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substantive procedures for settlement discount

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › substantive procedures for settlement discount

  • This topic has 3 replies, 2 voices, and was last updated 5 years ago by AvatarKim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • December 13, 2020 at 4:07 am #599763
    Avatarlakshmiratheesh
    Member
    • Topics: 2
    • Replies: 12
    • ☆

    **Could you please suggest a few substantive procedures for settlement discount ? **Are the substantives of discount and settlement discount the same?

    December 13, 2020 at 8:09 am #599775
    AvatarKim Smith
    Keymaster
    • Topics: 138
    • Replies: 8463
    • ☆☆☆☆☆

    You should know from FA/F3 that there are two types of discount – trade and settlement.
    The latter is conditional on prompt payment so to verify whether customers had the right to take the discount you would have to be comparing the date on which they paid with the specified payment terms.

    December 13, 2020 at 11:50 am #599802
    Avatarlakshmiratheesh
    Member
    • Topics: 2
    • Replies: 12
    • ☆

    Thank you !

    December 13, 2020 at 12:27 pm #599811
    AvatarKim Smith
    Keymaster
    • Topics: 138
    • Replies: 8463
    • ☆☆☆☆☆

    You’re welcome!

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Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘substantive procedures for settlement discount’ is closed to new replies.

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