Day: April 1, 2021

Property, plant and equipment     IAS 16 Property, plant and equipment: Initial recognition   Definition   IAS 16 defines property, plant and equipment as tangible items that:   ‘are held for use in the production or supply of goods Read More …

1 Revenue from contracts with customers (IFRS 15)   Revenue is income arising in the course of an entity’s ordinary activities.   ‘Ordinary activities’ means normal trading or operating activities.   ‘Revenue’ presented in the statement of profit or loss Read More …

IAS 1 Presentation of Financial Statements   Components of financial statements   According to IAS 1 Presentation of Financial Statements, a complete set of financial statements has the following components:   a statement of financial position   a statement of Read More …

Introduction Accounting and ethics   A number of user groups rely on the financial statements to make economic decisions. It is important that these users are not misled.   However, the ethical beliefs of individual accountants may be too simplistic Read More …

Conceptual Framework for Financial Reporting   Introduction: the need for a conceptual framework   A conceptual framework is a set of theoretical principles and concepts that underlie the preparation and presentation of financial statements.   If no conceptual framework existed, Read More …

Frameworks The professional and ethical duty of the accountant Performance reporting and performance appraisal Revenue Non-current assets, agriculture and inventories Foreign currency in individual financial statements Leases Employee benefits Share-based payment Events after the reporting period, provisions and contingencies Financial Read More …

            A …………………………………. company has a separate legal personality from its owners (shareholders). Which word correctly completes this sentence? Private                         Limited Public                                                                                          (1 mark)   2   ……………. comprise all those individuals or groups who have a Read More …

Introduction Accounting and ethics   A number of user groups rely on the financial statements to make economic decisions. It is important that these users are not misled.   However, the ethical beliefs of individual accountants may be too simplistic Read More …

18 Personal effectiveness and communication This chapter draws together a number of topics that relate to the way that people do their jobs. Section 1 covers time management, a very necessary skill for all busy people. Good time management depends Read More …

11 Leading and managing people  In this chapter, we attempt to get an overview of the manager’s task (Section 1). What is management? How should people be managed? What do managers actually do to manage resources, activities and projects? Section Read More …