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ACCA FA & FR, 2 Tangible non-current assets IAS 16, IAS 36 Impairment…

- - - - Receipt
        
        Sale of Assets
        
        Received cash
        
        Cash sale
        
        Cash from credit customers
        
        Cash for return of goods
      - Payments
        
        Payment to credit supplier
        
        Return paid in cash
        
        Cash purchase
        
        Expenses
    - - Credut purchase/sale of non-current assets
      - Depreciation
      - Debt writ off
      - Accruals and Prepayments
      - Correcting errors
  - - - Omission: Not included
      - Commission: Included but wrong area
      - Principle: included to right area but wrong category
      - Compensating: Error canceling each other out
      - Original Entry: wrong amount
      - Reversal of entries: Debited when should be Credit vice versa
  - - - Income earned and Expenses incurred ledger accounts showing impact FY.
      - Revenu - Cost of sales = Gross profit
      - Gross profit - Distribution costs - Admin cost = Proffit from operations
      - Proffit from operations + Investment income - finance costs = Profit before tax
      - Profit before tax - Tax expenses = Net Profit
      - Statement of profit and loss and other comprehensive income
        
        Gain/loss on property revaluation in the year
        
        Net profit +/- Gain/loss on property revaluation in the year = Total comprehensive income for the year
      - Separate disclosure on a separate line
        
        Restructuring or reorganization of the company
        
        Profit or losses disposal of PPE or investment
        
        Impairments of Inventory, PPE
    - - Assets, Liability and Equity accounts showing own or owe FY. Used starting figures for next FY.
      - Non-Current Assets
        
        PPE
        
        Investments
        
        Intangibles
      - Current Assets: Trading, Realized 12mth, Cash ie 30day
        
        Inventories
        
        Trade and Other Receivables
        
        Prepayments
        
        Cash
      - Equity
        
        Ordinary Share capital
        
        Irredeemable preference share capital
        
        Share premium
        
        Revaluation surplus
        
        Retained earnings
      - Non-current Liabilities
        
        Loan notes
      - Current Liabilites
        
        Trade and other payables
        
        Overdrafts
        
        Tax payable
    - - Share Capital
      - Share premium
      - Reserves
        
        Revaluation Surplus PPE
        
        Retained earnings Not year paid to shareholders
    - - Explain the accounting polices used to prepare the accounts
      - Explain movements
      - Shows calcualations
      - Detail/explanation for users
    - - Adjusting Events: Condition present at YE ie customer bankrupt
      - Non-Adjusting Events: Do not reflect condition present at YE no adjustment just info for shareholders Disclose if material
    - - Large income and expenses
      - Disclose in notes
      - Might need to show on separate line PL
- - - - Asset kept new value
      - Zero accu depre
      - Increase added to Other Comp Inc
    - - Dr Non-Current Asset cost/valuation (revaluation amount - costs)
      - Dr Accum Depre
      - Cr Other Comp Income (Revaluation surplus)