The questions are based on the information in the Conceptual Framework for Financial Reporting. The maxim “Practice Makes Perfect” cannot be overemphasized. There seems to be very specific guidance in IFRS 15 related to licences 20. You will be asked to answer eight randomly selected questions from a pool of more than 50. Financial Reporting ACCA questions and solution 2002 - 2010 41 . 41 . 43 . Cost of sales per question 290,600 Remove agency costs (15,000) ... and their ‘cost’ from cost of sales (credit $15 million). 19. 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 Licences. (i) is the only correct elimination required by IFRS. 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. 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. Instead, Xtol should report the commission earned of $2 million (credit) as other operating income (or as revenue would be acceptable). Recent questions and answers in IFRS 15 - Revenue from Contracts with Customers 1 answer. Repurchase Agreements. ACCA Financial Reporting (FR) Chapter 15 Income taxes (IAS 12) Questions - Free ACCA Financial Reporting (FR) Practice Tests 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 What exactly are “repurchase agreements” and what is their impact on accounting for revenue under IFRS 15? Answers. Do well to … 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 IFRS 15, possibly changes to accounting policies which have been made on adoption of IFRS 15 are not appropriate. IFRS 15 Revenue from Contracts with Customers — Your Questions Answered. How does IFRS 15 affect tecomunication revenue recorgnition. IFRS is Easy brings to you free ICAN and ACCA Pdf examination questions and solutions. The process for developing an IFRS involves a number of stages. Thus, if you are searching for ACCA past questions and answers guide then consider yourself to be very lucky. answered Dec 14, 2018 in IFRS 15 - Revenue from Contracts with Customers by anonymous. Each question corresponds to a different chapter of the document. ACCA Past Questions and Answers PDF Free Download Study Pack. 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