Thomas TsangThe cost of inventories shall include material, cost of conversion and freight inwards cost. Cost of conversion include depreciation, direct labour and other indirect cost.
Therefore, company shall do manufacturing cost accounting for inventories. They cannot don’t do manufacturing costing.
In contract revenue to recognise using input method, one of the key audit procedures is to ascertain the budgeted cost of the project contract is reasonable. We need to test the underlining assumptio
For change of accounting policy for PPE from cost model to revaluation model. It is not follow FRS 8 as exempted from prior year adjustment. The change will apply prospectively from the date of reva
When receivables classified from current to non-current, it needs to be measured at fair value upon reclassification. The different will be charged to profit and loss. It is because the receivables