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Read e-book online ACCA - P2 Corporate Reporting PDF

By BPP Learning Media

ISBN-10: 1445396548

ISBN-13: 9781445396545

That includes examiner-reviewed examine Texts and perform & Revision Kits, this name contains interactive examine instruments that supply you with the fabric you would like for examination good fortune.

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Example text

In addition: The revenue from the sale of the caravan will be recognised. 12 = $9,917. $15,000 is receivable on 1 August 20X7. The service plan is not really 'free' – nothing is. It is merely a deduction from the cost of the caravan. The $1,500 must be recognised separately. It is deferred income and will be recognised over the three year period. The sales revenue recognised in respect of the caravan will be a balancing figure. The journal entries are as follows: DEBIT Deferred income $3,000 DEBIT DEBIT Cash (1st instalment) Receivable (balance discounted) CREDIT Deferred income (service plan monies received in advance) $1,500 CREDIT Sales (balancing figure) $26,417 $15,000 $9,917 BPP Note.

There is a balance between timeliness and the provision of reliable information. If information is reported on a timely basis when not all aspects of the transaction are known, it may not be complete or free from error. Conversely, if every detail of a transaction is known, it may be too late to publish the information because it has become irrelevant. The overriding consideration is how best to satisfy the economic decision-making needs of the users. Understandability Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information diligently.

It presents the IASB's consideration of issues in the development of a reporting entity concept for inclusion in the Conceptual Framework for Financial Reporting. There are four sections. 1 The reporting entity concept This deals with general issues relating to the reporting entity concept. For example, it considers whether a precise definition of a reporting entity is necessary and whether a reporting entity must be a legal entity. The Board's conclusion at this stage is that the conceptual framework should broadly describe rather than precisely define a reporting entity as a circumscribed area of business activity of interest to present and potential equity investors, lenders and other creditors who cannot directly obtain the information they need in making decisions about providing resources to the entity and in assessing whether management and the governing board of the entity have made efficient and effective use of the resources provided.

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