CONTRACT REVENUE CONTRACT COSTS RECOGNITION OF CONTRACT REVENUE AND EXPENSES RECOGNITION OF EXPECTED LOSSES CHANGES IN ESTIMATES DISCLOSURE EFFECTIVE DATE 1 3 7 11 16 22 36 38 39 46 FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW‚ SEE PART B OF THIS EDITION ILLUSTRATIVE EXAMPLES Disclosure of accounting policies The determination of contract revenue and expenses Contract disclosures A614 © IFRS Foundation IAS 11 International Accounting Standard 11 Construction Contracts (IAS 11) is set out
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reporting considerations Modified disclosures Clarifications on termination benefits 2 3 3 8 9 12 What you need to know • Revisions to IAS 19 Employee Benefits published by the IASB on 16 June 2011 result in significant changes in accounting for defined benefit pension plans. There are also a number of other changes‚ including modification to the timing of recognition for termination benefits‚ the classification of short-term employee benefits and disclosures of defined benefit plans. • The accounting
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Answers Professional Level – Options Module‚ Paper P7 (INT) Advanced Audit and Assurance (International) December 2012 Answers 1 (a) Briefing notes To: Audit Partner From: Audit Manager Regarding: Audit planning and ethical issues in respect of Grohl Co Introduction These briefing notes evaluate the business risks facing Grohl Co‚ and identify and explain four risks of material misstatement to be considered in planning the audit of the financial statements for the year ended 30 November
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ACCA Corporate Reporting Paper P2 (International) Practice & Revision Notes ARP213I ARP213I Contents Page Introduction How to use the Practice & Revision material 4 The examination paper and syllabus aims 5 Analysis of past papers 6 Skills bank 9 Knowledge bank 25 Appendices 93 ARP213I 3 INTRODUCTION Introduction How to use the Practice & Revision material Step 1 Learn Until now you have been introduced to the core skills needed
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for in the respective period when it is determined that the useful life should be changed. Note 4: Contingencies and Liabilities ABC Company is subject to claims and liabilities from time to time that are typically related to lawsuits. We follow GAAP standards for recognizing all contingent liabilities. The accrual and relevant notes relating to any and all contingent liabilities
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effective for fiscal years beginning on or after January 1 1998. The major changes contained in respect of IAS 12 (original) are as follows: 1. The original IAS 12 required the companies to account for deferred taxes using the deferral method or the liabilities‚ also known
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cost of sales Disclosure of contingent assets and liabilities side Pre-consolidation assumptions ok To be aligned with what required by German commercial law‚ all specific footnote‚ appendixes were added NOTE: The accounting evaluation and consolidation methodology previously applied to the Volkswagen Group in accordance to German Commercial Code have been amended 2. What differences between the accounting requirements in the HGB and IAS are highlighted in Volkswagen’s disclosure? Are the German
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Availability of a refund or reduction in future contributions 7 The effect of a minimum funding requirement on the economic benefit available as a reduction in future contributions 18 When a minimum funding requirement may give rise to a liability 23 EFFECTIVE DATE 27 TRANSITION 28 FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW‚ SEE PART B OF THIS EDITION APPROVAL BY THE BOARD OF PREPAYMENTS OF A MINIMUM FUNDING REQUIREMENT ISSUED IN NOVEMBER 2009 ILLUSTRATIVE EXAMPLES
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Abstract Today‚ the environment is changing rapidly and we are obviously heading towards a disaster. The responsibility for such changes comes on the shoulder of business community to a large extent. And it is customary that businesses are disturbing the smooth flow of environmental structure through their thoughtless operations. So‚ business community should have and practice its moral commitment towards the society by spending for tackling environment. Environmental accounting emerges as a tool
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Corporate Reporting Paper P2 (International) Course Notes ACP2CN07 (INT) P2 Corporate Reporting (International) Study Programme 1 2 3 4 5 6 Page Introduction to the paper and the course............................................................................................................... (ii) The financial reporting framework .............................................................................................................. 1.1 Professional and ethical duty of the accountant
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