IFRS

This topic has 4 replies, 2 voices, and was last updated 1 year ago by John Moffat.

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April 11, 2021 at 6:46 pm #616831
thapa7
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If an International Financial Reporting standard (IFRS standard) is being applied inconsistently which accounting body will issue a statement to clarify how the IFRS standard should be applied?

The International Financial Reporting Standards Advisory Council
The International Financial Reporting Standards Foundation
The International Financial Reporting Standards Interpretations Committee
The International Accounting Standards Board
April 12, 2021 at 8:07 am #617096
John Moffat
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Why are you attempting a question for which you do not have an answer? You should be using a Revision Kit from one of the ACCA Approved Publishers – that have answers 🙂

It is the interpretations committee as I explain in my free lectures on chapter 27 of our free lecture notes.
April 12, 2021 at 10:02 am #617168
thapa7
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thankyou so much sir.
April 12, 2021 at 11:00 am #617206
thapa7
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also another question sir
x. co has capitalised development cost bf of 420000 at 1 january 20X9. the product to which these costs relate was in commercial production at that date and it is expected to generate revenue for next 4 years. during the year ended 31 december 20X9 following expenditure has incurred on project A,
development costs – 65000
research costs – 22000
all research and development cost was completed in july 20X9 on project A and X.co commenced production during the month . X.co applies IAS 38 intangible assets guidance on capitalisation od relevent cost. an amortisation period of four year is deemed appropriate . X.co policy is to charge a full year amortisation in the year of capitalistion of a project.
what should be the total amortisation expenses be for the year ended 31 dec 20X9?

my answer is 77500
m i correct? please help me .
i
April 12, 2021 at 2:13 pm #617269
John Moffat
Keymaster
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You are not correct, and I have no idea how you arrived at $77,500.

The expense is (420,000 + 65,000) / 4

I do ask you again, why are you attempting questions for which you do not have an answer?
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