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ifrs 15

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › ifrs 15

  • This topic has 3 replies, 2 voices, and was last updated 1 week ago by Kim Smith.
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  • September 17, 2023 at 9:39 am #692133
    xyzc
    Participant
    • Topics: 385
    • Replies: 155
    • ☆☆☆☆

    the company has a returns policy allowing a customer to return goods within 28 days of purchase if they are dissatisfied with the product.

    For this risk, if I write that if the company has not accounted for the refund liability or recognise the refund liability, revenue will be overstated and the refund liability understated.

    Is this correct or should I write

    If the company has not “correctly” accounted for the refund liability revenue will be overstated and the refund liability understated

    Which one is correct and better as an explanation

    Should the word correctly be included

    September 17, 2023 at 2:28 pm #692146
    Kim Smith
    Keymaster
    • Topics: 109
    • Replies: 7383
    • ☆☆☆☆☆

    This level of semantics is not important in passing the AA exam.

    September 20, 2023 at 1:57 pm #692328
    xyzc
    Participant
    • Topics: 385
    • Replies: 155
    • ☆☆☆☆

    So are both explanations correct for this risk

    The second explanation is what is written in the kit

    This is the march21/june21 question

    September 20, 2023 at 2:58 pm #692331
    Kim Smith
    Keymaster
    • Topics: 109
    • Replies: 7383
    • ☆☆☆☆☆

    As I indicated here https://opentuition.com/topic/finance-costs-5 inclusion of “correctly” gives emphasis but does not really change meaning?

    I ask a passer-by:
    1. “Do you have the time?”
    2. “Do you have the correct time?”

    In context “correct” is implicit in 1 (why would I be asking for a time other than the correct time?) just as “now” is implicit (the passer-by can only give me the time at this point in time!)

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