FAC3702 Distinctive Financial Reporting (FAC3702)

FAC3702 Assignment 1 Semester 1 2023

FAC3702 ASSIGNMENT 2DUE DATE: ASSIGNMENT 02 WILL CONTRIBUTE 5% TOWARDS YOUR FINAL MARK. Notes compiled by e-tutor (C Greeff) FAC3702/101 23 ASSIGNMENT 02 (20 marks) (36 minutes) Shop-A-Lot Ltd is an online retail company with a 31 December year-end. Shop-A-Lot Ltd prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). Security software On 1 March 2017, Shop-A-Lot Ltd purchased security software from an United States of America (US) com...

FAC3702 EXAM PACK LATEST QUESTION 1 The following financial information relates to ABC Limited for the year ended 30 April 2014: 1. Machine Cost Residual value Revalued amount on a net replacement value basis Date R 1 May 2011 500 000 1 May 2011 50 000 30 April 2014 410 000 Depreciation rate - 20% per annum straight-line The tax base on 1 May 2013 was R200 000 which would be deductible in equal amounts on 30 April 2014 and 30 April 2015 against taxable income. On 1 May 2013 there w...

FAC3702 - Unit 1-7 Summary with Examples Distinctive Financial Reporting (University of South Africa) lOMoARcPSD| LEARNING UNIT 1 IAS 16 PROPERTY, PLANT AND EQUIPMENT Disclaimer The information contained in the summary is to highlight important aspects in applying the principles of the applicable statements. The summary is in no way an indication that only the matters mentioned are important to pass. Students must refer to their study guides and textbooks for an understanding of the lea...

ASSIGNMENT 02 (20 marks) (36 minutes) Shop-A-Lot Ltd is an online retail company with a 31 December year-end. Shop-A-Lot Ltd prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). Security software On 1 March 2017, Shop-A-Lot Ltd purchased security software from an United States of America (US) company at a cost of R1 000 000, in order to protect clients’ personal details from data breaches. An information technology (IT) specialist was c...

LEARNING UNIT 1 LEARNING OUTCOMES Once you have studied and completed this course material, you should be able to: • account for property, plant and equipment, and depreciation in the financial statements of an entity in terms of the requirements of International Financial Reporting Standards. • account for revaluations of property, plant and equipment in the financial statements of an entity in terms of the requirements of International Financial Reporting Standards. • account for ...

QUESTION 1 The following financial information relates to ABC Limited for the year ended 30 April 2014: 1. Machine Cost Residual value Revalued amount on a net replacement value basis Date R 1 May 2011 500 000 1 May 2011 50 000 30 April 2014 410 000 Depreciation rate - 20% per annum straight-line The tax base on 1 May 2013 was R200 000 which would be deductible in equal amounts on 30 April 2014 and 30 April 2015 against taxable income. On 1 May 2013 there was a deferred tax liabilit...

INTRODUCTION Dear Student, Attached please find the following learning units:  Learning unit 1 – Property, plant and equipment (IAS 16)  Learning unit 2 – Investment property (IAS 40)  Learning unit 3 – Impairment of assets (IAS 36)  Learning unit 4 – Intangible assets (IAS 38)  Learning unit 5 – Non-current assets held for sale and discontinued operations (IFRS 5)  Learning unit 6 – Financial instruments: Presentation, Recognition and Measurement ...