8.4 Statement Presentation of Receivables

Question 1

where are short term receivables reported on SOFP

Answer 1

CURRENT ASSETS SECTION,

follow cash and trading investments

Question 2

how should trade receivables be reported nad where

Answer 2

on the SOFP, separate from recievables from related parties/other receivables

-report at carrying amount
-gross amt of receivable and allowance for expected credit losses must be reported

Question 3

how should receivables due in >1 year be reported on sofp

Answer 3

in the nca section, and if there is a significant risk of estimation uncertainty related losses, this should be discussed in notes to the financial statements

Question 4

allowance for doubtful accounts rather is the same as allowance for expected credit losses.

Answer 4

slay

Question 5

what are accounts u may see on soi?

Answer 5

sales (and any related cogs), service rev, credit losses (in operating section)

interest income (Reported separately in non operating secition as other income and expenses)