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provision

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › provision

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • August 2, 2021 at 10:01 am #630103
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    sir provision should be recognised based on actual cost, as far as IAS 37 is considered. but sir if the actual cost is only aviable after the authorisation of FSs then what do we do? adjusting event or non-adjusting event?

    August 2, 2021 at 11:01 am #630110
    Stephen Widberg
    Keymaster
    • Topics: 12
    • Replies: 2839
    • ☆☆☆☆☆

    SFP will show an estimate.

    Difference between estimate and actual cost goes in next year’s P&L

    No point in using jargon such as adjusting etc as you will confuse yourself and the marker

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