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Extra info for ACCA - P2 Corporate Reporting
The Conceptual Framework makes it clear that this information should be prepared on an accruals basis. Information about a reporting entity’s cash flows during a period also helps users assess the entity’s ability to generate future net cash inflows and gives users a better understanding of its operations. 9 Chapter 3: Qualitative characteristics of useful financial information Qualitative characteristics are attributes that make financial information useful to users. Part A Regulatory and ethical framework 1: Financial reporting framework 9 Chapter 3 distinguishes between fundamental and enhancing qualitative characteristics, for analysis purposes.
It is merely a deduction from the cost of the caravan. The $1,500 must be recognised separately. It is deferred income and will be recognised over the three year period. The sales revenue recognised in respect of the caravan will be a balancing figure. The journal entries are as follows: DEBIT Deferred income $3,000 DEBIT DEBIT Cash (1st instalment) Receivable (balance discounted) CREDIT Deferred income (service plan monies received in advance) $1,500 CREDIT Sales (balancing figure) $26,417 $15,000 $9,917 BPP Note.
The revenue is actually measured, however, as the fair value of the consideration received, which will take account of any trade discounts and volume rebates. 6 Identification of the transaction Normally, each transaction can be looked at as a whole. Sometimes, however, transactions are more complicated, and it is necessary to break a transaction down into its component parts. For example, a sale may include the transfer of goods and the provision of future servicing, the revenue for which should be deferred over the period the service is performed.