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Provisions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Provisions

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by P2-D2.
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  • February 16, 2020 at 2:44 pm #562012
    k2mccabe
    Participant
    • Topics: 4
    • Replies: 4
    • ☆

    In one of the practice questions in BPP it asks to report the total provision to be shown in the SFP. They have included the provision for restoration of seabed and for dismantling of equipment, they have also added the unwinding of the discount. I thought this was a finance cost to be shown on SPL. Can you please clarify? Cheers

    February 17, 2020 at 8:11 pm #562163
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7205
    • ☆☆☆☆☆

    Hi,

    The entry for the unwinding of the discount is to DR Finance costs CR Provision. The amount of the provision therefore increases by the amount of the unwinding.

    Thanks

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