Acca financial Accounting (FA) Study Text ac ca (FA)



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Intangible assets 

170

 

KAPLAN PUBLISHING



 

The reconciliation of the carrying amount for intangible assets from the start of 

the year to the end of the year required by IAS 38 is similar to that required for 

property, plant and equipment in accordance with IAS 16 as follows: 

 

 

Development 



costs 

Licences Total 

Cost or valuation: 

$000 

$000 


$000 

Balance b/fwd 





Additions X 



Disposals (X) 

(X) 


(X) 

 –––– 


–––– 

–––– 


Balance c/fwd 



 –––– 


–––– 

–––– 


 

 

 



 

Accumulated depreciation: 





Balance b/fwd 



Charge for the year 

(X) 

(X) 


(X) 

 –––– 


–––– 

–––– 


Disposals X 



 –––– 

–––– 


–––– 

Carrying amount 31 Dec 20X4 







 

–––– –––– 

–––– 

Carrying amount 31 Dec 20X3 





 –––– 


–––– 

–––– 


 

 

 




 

Chapter 9 

KAPLAN PUBLISHING



 

171 

Chapter summary 

 

 

 




 

Intangible assets 

172

 

KAPLAN PUBLISHING



 

Test your understanding answers 

 

Test your understanding 1 

 

Statement of profit or loss 

Amortisation $2,000 

($20,0000/10 years) 

Statement of financial position extract 

Intangible assets 

$18,000 

($20,000 – $2,000) 

 

 

Test your understanding 2 



 

The correct answer is C 

Both 1 and 3 involve researching materials, without any form of 

commercial production in mind. 

 

 



Test your understanding 3 

 

The correct answer is D 

Amortisation will be charged on a straight-line basis for each of the five 

years that revenue is generated. 

Therefore the amortisation charge for each of the years ended 

31 December 20X6 – 20Y0 will be: 

$250,000/5 years = $50,000 

 



KAPLAN PUBLISHING

 

173 

Accruals and 

prepayments 

Chapter learning objectives 

Upon completion of this chapter you will be able to: 

 

understand how the matching concept applies to accruals 



and prepayments 

 



identify and calculate adjustments relating to accruals and 

prepayments 

 

record the appropriate adjustments for accruals and 



prepayments in the ledger accounts 

 



understand the impact of accruals and prepayments on profit 

and net assets. 

 

 

 



 

Chapter 


10 

 

PER



 

One of the PER performance objectives (PO6) 

is to record and process transactions and 

events. Working through this chapter should 

help you understand how to demonstrate that 

objective. 




 

Accruals and prepayments 

174

 

KAPLAN PUBLISHING



 

1 Overview 

 

 

 



Introduction 

 

This chapter considers the accruals basis of accounting and the 



accounting entries required prepare financial statements on that basis. 

Much of the content of this chapter is new. However, it is an important 

foundation for your future ACCA studies, in particular for Financial 

Reporting.  





Accruals basis of accounting 

The accruals basis of accounting means that to calculate the profit for the 

period, we must include all the income and expenditure relating to the period, 

whether or not the cash has been received or paid or an invoice received. 

Profit is therefore: 

Income earned 

$X 

Expenditure incurred 



$(X) 

 ––– 


Profit $X 

 

 



 


 

Chapter 10 

KAPLAN PUBLISHING



 

175 

 

Accruals concept 

 

The Conceptual Framework explains accruals accounting as ‘depicting 



the effects of transactions and other events and circumstances on a 

reporting entity’s economic resources and claims in the accounting 

period(s) in which those effects occur’. This will be the case, even if 

cash receipts and payments arise in different reporting periods.  

 

The accruals concept is identified as an important accounting concept 



by IAS 1 Presentation of Financial Statements as it provides a better 

basis for assessing financial performance, rather than relying solely 

upon information relating to cash receipts and payments. 

Therefore all of the expenses involved in making the sales for a period 

should be matched with the sales income and dealt with in the period in 

which the sales themselves are accounted for.




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