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
31 VAT WAS FIRST INTRODUCED AS A TAX IN WHICH YEAR AND IN WHICH COUNTRY?

meaning of vat

write a program on Uganda revenue authority taxation based on import and export cargo.

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

Income tax groupings given by the Internal Revenue Service (IRS) that decide that at what rate an individual, corporation's or trust, annual income will expose to federal income ta

Chris married Gina on February 1, 2012, and they became the proud parents of twins just in time for Christmas. Their Adjusted Gross Income (AGI) for 2012 was $75,000, and their ite

what is the dis advantage of digressive tax?

1.  The NGO called Transparency International (TI) publishes a "Corruption Perceptions Index" (CPI) that ranks countries on a scale of 0 to 10 based on how corrupt their public sec

On December 1 of the current year, Plen Limited purchased a franchise for $70,000.The franchise has a limited life of 15 years. Which one of the following amount represents the max

Can I get the answers to questions asked by others? they are on this page http://www.expertsmind.com/questions/corporate-tax-301114747.aspx#