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Triangle, a public listed company, is in the process of preparing its draft financial statements for the year to 31 March 2018. On 1 April 2017, Triangle sold maturing inventory that had a carrying va...
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The main activity of J&T Ltd is to buy old vehicles, which are sold after converting them into a saleable condition. At 28 February 2018, the end of the companyâs financial year,...
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The International Accounting Standards Board (IASB) develops international standards by means of a "due process". The main stages of this process are listed in the Preface to International Financial R...
See AnswerQ: Assuming that today's date is 1 January 2018, calculate the present
Assuming that today's date is 1 January 2018, calculate the present value of each of the following: (a) £50,000 to be received on 1 January 2021 (b) £100,000 to be received on 1 January 2023 (c) £10,0...
See AnswerQ: The main role of the International Accounting Standards Board (IASB)
The main role of the International Accounting Standards Board (IASB) is to devise and publish International Financial Reporting Standards (IFRS Standards) and revised versions of International Account...
See AnswerQ: There are two international standards which deal with goodwill. IAS38 does
There are two international standards which deal with goodwill. IAS38 does not allow internally generated goodwill to be recognised as an asset. Goodwill acquired in a business combination is dealt wi...
See AnswerQ: IFRS16 Leases replaces IAS17 Leases for accounting periods beginning on or after
IFRS16 Leases replaces IAS17 Leases for accounting periods beginning on or after 1 January 2019. The main aim of the new standard is to improve lessee accounting so that a lessee's financial statement...
See AnswerQ: IFRS1 First-time Adoption of International Financial Reporting Standards lays down
IFRS1 First-time Adoption of International Financial Reporting Standards lays down the procedure which must be followed when an entity prepares its first financial statements that comply with IFRS Sta...
See AnswerQ: During the year to 31 December 2017, Tinderlake Ltd attempted to
During the year to 31 December 2017, Tinderlake Ltd attempted to stimulate sales and increase its profits by reducing selling prices, holding larger inventories and giving customers longer credit. All...
See AnswerQ: Related party relationships are a common feature of commercial life. The
Related party relationships are a common feature of commercial life. The objective of IAS24 Related Party Disclosures is to ensure that financial statements contain the necessary disclosures to make u...
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