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Revenue expenditure

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Revenue expenditure

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • February 2, 2018 at 2:03 am #434546
    madni141
    Member
    • Topics: 27
    • Replies: 16
    • ☆

    Revenue expenditure(e.g: inventory) is written as a current asset on SOFP if it carries over to the next period.My question is that as the current asset (inventory) now has a life of more than one accounting period why it is not considered a non-current asset in SOFP?

    February 2, 2018 at 8:18 am #434618
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    Revenue expenditure appears on the SOPL and not on the SOFP!

    Inventory is not revenue expenditure – purchases are revenue expenditure, inventory is an asset.

    Inventory is not expected to be held for more than a year – that would be ridiculous, they will be expecting to sell it soon. It is always a current asset.

    Have you watched my free lectures? The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.

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