Thomas TsangThe present value of the lease liabilities is the remaining operating lease payments and discounted to present value to date of initial application. The discount rate, such as property, could be by reference to the property loan rate. In Singapore, the property loan rate ranging from 2.1% to 3% pa. The carrying amount of the right of use asset is the present value of the remaining lease liabilitie.
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