Ias 2 inventories Study guides, Study notes & Summaries

QUESTION 1 (45 marks) (81 minutes) The following are extracts from the trial balances of the entities in the Faf Ltd Group for the year ended 31 December 2021: Faf Ltd Imran Ltd Jonty Ltd Dr/(Cr) Dr/(Cr) Dr/(Cr) R R R Property, plant and equipment at cost price ......... 884 209 378 668 290 000 Investments in equity instruments: - Imran Ltd at cost price ....................................... 153 000 - - - Jonty Ltd at cost price ....................................... 60 000 - - ...

FinAcc notes for the 1st and 2nd term, including examples and explanations on the following sections: PERVASIVE STANDARDS CONCEPTUAL FRAMEWORK IAS 1- PRESENTATION OF FINANCIAL STATEMENTS IAS 7 - STATEMENT OF CASH FLOWS IAS 10 - EVENTS AFTER THE REPORTING DATE IAS 12 - INCOME TAXES IAS 8 & IAS 37 - CHANGE IN ESTIMATES W.R.T PROVISIONS IFRS 15 - REVENUE FROM CONTRACTS WITH CUSTOMERS IAS 16 - PROPERTY, PLANT & EQUIPMENT IAS 36 - IMPAIRMENT OF ASSETS IAS 38 - INTANGIBLE ASSETS IAS 2- INVE...

ACCNTG 101 Financial Accounting and Reporting Exam 1. Which of the following items that are recorded at the acquiree’s books at acquisition date cannot be recorded at the acquirer’s book? A. Co ntingent Liability B. Goodwill C. Premium on Bonds Payable D. Marketable Securities 2. Which of the following statements is false? I. In a business combination in contract alone, the acquirer shall remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and rec...

FAC2601 EXAM PACK 2022 FAC2601 - Financial Accounting And Reporting The following information regarding share capital in the accounting records of Mbaso Ltd was obtained on 28 February 2021: R Ordinary share capital at date of incorporation................................................................... 5 000 000 Proceeds on 800 000 ordinary shares issued – 31 August 2020 ....................................... 1 200 000 20 000 10% Cumulative preference shares ..........................

This document is a compilation of the lecture notes and textbook notes relevant for second year business accounting at the University of Pretoria. The document aims to better explain the topic by making use of examples as well as highlighting the key principles underlined in the accounting standard.

This is a comprehensive summary on IFRS 16 (leases) & IAS 2 (inventories) as summarised by a cum laude student. Perfect for Bcomm Accounting Students in 2nd year FRK201.

ASSETS AND LIABILITIES Introduction Property, plant and equipment are tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one period. Recognition of Property, Plant and Equipment IAS 16 states that the cost of an item of property, plant and equipment shall be recognized as an asset if, and only if:  it is probable that future economic benefits associate...