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June 2015 question 16

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › June 2015 question 16

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  • November 17, 2016 at 8:54 am #349517
    angeling
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    Can anyone help me explain the 16th question in June 2015? I am rather confused with the (i) statement.
    In a review of its provisions for the year ended 31 March 2015, Cumla’s assistant has suggested the following accounting treatment:
    (i) Making a provision for a constructive obligation of $400000; this being the sales value of goods expected to be returned by retail customers after the year end under the company’s advertised 30-day returns policy.
    (ii) (iii) and (iv)are not given here.
    The question is which of the above suggested treatments of provisions is permitted by IFRS? And the Answer does not include statement (i). Who can tell me what’s wrong with it? Thanks very much!!!

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