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

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for September 2025 exams.
Get your discount code >>

Statement of Financial Position

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Statement of Financial Position

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • February 5, 2024 at 2:29 pm #699786
    John1998m
    Participant
    • Topics: 73
    • Replies: 40
    • ☆☆

    1. Is it true that all the balances of assets, liabilities and equity in SOFP are actually book values?

    2. Is it true that ALL assets in SOFP are recorded at their carrying values while ALL the liabilities and equity are recorded at their respective book values?

    3. Is it also true that the real value of assets and liabilities are whatever their fair values are in the market?

    4. Whilst the true value of equity is determined by their market values?

    5. The market value of equity items will determine the actual worth of the business in the market, is that correct?

    Thank You!

    February 6, 2024 at 7:10 am #699819
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    1. Yes – they are values recorded in the books of account and are therefore called book values.

    2. The book values are the carrying values – it means the same thing.

    3. Yes

    4. Yes

    5. Yes

    Which ACCA exam are you actually studying for? You have posted questions about many different ACCA exams in the past.

    February 7, 2024 at 12:33 am #699859
    John1998m
    Participant
    • Topics: 73
    • Replies: 40
    • ☆☆

    Thanks for that. I am studying F7 currently but whenever i get any problem i ask you guys in respective forum!

    1. Little clarification needed. When you say that the true value of an asset or a liability is actually their fair values then in the case of the assets the value of assets is increased or decreased based on its condition at the time of sale but how that works with a liability?

    2. When the fair value of the assets increase then we record this gain in the statement of other comprehensive income but when do we record the revaluation surplus in the SOFP?

    3. Is there a difference between fair values and market values?

    4. Is it true that in case of liquidation we calculate the fair values of total assets and total liabilities respectively which refers to the price of asset agreed between buyer and seller?

    5. But the equity worth is determined by its market values (not fair value) which refers to the price of equity items of a business de by the stock exchange?

    6. Do we study in any ACCA paper about the factors that decide the market value of a business based on the balance of its total equity items?

    Thanks again ?

    February 7, 2024 at 9:38 am #699894
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    You need to ask these questions in the Paper FR forum as they are not really relevant to the Paper FA exam.

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Statement of Financial Position’ is closed to new replies.

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • RashidMh on MA Chapter 1 Questions Accounting for Management
  • John Moffat on Relevant Cash Flows for DCF Relevant Costs (example 1) – ACCA Financial Management (FM)
  • John Moffat on Accounting for Management – ACCA Management Accounting (MA)
  • Hsaini on Accounting for Management – ACCA Management Accounting (MA)
  • kennedyavege@2023 on Relevant Cash Flows for DCF Relevant Costs (example 1) – ACCA Financial Management (FM)

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in