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The accounting profit for the year amounted to R500 000 and the current tax payable was R173 600 ((R500 000 + R120 000) × 28%). 5 Major inspections. Therefore, costs associated with redeploying an intangible asset, such as: costs incurred while an asset capable of being operated as management intended has not been brought into use; and initial operating losses, such as those incurred while demand for the asset's output builds up, are not included in the carrying amount of the asset. In terms of the physical concept of capital, capital is maintained if the physical production capacity of an entity at the beginning of a period is equal to the physical production capacity at the end of the period after excluding any distributions to or contributions by owners of the entity during the period. Based on historical information, the entity estimates that the majority of its customers settle their accounts within 10 days after the date of sale. 10 Introduction to IFRS – Chapter 1 analysed in order to evaluate a particular entity's performance relative to the performance of its peers. Introduction to ifrs 8th edition pdf. 7 The elements of financial statements The definitions of an asset and a liability have been refined in the Conceptual Framework (2018) and the definitions of income and expenses have been updated to reflect this refinement. This pre-tax rate is then applied to discount the expected cash flows from using the asset to establish its value in use.

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1 Information to be presented in the profit or loss section or the statement of profit or loss. 70 000/12 × 3) + (70 000/12 × 2 × 6/12) + (70 000/12 × 1, 2 × 8) + (70 000/12 × 1, 5 × 5)] [(120 000/12 × 2) + (120 000/12 × 1/12 × 1) + (120 000/12 × 1, 2 × 3) + (120 000/12 × 1, 5 × 4)] (220 000/12 × 1, 5 × 2). Note that the basic formula presented above distinguishes between days' leave to be taken and days' leave to be paid out. 6: Determining the cost of PPE Charlie Ltd purchased an imported machine for R2 400 000. To this end, the entity has to discount the promised consideration for the effect of the time value of money. Inventory and manufacturing software for small maker businesses. When assessing whether a specific departure is necessary, consideration is given to the following: why the objective of financial statements is not achieved in the particular circumstances; and the way in which the entity's circumstances differ from those of other entities which follow the requirement.

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8: Abnormal credit terms (continued) (continued) Journal entries 30 June 20. It implies that the asset was 'sold' to the lessee. The asset management policy of an entity may involve the disposal of assets: after a specified period; or after the consumption of a certain portion of the economic benefits embodied in the asset prior to the asset reaching the end of its economic life. 2 Measurement In accordance with IAS 37. 5 Recognition and initial measurement 5. LexisNexis, HONG KONG. Yes Is there a probable inflow? Introduction to ifrs 7th edition pdf free download windows 10. The buildings have an economic life of 30 years, and, since the lease term is a major part of the economic life of the buildings, the lease of the buildings will be classified as a finance lease (substantially all the risks and rewards incidental to ownership of the building is transferred from the lessor to the lessee; the lessor would in substance recognise a sale of the building). Where required by IAS 24, Related Party Disclosures, an entity discloses information about termination benefits for key management personnel. 11 and a normal income tax rate of 28%, the recognition of a deferred tax liability will be as follows: Carry Tax Temporary Deferred tax Move Carrying Movement amount base differ bal to P/L differences balance – SFP @ 28% @ 28% Dr/(Cr) Dr/(Cr) R R R R R 160 000 150 000 10 000 (2 800) 2 800 7. The gain or loss is recognised in the statement of profit or loss and other comprehensive income.

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2 Schematic representation of IAS 2 INVENTORIES SCOPE. 11 Inventories (SFP) 240 000 Closing inventories (Cost of Sales – P/L) Recognition of closing inventories. 19 are as follows: Date brought into Land at Building Building use use cost at cost R R Stand 502, Brenton 100 000 270 000 1 January 20. Each entity is expected to disclose the accounting policies that are applicable to it, even if the amounts shown for current and prior periods are not material – the accounting policy may still be significant. Investment property Example 16. The expected life of the machine at inception of the lease is 10 years. 1 StraightStraight-line method The allocation of depreciation in fixed instalments is usually adopted when the income produced by the asset (or part of the asset) is a function of time rather than of usage, and where the repair and maintenance charges as well as the benefits are fairly constant. Introduction to ifrs 7th edition pdf file. IFRS 16 does not require the separate disclosure of the cost and accumulated depreciation of right-of-use assets. Disclosure of the income tax expense and the deferred tax liability in the notes will be as follows: 10.

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However, other standards may require certain disclosures, for example the following: Separately disclosable items in terms of IAS 1. 13 Chapter 10 3 2 2 2 2 2 2 2 and 18 7. 18, Invest Ltd purchases two 12% R5 000 debentures from SB Ltd, a company listed on the JSE Ltd, at their fair value of R9 979 [N1]. Therefore quoted prices in an active market would be the best indication of measuring the fair value of an asset when testing for impairment and specifically when calculating fair value less costs of disposal. There has been no significant deviation from this percentage over that period. " A possible solution to this measurement problem may be to express the amount of refunds paid in the last reporting period as a percentage of sales in the previous year.

