Publisher's Synopsis
Asset is one the major item in the financial statements of an entity, any mistake or incorrect treatment and recognition of asset in the financial statements will affect statement of profit or loss, statement of financial position and statement of cash flow. There is always a need for a comprehensive guide on the correct treatment and recognition of assets especially in our ever changing and continuous development era This book gives you clear and concise explanation of tangible non-current assets using international accounting standard 16 (IAS 16). It covers the definitions, types, various methods of calculating depreciation, the recognition of depreciation, revaluation and subsequent of assets, treatment of subsequent expenditure on assets, how to account for derecognition of an asset, deferred tax implication on revaluation of an asset and treatment of complex assets, were all discussed with illustrative examples extracted from professional examination questions Non-current asset held for sales is also discussed in line with international financial reporting standard 5 (IFRS 5). Other reporting standards are also referred to as appropriate This book covered many areas in some details with illustrative examples from professional exam questions, such as subsequent revaluation of assets and deferred tax implication on revalued asset. These are areas ether ignored or covered cursorily by major textbook around, and student often get confused when such areas are tested by the examiners This book used ACCA professional questions as illustrative example with step-by-step model solution provided by the author The book is suitable for those preparing for the examination of AAT, ACCA, CIMA, University and college students studying accounting and related courses.
