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Pre-operating phase of business

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Pre-operating phase of business

  • This topic has 0 replies, 1 voice, and was last updated 13 years ago by sanjay kafle.
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  • July 10, 2011 at 4:03 pm #49270
    sanjay kafle
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    As we know that pre-operating expenses are treated in accordance with IAS/IFRS below the operating line item. However, the recognition is permitted by IAS/IFRS but how do we treat the pre-operating surplus in accordance with IAS/IFRS?

    For e.g.
    A business came into operating phase from june 2011, incurring pre-operating expenses of $20,000 and pre-operating interest income of $ 50,000 from the share capital invested by the shareholder which were kept in bank accounts.

    Now how can i treat it in accordance with IFRS/IAS? I searched in IFRS/IAS i couldnot find any solution, can you assist on it for me?

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