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  • Statement of Financial Position Revisited: Drafting Financial Statements (Accounting Practice, Industry and Commerce)

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    Week 7 - Unit 11, Comprehensive income format and disclosure, depreciation - PPE

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    Week 7

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    Week 7 - Unit 11, Comprehensive income format and disclosure, depreciation - PPE

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    29 views11 pages

    Statement of Financial Position Revisited: Drafting Financial Statements (Accounting Practice, Industry and Commerce)

    Uploaded by

    soundslikekiwi
    Week 7 - Unit 11, Comprehensive income format and disclosure, depreciation - PPE

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 11

    Drafting Financial Statements (Accounting Practice,

    Industry and Commerce)

     Statement of
    Financial position
    revisited

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)
     Profit from continuing operations/discontinued
    operations

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting
    Practice, Industry and Commerce)

     Asset = control, future economic


    benefit from historic events
     Liability = present obligation,
    outflow/transfer of economic benefit
     Equity = residual interest in the
    assets of the entity deducting all its
    liabilities

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)

     Financial
    performance is
    replaced by
    comprehensive
    income statement

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)

     PPE is measured using COST model (less accumulated


    depreciation)

     FAIR value (arms length basis)


     Recent prices on less active markets with adjustments to
    reflect changes in economic conditions, and discounted cash
    flow projections based on reliable estimates of future cash
    flows

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)

     Revaluation changes = IAS 16 and IAS 38

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)

    Unit 11, Week 7 Iwi Ugiagbe-Green


    Drafting Financial Statements (Accounting Practice,
    Industry and Commerce)

     http://www.accountancystudents.co.uk/pr

     Look at this article for tips about what


    could come up in the exam – note
    students FAIL DFS because of the
    discursive questions!!!!

    Unit 11, Week 7 Iwi Ugiagbe-Green

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