Disclosure of notes Flashcards
1
Q
disclosed in notes under intangible assets
A
Accumulated amortisation
movement of net carrying amount of nca
using cost model
useful life of assets
2
Q
Land & building
A
only building is written off over its expected useful life
land value will increase by time
3
Q
inventory
A
valued at lower cost & nrv for each item
4
Q
non adjusting events
A
car not ignored when preparing the annual financial statements
5
Q
disclosure requirements
A
consist of both monetary & narrative
6
Q
disclosure of notes
A
either estimated useful life or depreciation rates
cannot both be disclosed
7
Q
when making a disclosure
A
nature of obligation
expected payment timing
affects to the amount to be paid
8
Q
how intagible assets are disclosed
A
cost/valuation - amortisation - impairment = carrying amount
