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Hello,
How does an answer like this reflect changes in current IAS?:
“Review new lease agreements to ensure properly classified as finance lease or an operating lease”.
When considering certain assertions in respect of relevant IAS/IFRS, (e.g, rights and obligations for non current assets), what should happen when the IAS has been superseded?
Leases presentation has now changed to something called a “right of use asset”. This is reflected in your current FR open tuition note. Before, it used to be finance lease and operating lease.Is there any major recent changes I should be aware of?
Financial statement assertions are generic – see Chapter 16. Some assertions will be assessed against relevant IFRSs (e.g. valuation, classification and presentation).
There are no changes in IFRS relevant to AA as only the IFRSs examinable in Financial Accounting (FA/F3) are examinable.
Thank you. So, if I was to use that answer as a substantive procedure, there wouldn’t be a problem?
This answer:
Review new lease agreements to ensure properly classified as finance lease or an operating lease”.
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