Change in estimate using the reallocation method, Taxation

Consider the following scenarios:

a) Audit fees received by an auditing firm.

b) Final ordinary dividend received. Dividends are declared on 31 December and are payable to shareholders registered on that date. Payment is made three weeks after date of declaration.

c) Trade discounts granted to customers

d) Royalties amounting to R100 000 are receivable from a foreign country. The payment of other royalties is expected to be delayed.

e) A vehicle sold in terms of an installment sales agreement.

f)  Subscription fees received in respect of a magazine published monthly. The magazine sell for R10 a copy.

REQUIRED

State with reasons when each of the above scenarios (A-F) will be recognized as revenue (timing of recognition).

Your response must comply with the requirements of international financial reporting standards.

Posted Date: 2/27/2013 2:37:11 AM | Location : United States







Related Discussions:- Change in estimate using the reallocation method, Assignment Help, Ask Question on Change in estimate using the reallocation method, Get Answer, Expert's Help, Change in estimate using the reallocation method Discussions

Write discussion on Change in estimate using the reallocation method
Your posts are moderated
Related Questions
The Madison Restaurant was formed a S corporation at the end of last year. Bob Buron, owns 60% of the stock, manages the restaurant. Ray Huges owns the remaining 40%

Please explain all of your responses; include authority and reasoning.  Do not just answer a question "yes" or "no."  Do not just provide a numerical answer without explaining how

tds late filing fee code & late filing interest code

Background information Jim set up a limited company; Show the Way Limited (The Company), along with his father in 1983. The company is incorporated in Scotland and has been reg

An expatriation tax is a tax on somebody who gives up their citizenship. In United States, the expatriation tax provisions under Section 877 and Section 877A of the Internal Revenu

a. You are engineering a Leveraged-Buy-Out (LBO) of ACME Industries, an industrial bottle maker. After the LBO, the firm will be financed with 90% debt and 10% equity. Fred Farber,

Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the following remuneration package with ABC: • salary of $300,000; • Payment of Alan''s mobile phone bill ($220 per mont

An organization in Australia needs to comply with the statutory requirements of taxation. There are different types of taxes among which a few are common for all the industries and

Suppose there are 40 commuters in Apple Valley, Minnesota who commute to downtown Minneapolis. They have two options for getting downtown: they can take the light rail or they can