Gripping GAAP Notes

Latest exam pack questions and answers, perfect for exam preparation

Latest exam pack questions and answers, perfect for exam preparation

This document contains the solution to FAC374 assessment 9 due 10 October 2023, using this document as guideline will ensure that you get 90% plus.

Notes and summaries for Financial Accounting 3 - FAC3764 Learning Unit 1- 11

A summary of different types of taxes, current income tax (calculation, taxable vs accounting profits, temporary and permanent differences, provisional tax payments, presentation and disclosure) and deferred tax (definitions, measurement on the income statement method and the balance sheet method, calculation of the tax base of an asset and a liability, creating deferred tax assets and liabilities and presentation of deferred tax)

A summary of the important definitions in IAS 16, the initial and subsequent measurement of property, plant and equipment on the cost model and the revaluation model, the elements of cost, methods of depreciation, impairment, derecognition, presentation and disclosure of PPE and how to account for changes in the fair value of PPE.

A summary of the types of liabilities, recognition criteria, measurement and disclosure of contingent assets and liabilities according to IAS 37 and how to treat events after reporting date according to IAS 10

A summary of the objective, purpose and general features of financial statements as well as a summary of the contents of the statement of financial position and the statement of other comprehensive income (the nature and function methods)

A summary of the important definitions in IAS 36, the impairment test and indicator review, recoverable amount and disclosure. Includes an example with journal entries of different scenarios that can occur when an asset is impaired.

A summary of the definition, categories, measurement, systems, and net realisable value of inventory as well as the manufacturing cost and application rates and extended credit terms.

This document contains the solution to FAC374 assessment 9 due 10 October 2023, using this document as guideline will ensure that you get 90% plus.

Notes and summaries for Financial Accounting 3 - FAC3764 Learning Unit 1- 11

A summary of the important definitions in IAS 16, the initial and subsequent measurement of property, plant and equipment on the cost model and the revaluation model, the elements of cost, methods of depreciation, impairment, derecognition, presentation and disclosure of PPE and how to account for changes in the fair value of PPE.

A summary of important definitions, lease payments, discount rates, recognition, initial and subsequent measurement of leases from respectively the lessee's and the lessors point of view.

A summary of the definition, recognition, initial and subsequent measurement, the rebuttable presumption and disclosure of investment property as well as how to account for transfers to and from the cost model and the fair value model.

A summary of the conceptual framework for financial reporting. Includes the objective, the fundamental qualitative and enhancing qualitative characteristics, the elements, recognition, presentation, disclosure and the going concern assumption. The document consists of an in depth summary as well as a shorter summary of this chapter.

A summary of the disclosure standard IAS 8; accounting policies and how to disclose a change in accounting policy, how to disclose changes in accounting estimates and calculate the effect thereof in prior and current financial years and how to correct different types of errors and disclose them

A summary of the objective, purpose and general features of financial statements as well as a summary of the contents of the statement of financial position and the statement of other comprehensive income (the nature and function methods)

A summary of different types of taxes, current income tax (calculation, taxable vs accounting profits, temporary and permanent differences, provisional tax payments, presentation and disclosure) and deferred tax (definitions, measurement on the income statement method and the balance sheet method, calculation of the tax base of an asset and a liability, creating deferred tax assets and liabilities and presentation of deferred tax)