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Sir,I have some concern about the examiner answer for PYQ DEC 2018 Q2
part(a)
1.Why the rental receipt will be included in the PnL and not offset the CA of the lease receivable which we always do?is it treatment correct or acceptable?2“the uncertainties surrounding their ability to continue to trade would need to be disclosed”
What IFRS/IAS is required for this disclosure?IFRS 1?par(b)
1.The refundable deposit is recognised with the remainder paid by the customer at a point of time(when the asset is completed constructed);recognise as deferred income now?part(c)
1.why its related to money laudering?(anti money laundering regulations)Thank you.
a
1. It says in the answer that by crediting P&L, they have made an error
2. IAS 1- remember that standard numbers are not given credit in the exam.
b.
1. Yes – usually known as contract liability now
2. Depends on local legislation – if it is illegal locally then it might be money laundering – I would never have mentioned thisIn future, please post each question separately with a full title so that other students can find it in ‘search’.
Thanks
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