41 . 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. EXAMPLE: REPURCHASE AGREEMENT 43 . 43 . Instead, Xtol should report the commission earned of $2 million (credit) as other operating income (or as revenue would be acceptable). Repurchase Agreements. Cost of sales per question 290,600 Remove agency costs (15,000) ... and their ‘cost’ from cost of sales (credit $15 million). IFRS 15 Revenue from Contracts with Customers — Your Questions Answered. 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 Thus, if you are searching for ACCA past questions and answers guide then consider yourself to be very lucky. There seems to be very specific guidance in IFRS 15 related to licences The process for developing an IFRS involves a number of stages. You will be asked to answer eight randomly selected questions from a pool of more than 50. 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 Following receipt and review of comments on a Discussion Paper, what will be the next step undertaken by the IASB? What exactly are “repurchase agreements” and what is their impact on accounting for revenue under IFRS 15? ACCA Past Questions and Answers PDF Free Download Study Pack. answered Dec 14, 2018 in IFRS 15 - Revenue from Contracts with Customers by anonymous. How does IFRS 15 affect tecomunication revenue recorgnition. You may repeat the quiz as many times as you like, with a new set of questions each time. IFRS 15, possibly changes to accounting policies which have been made on adoption of IFRS 15 are not appropriate. 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. telecomunication revenue; 1 answer. 19. Do well to … 41 . Licences. ACCA Financial Reporting (FR) Chapter 15 Income taxes (IAS 12) Questions - Free ACCA Financial Reporting (FR) Practice Tests (i) is the only correct elimination required by IFRS. 20. 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 Recent questions and answers in IFRS 15 - Revenue from Contracts with Customers 1 answer. Each question corresponds to a different chapter of the document. Answers. IFRS is Easy brings to you free ICAN and ACCA Pdf examination questions and solutions. 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