Thanks guys! I cant wait for this to be done. I saved my IFRS review for this morning so it would be fresh in my mind so I'm going through that right now. I think that if I just slow down and can actually think clearly, I'll do okay. My biggest issue seems to be not reading the question the whole way through and not looking at dates….so, If I can do both of those things, then I think I might be okay.
when you're asked for the amount of the leased asset, the answer is the carrying value less depreciation and if they ask you for the amount of lease obligation, the answer is carrying value less payments…right?
I am confused over the impairment loss under IFRS…i had thought before that only the amount which was impaired can be subsequently reversed, in one question they have recovered the whole amount adjusting the previous loss in I/S and the rest extra amount in OCI as GAIN.
why am i getting confused over this, ?
FAR : 68, 74, 83 Thank you God π
BEC : 78 (8/27) π
REG : 72 ,80 (2/25) π
AUD : 69,67, 07/23
Fact Pattern: Partnership A advances $1 million to Corporation B to perform research and development. The terms of the agreement specify that B must repay the funds upon successful completion of the project.
Question: 4 Corporation B accounts for the $1 million as
If the entity is obligated to repay any of the funds advanced by the other party regardless of the outcome of the project, it recognizes a liability. If repayment depends solely on the results of the R&D having future economic benefit, the entity accounts for its obligation as a contract to perform R&D for others. Given that B must repay only on successful completion of the project, the advance should be recorded as deferred contract revenue.
Just did 90 MCQ's and got 87%. I made 2 or 3 RTMFQ errors. Now on to final, final review, which really needs to focus on bonds, pensions, and NFP. I will give you my feed back on Sunday evening.
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