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If a company pays a deposit for goods to be received in the future and the deposit is non-refundable should it be classed as a prepayment. On one hand I think it should as the benefits have not yet been enjoyed (accruals concept) however on the other hand there’s no way I can get the deposit back.
The only standard that helps slightly is IAS 1 but it doesn’t give a definitive answer.Thank you Mike
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