8.4 Statement Presentation of Receivables Flashcards
where are short term receivables reported on SOFP
CURRENT ASSETS SECTION,
follow cash and trading investments
how should trade receivables be reported nad where
on the SOFP, separate from recievables from related parties/other receivables
-report at carrying amount
-gross amt of receivable and allowance for expected credit losses must be reported
how should receivables due in >1 year be reported on sofp
in the nca section, and if there is a significant risk of estimation uncertainty related losses, this should be discussed in notes to the financial statements
allowance for doubtful accounts rather is the same as allowance for expected credit losses.
slay
what are accounts u may see on soi?
sales (and any related cogs), service rev, credit losses (in operating section)
interest income (Reported separately in non operating secition as other income and expenses)