• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

New! Lectures for ACCA AAA September 2022 Exams are now available >>

New! BPP Books for ACCA September 2022 Exams are now available, get your discount code >>

Sales return relates to previous year

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Sales return relates to previous year

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • June 16, 2021 at 6:48 am #625385
    trainee1
    • Topics: 56
    • Replies: 30
    • ☆☆

    Dear Tutor,
    Hope you are fine.

    Could you please explain how we should treat with the sales return which relates to the previous year sales?

    Should we reduce the sales of the current year or it is a prior year adjustment?

    Also according to IAS 10, is it important if the sales return occurs before finalizing the financial statements? I mean can it be an adjusting event at all?

    Thanks

    June 16, 2021 at 10:50 am #625423
    Stephen Widberg
    Moderator
    • Topics: 10
    • Replies: 2531
    • ☆☆☆☆☆

    Sales return before accounts finalised:

    Definitely adjusting.

    Sales return after accounts finalised:

    Adjust in year of return (immaterial error) or prior year adjustment (material error).

    Either way it’s an error because the business should accurately estimate returns before they sign off.

    In the exam, don’t worry about IFRS numbers – you are advising directors , so they may be confused, especially if you use the wrong number!

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate

If you have benefited from OpenTuition please donate.

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • John Moffat on Discounted Cash Flow Further Aspects, Lease versus Buy – ACCA Financial Management (FM)
  • ben920331 on Discounted Cash Flow Further Aspects, Lease versus Buy – ACCA Financial Management (FM)
  • John Moffat on The Statement of Financial Position and Income Statement (part d)
  • Viktoriia.Yanchuk on The Statement of Financial Position and Income Statement (part d)
  • John Moffat on The management of receivables – Simple settlement discount – ACCA Financial Management (FM)

Copyright © 2022 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy