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Substantive procedures on class of transaction – presentation

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › Substantive procedures on class of transaction – presentation

  • This topic has 5 replies, 3 voices, and was last updated 1 year ago by mrjonbain.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • October 10, 2021 at 3:08 am #637369
    sarahtan
    Member
    • Topics: 2
    • Replies: 6
    • ☆

    Was doing my revision from PBB,
    under revision kit 2020 155 Hawthorn Enterprises Co
    there is a statement stated “Conditional consideration should be recorded as contract assets”

    I thought conditional revenue excluded from revenue if being recorded in revenue, and it should be contract liabilities.
    DR. Contract liabilities
    CR. Revenue.

    is my understanding wrong?

    October 10, 2021 at 8:49 am #637373
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6790
    • ☆☆☆☆☆

    But to be presented as a liability, something must have a CREDIT balance. The DEBIT balance will be called contract ASSET. Even if there are contract liabilities, they cannot be offset unless there is a right to offset (general principle of IAS 1).

    Please use the Ask the AA Tutor forum to ensure prompt response – I answer posts there every day.

    October 10, 2021 at 11:34 am #637383
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1570
    • ☆☆☆☆☆

    Don’t have access to the question. The following link is to financial reporting resource but seems somewhat applicable to question you are asking about (IFRS15)

    https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/assets-liabilities.html

    Hope this is of some help.

    October 24, 2021 at 6:11 am #638950
    sarahtan
    Member
    • Topics: 2
    • Replies: 6
    • ☆

    Alright, finality I understand and got the point.
    Thank you do much!

    October 24, 2021 at 6:12 am #638951
    sarahtan
    Member
    • Topics: 2
    • Replies: 6
    • ☆

    Thank you so much.. really hopeful!

    October 24, 2021 at 7:00 am #638952
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1570
    • ☆☆☆☆☆

    You are welcome.

  • Author
    Posts
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