Download ACCA F3 (INT) Financial Accounting Study Text by Emile Woolf International PDF

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Sample text

So when an item of cost is ‘capitalised’ it is treated as an asset rather than an expense. Revenue expenditure is expenditure on day-to-day operating expenses. Revenue expenditure is reported as expenditure in the income statement. com for Q/As, Notes & Study Guides 31 Paper F3: Financial accounting (International) interest of $8,000 on the loan for the first year. The loan is a non-current liability (and part of the long-term ‘capital’ of the business) and the interest is an expense. 3 Revenue income and capital receipts Revenue income is income arising from the business operations of an entity or from its investments (such as interest received on cash savings).

From 1 January 2009, entities should report this information in either of two ways: „ in a statement of comprehensive income, which reports both ‘profit and loss’ and also ‘other comprehensive income’, or „ in two statements, an income statement followed by a statement of comprehensive income. For the purpose of your examination, the income statement is the more important of these two statements. Information about transactions by the entity with its owners in their capacity as owners (for example new share issues or dividend payments by a company) are reported in another financial statement called the statement of changes in equity or SOCIE.

However, the concept of prudence does not allow an entity to create ‘hidden reserves’, by undervaluing an asset or over-stating an expense or a provision. For example, suppose that a company knows from experience that about 2% of its receivables will become bad debts. It would be prudent to make an allowance for bad debts equal to 2% of receivables, but it would be inappropriate to make an excessive allowance, say 10% of receivables. Completeness To be reliable, information should be complete, subject to materiality and cost.

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