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The financial concept of capital states that profit is only earned if the financial (or money) amount of the net assets at the end of a period exceed the financial (or money) amount of the net assets at the beginning of that period. The measurement of the deferred tax balance is based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Excel Ltd's business model, in terms of which the bond is held, is achieved by collecting contractual cash flows of principle and interest. This gain or loss shall be recognised in the profit or loss section of the statement of profit or loss and other comprehensive income (unless IAS 17 requires otherwise on a sale and leaseback transaction where it is deferred). If the debenture matures in instalments, it is proposed that the CF ("cash flow") function on the calculator is used. Offsetting – not allowed unless required/permitted by an IFRS. 26: Financial asset at fair value through other comprehensive income (equity instruments) (continued) Invest Ltd Extract from the statement of profit or loss and other comprehensive inco income come for the year end ended 31 December 20. Deferr rred tax calculation Deferred. Interest, 10% Capital (b) (c) (c) R R 52 000 219 048 30 096 240 952. A liability of 1% of sales has therefore been created for such occurrences. A financial asset at fair value through profit or loss is a financial asset that falls within the following sub-categories: Mandatorily measured at fair value through profit or loss. Services are received when they are performed by a supplier in accordance with a contract to deliver them and not when the entity uses them to deliver another service. R(11 000 000 + 9 000 000) × 10% = R2 000 000 (employer's contribution). Any deferred tax recognised will reduce the identifiable net assets of the subsidiary at acquisition, which in turn will increase the amount of goodwill.

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The statement of profit or loss and other comprehensive income item will in all probability be disclosed in the notes to the financial statements. The related transaction cost was R10 000 (assume this is reasonable). 5 Measurement of financial instruments Initial measurement All financial instruments, except trade receivables that do not have a significant financing component, are initially measured at fair value. Fair presentation presentation is usually accomplished by complying with the Standards and Interpretations of the IASB. A revaluation deficit is recognised in profit or loss, but a deficit directly offsetting a previous surplus on the same asset is offset against the surplus via other comprehensive income. As the entity recovers the carrying amount of the asset, the taxable temporary difference reverses and the entity recognises the taxable income, which will result in the payment of income tax (IAS 12. If one of the two events above is also not applicable, then the entity recognises any consideration received in terms of such a contract as a liability. Subsequent measurement Intangible assets should subsequently be measured using one of two models: the cost model: cost less accumulated amortisation and impairment; or the revaluation model: revalued amount less subsequent amortisation. An asset is only derecognised when it is disposed of, or when no further economic benefits are expected from the asset – either from its use or its disposal. 13 (Classification of expense by function). When presented in the notes, the items of other comprehensive income are presented after any related reclassification adjustments. The nuclear power station was available for use on 1 January 20.

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This means that it is often necessary to consider factual knowledge that only became available after the reporting date. Cost includes all costs that can be allocated to the creation, manufacturing and preparation of the asset for its intended use. As a result of several factors, the board of directors decided on 31 October 20. 4 Replacement of components at regular intervals. Production overheads consist of fixed and variable components, of which the fixed component is usually allocated to inventories based on normal capacity. The appraiser holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued. This once again influences ratio analysis and especially ratios related to solvency and are therefore extremely important.

Both the chairman and managing director have the use of company cars which may also be used for private purposes. 11 is R148 000 (78 000 + 70 000). 2: Recoverable amount (continued) The impairment loss is calculated as the difference between the carrying amount and the recoverable amount: Carrying amount Recoverable amount Impairment loss to be recognised Journal entry 31 December 20. 18 (year-end) the fair value of the investment property amounted to R700 000.

As mentioned earlier, such variable lease payments are initially measured using the index or the rate at the commencement date. An example of such an asset is an aircraft which, after every 5 000 hours' flying time, needs a major inspection to ensure continued optimum operation. Whether or not the asset or liability is recognised, explanatory information about the uncertainties associated with it may need to be provided in the financial statements. 18 170 000 15 000 Skol Ltd 7 December 20. It is expected that the cost involved would be tax deductible (at 28% tax) and a nominal before-tax discount rate amounts to 15%. These recognition criteria consist of two main aspects. The disclosure in respect of this report is typically included in the company's Integrated Report and not in the annual financial statements. 1 Cost model Under the cost model, the right-of-use is measured at: initial cost less accumulated depreciation (calculated in terms of IAS 16 Property, Plant and Equipment) and impairment losses (calculated in terms of IAS 36 Impairment of Assets). When there is a change in the functional currency of the reporting entity, the following must be disclosed: – that fact; and – the reason for the change in the functional currency. Note that the disclosure required by IAS 36 may either be disclosed in the paragraph following the property, plant and equipment note, or in the note relating to profit before tax, should the entity make use of such a note to disclose separately disclosable items. Consequently, such contingent payments are not included in the measurement of the lease liability. 11: Transfer of control Dream Motors Ltd enters into a contract to sell a luxury motor vehicle to a customer.

