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Virtually certain or probable

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Virtually certain or probable

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by Stephen Widberg.
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  • November 15, 2022 at 1:15 pm #671499
    phuongmore
    Participant
    • Topics: 131
    • Replies: 128
    • ☆☆☆

    Dear sir,

    Regarding to insurance proceed in Q4.c.iv of MJ21 :

    “It is unclear which events and costs are covered by insurance policies and significant uncertainty exists as to whether any compensation will be paid. Before the FS were approved, it was probable that the insurance claim for the loss of NCA would be paid…”

    I watched the debrief on this question and did not understand that why Loss of NCV is virtually certain and should be recognised. It should be disclosed only because the wording “probable” is clear in the question.

    Thanks

    November 15, 2022 at 4:39 pm #671518
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3431
    • ☆☆☆☆☆

    Judgement call.

    Asset – recognise only if VC
    Liability – recognise if probable

    SBR is not about agreeing with the model answer – as long as you argue logically.

    🙂

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