ACCA Past Questions and Answers: Past exams are made available so that you can view and become familiar with the styles of question that you may face in an exam. (i) is the only correct elimination required by IFRS. telecomunication revenue; 1 answer. What exactly are “repurchase agreements” and what is their impact on accounting for revenue under IFRS 15? IFRS is Easy brings to you free ICAN and ACCA Pdf examination questions and solutions. ACCA Financial Reporting (FR) Chapter 15 Income taxes (IAS 12) Questions - Free ACCA Financial Reporting (FR) Practice Tests Repurchase Agreements. 19. EXAMPLE: REPURCHASE AGREEMENT 43 . You will be asked to answer eight randomly selected questions from a pool of more than 50. 41 . Each question corresponds to a different chapter of the document. You may repeat the quiz as many times as you like, with a new set of questions each time. IFRS 15 Revenue from Contracts with Customers — Your Questions Answered. Recent questions and answers in IFRS 15 - Revenue from Contracts with Customers 1 answer. How does IFRS 15 affect tecomunication revenue recorgnition. The questions are based on the information in the Conceptual Framework for Financial Reporting. Answers. ACCA Past Questions and Answers PDF Free Download Study Pack. IFRS 15, possibly changes to accounting policies which have been made on adoption of IFRS 15 are not appropriate. 20. 41 . Financial Reporting ACCA questions and solution 2002 - 2010 ACCA Past Papers - ACCA Past Exams - Questions and Answers, Download PDF documents, ACCA Articles and Tests, ACCA Exam tips, Essential Guide articles INDEX TO QUESTIONS AND ANSWERS KAPLAN PUBLISHING P.7 Page number Question Answer Past exam SECTION A – OBJECTIVE TEST QUESTIONS Conceptual framework/IFRS Standards 1 2012 Consolidated financial statements 42 234 Interpretation of financial statements 55 243 Statement of cash flows 61 247 Instead, Xtol should report the commission earned of $2 million (credit) as other operating income (or as revenue would be acceptable). The maxim “Practice Makes Perfect” cannot be overemphasized. Following receipt and review of comments on a Discussion Paper, what will be the next step undertaken by the IASB? The process for developing an IFRS involves a number of stages. 15 B 16 D (iv) deferred tax relating to the revaluation of an asset must be provided for even if there is no intention to sell the asset in accordance with IAS 12. Do well to … Licences. 17 A The property would be depreciated by $25,000 (800,000/16 x 6/12) for six months giving a carrying amount of $775,000 Thus, if you are searching for ACCA past questions and answers guide then consider yourself to be very lucky. A Publication of an Exposure Draft B Establishment of an Advisory Committee C Consultation with the Advisory Committee D Issue of a final IFRS (2 marks) 2 answered Dec 14, 2018 in IFRS 15 - Revenue from Contracts with Customers by anonymous. 43 . There seems to be very specific guidance in IFRS 15 related to licences Cost of sales per question 290,600 Remove agency costs (15,000) ... and their ‘cost’ from cost of sales (credit $15 million). 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