Lower of or higher of

Question 1

IFRS 16?

Answer 1

Lower of lease term and useful life

Question 2

IAS 36?

Answer 2

Greater of FVLCTS & VIU

Question 3

IFRS 5?

Answer 3

Lower of carrying amount and FV - costs of disposal

Question 4

IAS 2?

Answer 4

Lower of original cost & NRV

Question 5

Restructuring provision excluded from IFRS 5 discontinued?

Answer 5

Yes

Question 6

Restructuring provision in IFRS 3?

Answer 6

Generally excluded unless already underway

Question 7

Project completion?

Answer 7

Not relevant in recognising an intangible asset

Question 8

Acquired exclusively with the intention to resell it in IFRS 3

Answer 8

Excluded from consolidation

Question 9

Future operating losses?

Answer 9

No provision

Question 10

Provision for onerous contract?

Answer 10

Yes

Question 11

Replacement cost?

Answer 11

Added to provision

Question 12

IFRS 5 criteria?

Answer 12

Disposal of a component of an entity

A subsidiary acquired with the intent to resell

Question 13

What costs are included in valuing inventories in a manufacturing company?

Answer 13

Carriage inward
Depreciaiton

Question 14

Dargent Co despatched goods to Latree Co with a selling price of $700,000. These were not received by Latree Co until after the year end

Answer 14

Debit Inventory GIT 700

Question 15

Provision re mine in consolidation

Answer 15

Credit revenue

Question 16

When control not transferred in repurchase?

Answer 16

Is a financing arrangement as exercise price > selling price

Question 17

Repurchase price treatment in revenue?

Answer 17

credit revenue

Question 18

Repurchase price > market value

Answer 18

Sale price - repurchase price

Accounted for as an operating lease

Question 19

What are bill and hold arrangements all about?

Answer 19

About how customer obtains control of the product

Question 20

Example of output method?

Answer 20

Survey of performance completed

Question 21

Repurchase < selling price?

Answer 21

Is treated as an operating lease

Question 22

Consingement inventory?

Answer 22

Nothing recognised

Question 23

Is deposit recognised in signiifcant financing component?

Answer 23

Yes when control passes

Question 24

When is revenue recognised?

Answer 24

When control passes

Question 25

Bill and hold (identify)

Answer 25

Goods separately identified and ready for despatch

Question 26

WHEN IS FUCKING REVENUE RECOGNISED

Answer 26

WHEN CONTROL IS TRANSFERRED

Question 27

If third party fucks off (e.g. no control) in a consignment arrangement?

Answer 27

Nothing is recognised

Question 28

Deferred tax liability another name?

Answer 28

taxable temporary differences

Question 29

Deferred tax asset another name?

Answer 29

deductible temporary differences

Question 30

Determination of proceeds of plant before year end (adjusting or non-adjusting)

Answer 30

Adjusting

Question 31

Warranty provision inclusion in financial statements?

Answer 31

Warranty provision due to a change in estimate

Question 32

Significant influence?

Answer 32

Influence between 20% and 50%

Question 33

When another company holds 60% of a 30%

Answer 33

The 30% is no longer recognised as an associate

Question 34

Costs to sell relevant in IAS 40?

Answer 34

No

Question 35

Basic earnings for P&L adjusted for?

Answer 35

Preference dividends
NCI

Question 36

Intangible asset acquired in a business combination?

Answer 36

Fair value at the date of acquisition

Question 37

Development expenditure?

Answer 37

Expense when incurred if it does not satisfy the asset recognition criteria

Question 38

Legal, training and advertising costs?

Answer 38

Not recognised in intangible asset

Question 39

Lease liability PV calculation relevant costs?

Answer 39

Penalties
PV
Variable
Fixed - incentives

Question 40

When calculating lease liability?

Answer 40

Always discount to PV

Question 41

ROU asset initial cost?

Answer 41

Initial amount + deposit - incentives + direct costs + estimated costs to dismantle