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Additional info for ACCA F7 Financial Reporting (INT) Course Notes ACF7CN07 INT
Revaluations must be made with such regularity that the carrying amount does not differ materially from its fair value at the balance sheet date. 1 • The depreciable amount (cost/revalued amount – residual value) is allocated on a systematic basis over useful life. • The residual value is normally assumed to be zero. e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management). • The useful life and amortisation method must be reviewed at least at each financial year-end and adjusted where necessary.
Apply the provisions of relevant accounting standards in relation to accounting for government grants. • Discuss why the treatment of investment properties should differ from other properties. • Apply the requirements of relevant accounting standards for investment property. Exam Context A full question could appear in the exam on property, plant and equipment. The other standards are likely to form part of a question. Any of these areas could form an adjustment in the financial statements preparation question and depreciation almost always comes up as an accounts preparation question adjustment.
State the basis on which impairment losses should be allocated, and allocate an impairment loss to the assets of a cash generating unit. Exam Context A full question could appear on this topic. If this happens, it would be most likely, part written, explaining your understanding of the concepts of accounting for impairments, together with a part covering calculations. Qualification Context Impairment is a topic that is examined for the first time in this Paper. It is a topic that is also examined (in more depth) in Paper P2 Corporate Reporting.
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