Liablities

Question 1

Disclose and accrue

Answer 1

Disclose means it goes in the foot notes accrue means you book it

Question 2

Loss contigencies

Answer 2

Disclose Accrue
Remote No No
Res.Possible Yes No
Propable(Likely)
Not Estimable Yes No
Estimable Yes Yes

Question 3

For gain contigencies

Answer 3

Even the last one is a no

Question 4

Subsequent event

Answer 4

A subsequent event is a the one which happens after the B/S date but before issuing the financial statements

Question 5

Trouble debt restructuring

Answer 5

Three values C.V, F.M.V B.V
If C.V vs FMV is less it is called troubled debt restructuring
FMV vs BV is disposal on gain or loss on asset
Because we got rid of extrodinary losses becos of IFRS

Question 6

Entry as far as debtors are concerened

Answer 6

N/P
Asset
Gain
Trouble debt restructuring

Question 7

GAAP VS IFRS

Answer 7

Under IFRS Contigencies are accrued provisions are Disclosed