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The views expressed in this presentation are those of the The views expressed in this presentation areor those of the presenter, not necessarily those of the IASB IFRS presenter, Foundation. not necessarily those of the IASB or IFRS Foundation.
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
a. Revenue from lease agreements? b. Changes in FV of financial assets and financial liabilities or their disposal? c. Change in FV of biological assets relating to agricultural activity? d. All of the above?
a. Revenue from lease agreements? b. Changes in FV of financial assets and financial liabilities or their disposal? c. Change in FV of biological assets relating to agricultural activity? d. All of the above
Question 2: Goods with list price of 1,000 sold to customer on normal credit terms. Customer pays 690 in full settlement. The 690 = 1,000 list, less 200 trade discount, less 100 volume rebate, less 10 prompt payment discount. Of the 690, 50 is sales tax to be remitted to government. How much revenue should be recognised? a. 640? b. 1,000? c. 700? d. 690?
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
a. 640? b. 1,000? c. 700? d. 690? 1,000 list price less 200 trade discount less 100 volume rebate less 10 prompt-settlement discount less 50 sales tax collected on behalf of the government = 640.
Question 3: Percentage of completion must be used to recognise revenue from: a. rendering of services and construction contracts? b. rendering of services only when the outcome can be estimated reliably? c. construction contracts only when the outcome can be estimated reliably? d. both b and c?
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Question 3: Percentage of completion must be used to recognise revenue from: a. rendering of services and construction contracts? b. rendering of services only when the outcome can be estimated reliably? c. construction contracts only when the outcome can be estimated reliably? d. both b and c?
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Question 4: Car dealer sales promotionfree servicing and 2-years zero interest credit. Recognise revenue separately for: a. entirely sale of goods? b. sale of goods and rendering of maintenance services? c. sale of goods, rendering of services, and a financing element (interest) related to the deferred payment?
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Question 4: Car dealer sales promotion free servicing and 2-years zero interest credit. Recognise revenue separately for: a. entirely sale of goods? b. sale of goods and rendering of maintenance services? c. sale of goods, rendering of services, and a financing element (interest) related to the deferred payment?
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Question 5: A sells goods to B for 950 on 1/1/20X1, and incurs selling cost of 20 at the same time. B negotiates one year interest-free credit (payment due 31/12/20X1). If B had borrowed to pay up front, interest rate = 10%. How much revenue from sale of goods does A recognise at 1/1/20X1? a. 950? b. 863? c. 970 d. 930?
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Question 5: How much revenue from sale of goods does A recognise at 1/1/20X1?
a. 950? b. 863? c. 970 d. 930? A financing transaction is included. Calculation: 950 1.10 = 863. 23.5
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Question 6: Fixed price construction contract 1,000,000. Contractor incurs costs of 10,000, 890,000, and 200,000 in Years 1, 2, 3. At end of Year 1 outcome cannot be estimated reliably, but 10,000 costs are recoverable. At end of Year 2, can make a reliable estimate of 200,000 future costs to complete. How much revenue and cost should contractor recognise in Year 2? See next slide...
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Revenue = 900,000 costs for work performed 1,100,000 total expected costs = 81.82% completion x 1,000,000 price = 818,182 contract revenue recognised to end of Year 2. 818,182 less 10,000 revenue recognised in Year 1 (limited to recoverable costs) = 808,182 recognised in Year 2.
continued...
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a. assistance from the government in the form of a transfer of resources to an entity in return for past or future compliance with specified conditions relating to the operating activities of the entity. b. unconditional assistance from the government in the form of a transfer of resources to an entity. c. any type of assistance from the government to the entity from which the entity has benefited directly.
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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a. assistance from the government in the form of a transfer of resources to an entity in return for past or future compliance with specified conditions relating to the operating activities of the entity. b. unconditional assistance from the government in the form of a transfer of resources to an entity. c. any type of assistance from the government to the entity from which the entity has benefited directly.
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Question 8: Government grants exclude which of the following forms of government assistance? a. those forms of government assistance that cannot reasonably have a value placed upon them. b. transactions with government that cannot be distinguished from the normal trading transactions of the entity. c. both (a) and (b).
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Question 8: Government grants exclude which of the following forms of government assistance? a. those forms of government assistance that cannot reasonably have a value placed upon them. b. transactions with government that cannot be distinguished from the normal trading transactions of the entity. c. both (a) and (b).
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Question 10: The numerator used in the calculation of basic earnings per share is the: a. profit or loss attributable to all holders of all shares issued by the parent entity b. profit or loss attributable to all holders of ordinary shares issued by the parent entity c. profit or loss attributable to all holders of ordinary shares issued by the parent entity and its subsidiaries
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Question 10: The numerator used in the calculation of basic earnings per share is the: a. profit or loss attributable to all holders of all shares issued by the parent entity b. profit or loss attributable to all holders of ordinary shares issued by the parent entity c. profit or loss attributable to all holders of ordinary shares issued by the parent entity and its subsidiaries
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Question 11: A potential ordinary share shall be treated as dilutive when conversion to ordinary shares would:
a. decrease earnings per share from continuing operations b. increase loss per share from continuing operations c. both a. and b.
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Question 11: A potential ordinary share shall be treated as dilutive when conversion to ordinary shares would:
a. decrease earnings per share from continuing operations b. increase loss per share from continuing operations c. both a. and b.
Questions or comments?
Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation.
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The requirements are set out in International Financial Reporting Standards (IFRSs), as issued by the IASB at 1 January 2012 with an effective date after 1 January 2012 but not the IFRSs they will replace. The IFRS Foundation, the authors, the presenters and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this PowerPoint presentation, whether such loss is caused by negligence or otherwise.