The framework of accounting 23 monetary units (without taking inflation into account) or in units of constant purchasing power.

Father, in the name of Jesus, bring down on the evil one every lofty look he has to harm me and my family. The evil arrows must go back to the senders when you take the following prayers with the spirit of enough is enough. Blood of Jesus, fight on my behalf and release my finances from the hands of witches, in the name of Jesus. I receive the anointing for victory over the spirit of backwardness in the name of Jesus. If no is your answer, then the best time to return all ancestral, marine witchcraft, and wicked arrows back to senders is now. Just as Haman died on his gallows, any man or woman who kept such for me shall be crucified in his gallows. Take the helmet of salvation and the sword of the Spirit, which is the word of God. Start by praising and worshiping for about 5-10 minutes. Haman did not stop there; he went on to have the king issue an order that all Jews be killed in battle and prepared a gallows for Mordecai, but Our God of back to sender appeared and he was hung on that gallows, and his entire family took the place of Mordecai and the Jews in his evil schemes. I pray that every gallows prepared for you and your family by the enemy is nullified and they will take your place in their evil schemes, in Jesus name. The action of the evil ones against you is to make evil prayers through incantations against you just to bring you down. The Lord is the strength of my life; of whom shall I be afraid? The arrows that made me to lose my blessings and opportunities, I bind and cast you out of my life, in the name of Jesus. Every curse under which my family labour, be broken by the power in the blood of Jesus.

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Every network of household witchcraft on my father's side and on my mother's side, break by fire, in the name of Jesus. Let the arrows of being attracted to strange man or woman, go back to the senders, in the name of Jesus. And then he will spoil his house. My eyes shall see the reward of the wicked in the land of the living in the name of Jesus Christ. Wedding gifts contaminations. AGGRESSIVE PRAYERS WHEN YOU ARE SURROUNDED BY ENEMIES. Father Lord, every counsel of the wicked against my life and family, I destroy you now in the name of Jesus Christ. Every fetish material prepared to attack me, backfire on your sender in Jesus name. I use the blood of Jesus to separate myself from any effigy and voodoo used against me, in Jesus name. Die, in the name of JESUS!! Every arrow fired at my resident permit/documents, go back to the sender, I neutralize the curses by fire, in Jesus name. Every chain tying me down to the same spot of frustration and poverty break now in the name of Jesus.

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Command them to come out). You the powers of the night operating between 1am to 3am, I crush you to Red Sea, in the name of Jesus. The devil wants you to know that they have a full control of your life. Every arrow assigned to settle in my home, be bound and go back to the senders, in the name of Jesus.

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Every arrow of poverty, delay, debt, death, sickness, disfavour fashioned against my life, I command you to come out of my life and go back to your sender in the name of Jesus. My joy shall overflow in the name of Jesus Christ. 14 Days of Devotion: Introduction 14 Days of Devotion - Day 2: When We're Weary, He Speaks Life 14 Days of Devotion - Day 3: He is Risen, Just As He Said 14 Days of Devotion - Day 4: Purified Behar/Bechukotai - May 8, 2021 14 Days of Devotion - Day 5: Stop Doubting and Believe! Every effort of the enemy to pull me down to square one, be destroyed, in the name of Jesus. Take an hour (or at least 30 minutes) every day (preferably morning) to pray according to these prayers below. Let every evil arrow fired against me from the wicked BACKFIRE 21 times! Arrows of almost there but never there curses, go back to the senders, in the name of Jesus. Plead my cause, O Lord, with them that strive with me: fight against them that fight against me.

Back To Sender Prayer Points

In the name of Jesus, I will not be humiliated, but the wicked will be ashamed. Violence is the only language the enemy understands. Today we shall be looking at a prayer topic i titled, Back To Sender Prayer Points. I crush the head of any serpent assigned against my life, in the name of Jesus. I reject every spirit of the crossroads, in the name of Jesus. As you have engaged in these prayer points, have it in mind that you are now a terror to your enemies, God has turned their seemingly good counsel to foolishness, and that is how it will continue to be in the name of Jesus Christ. Let every demonic power using witchcraft to suppress, oppress and attack me, my family, my career, my business, etc let their witchcraft backfire, backfire, backfire in Jesus name.

The brothers of Joseph sold him to the place of bondage; but this brought promotion to Joseph. Trouble begins the moment they see you happy, putting on new clothes, shoes. Demonic trap to hold me down, I come against you right now in the name of Jesus Christ. Powers destroying my joy every month before seven days, O God bury them in Jesus name. Return back to sender prayers made the king remember the good work of Mordecai, rewarded him, and also adorn him and showcase to the world the wicked man who had chosen to hate him for no reason. Father, let every oppression of the agents of darkness against my life and purpose be cut off and let it return to sender, in the name of Jesus.

ALSO READ: Prayers To Destroy Enemies. The enemy will not reinforce against you.
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