Dear all, I have 2 questions following:
1 In Associate lesson, when has unrealized profit from downstream and upstream transaction, BPP treated that:
If downstream:
Dr Share of profit on Associate
Cr Investment
If upstream:
Dr Share of profit on Associate
Cr Inventory
However, in Answer Question 1 June 2014, when downstream, ACCA recognised Dr Cogs???
2 Lease Standard applies Ifrs 16 from 2019. So in 2019 exam, we also apply Ifrs 16, or still Ias 17??
Please help me. Tks you all in advance :)
ACCA Forums
FRQuestion in Associate and Lease
For unrealised profit, the entries mentioned are correct. I can't comment on the treatment in that particular question without looking at the scenario.
It'd be easier if you could post the question here.
For Leases, IFRS 16 will be tested in 2019 and onward exam sittings.
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