In accordance with SFRS109, investment in equity instruments must be subsequently measured at fair value. In limited circumstances, cost represents the best estimate when recent information not available to measure the fair value reliably, OR the fair value range are too wide that cost represents the best estimate with that range.
Thus, valuation is required to support the value even to be measured at cost.
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