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FAC3764 ASSIGNMENT 1 SEMESTER 1 2023: This doc contains answered solutions and elaborations of question tackling: Clearly answered: contact $5.83   Add to cart
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FAC3764 ASSIGNMENT 1 SEMESTER 1 2023: This doc contains answered solutions and elaborations of question tackling: Clearly answered: contact

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fac3704 assignment 1 semester 1 2023: this document contains, workings/ calculations and explanations for this assignment.

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  • April 5, 2023
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  • 2022/2023
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  • fac3764 solutions 2023
  • fac3764 assignment 1 semester 1 2023
  • discuss the correct recognition and measurement of transactions 11 and 12 in the accounting records of dd armour ltd for the period ended

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CONTACT 0813812880: EXAM HELP: ASSIGNMENT HELP:
REVISION CLASSES:




RONSAM
TUTORS

FAC3764 ASS 1 SEMESTER 1 2023

, CONTACT 0813812880: EXAM HELP: ASSIGNMENT HELP:
REVISION CLASSES:


FAC3764 ASSIGNMENT 1 SEMESTER 2023



Question 1 a)

Discuss the correct recognition and measurement of transactions 1.1 and 1.2
in the accounting records of DD Armour Ltd for the period ended 30 June
20x22, in terms of IFRS 15, Contracts with customers. The discussion must be
supported with calculations



1.1. S4G Ltd Step 1:
We must be able to identify a contract with a customer: Contracts may be
written, verbal or even simply be implied! What is important, however, is
that the contract is enforceable by law. (GRIPPING GAAP, Page 127)


A contract is said to exist if it meets all the following five criteria:
a) If it is approved by all parties, who are also committed to fulfilling their
obligations;
b) if each parties rights to the goods and/or services are identifiable;
c) If the payment terms are identifiable;
d) If the contract has commercial substance (i.e. the risk, timing and amount
of future cash flows is expected to change); and
e) It is probable that the entity will collect the consideration to which it
expects to be entitled (GRIPPING GAAP, Page 135)

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