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IFRS 15 chapter 16

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IFRS 15 chapter 16

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
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  • April 16, 2021 at 5:51 pm #617904
    darin
    Member
    • Topics: 3
    • Replies: 0
    • ☆

    1. Is the cost figure in the SPL always going to be a balancing figure (even if the question gives you the cost to date)?

    2. What is the double entry (DR & CR) for the figures in the SPL and the figures used for the contract asset in the SFP?

    3. Is the contract asset another way of saying inventory (work in progress)?

    4. What is the double entry for the change in the contract asset from one year to the next?

    April 17, 2021 at 9:04 am #618004
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6486
    • ☆☆☆☆☆

    1. No it will not always be the balancing figure, it depends on the method used to recognise the revenue and the year of the contract.

    2. You need to use an example with numbers to be able to do this and I’d not recommend that you do so as it makes it far more complicated than necessary.

    3. Yes

    4. Again, don’t go near the double entries.

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