2018 ,if so then how it will be examined ?
“The client has elected for early adoption of IFRS 15 and has calculated the foll……………”
or
“Within the process of the audit, the auditor-in-charge has noted the following – …………”
One of your first points in answering “What evidence would you expect to find?” would be to confirm whether IFRS15 had been adopted
One of your first points in answering “What further procedures would you recommend?” would be to confirm whether IFRS15 had been adopted
OK?
in relation to your this example of question that is you wrote
One of your first points in answering “What further procedures would you recommend?” would be to confirm whether IFRS15 had been adopted
can you please give me answer to this question ?
““What further procedures would you recommend?” would be to confirm whether IFRS15 had been adopted – Ashok – you’re a P7 student!!!!!! (Aren’t you?)
How would you start to find out whether the company has chosen early adoption of an IFRS?
Please, answer me that question and then we’ll move on together from your answer
1- asserted compliance with IFRS 15
2- Analytic review (comparative prior period financial information) to ascertain that any variance is due to early adoption of ifrs
3-related notes, including comparative informationjlkeou – what is your post? Are you answering my question to Ashok? or are you simply bringing in matters that could be relevant if a question were to come up involving IFRS 15?
Whatever, it’s not the response that I was hoping to get from Ashok!
if there is early adoption of new accounting standard then we should also include emphasis of matter paragraph below the opinion
sir i don’t know answer to your question – How would you start to find out whether the company has chosen early adoption of an IFRS 15?
if there is early adoption of new accounting standard then we should also include emphasis of matter paragraph below the opinion
Ashok, I almost despair! How would you start to find out something you don’t know? It’s dead easy!
Here’s a task for you …… I want you to fnd our where i am going for my holidays this year and you have just one question that you are able to ask me
Over to you Ashok (here’s a hint for you – take the “ho” out of Ashok)
please i did not understand u, what to do after taking ho out it becomes i think it becomes ‘lidays’
but my another question is if there is early adoption of new accounting standard then in audit report below opiniion paragraph we have to use emphasis of matter paragraph ?
Ashok, it’s no wonder you don’t understand! Read my post again and then follow the instruction therein!
I’m not aware of any requirement to include an emphasis of matter paragraph within the audit report. Sure, the accounting policy note to the financial statements will be affected but I don’t see that the matter is likely to be SO important that it deserves special treatment from an emphasis of matter paragraph
for emphasis of matter paragraph ,’early adoption of new accounting standard ‘ it is written in kaplan book of 2012 page 324 ,chapter auditors report
Ashoka, I find this incredible! Why are you asking me whether to use an emphasis of matter paragraph when you have the answer in print in front of you.
Let me refer you to Kaplan’s 2012 study text, page 324, and there you will find that an emphasis of matter paragraph is appropriate in the circumstance where a company elects to adopt an accounting standard early!
Why have you asked me?
i asked u because i want to be sure whether to use emphasis of matter paragraph or not ? if there is early adoption of new accounting standard because Kaplan’s 2012 study text, page 324, tell to do so , and i want to know whether it is printing mistake or my understanding is wrong
i want to be clear so please tell me
If that’s a printing mistake, it must be one of the greatest printing mistakes EVER in the history of printing
It cannot possibly have been intended to read “emphasis of matter paragraph but not for an early adoption of an accounting standard”!
My post WAS a reply! I’ve indicated to you that that could not possibly be a printing mistake. How much clearer could I have made my response?
And cut out these upper case communications, please
means if there is early adoption of new accounting standard then we have to use EMPHASIS OF MATTER PARAGRAPH am i right ?
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