SPL and SFP Steps Flashcards
(27 cards)
How to calculate cost of sales?
Opening inventory + purchases - closing inventory
What standard used for inventory?
IAS 2
What can be immediately put in SFP?
Receivables
Payables
Cash
Equtiy shares
Debentures
Tax payable
Provisions
What can be immediately put in SPL?
Revenue
What do finance costs represent?
The cost of borrowing funds. Also known as interest costs
Example of finance cost?
Loan interest and other interest + amortisation
What is investment income?
Returns and gains earned from a company’s investments
Examples of investment income?
Interest and dividend income
Rental income
FVTPL
What is meant by depreciation expense for the year?
Depreciation calculation for one year
How to calculate tax in SPL
Tax in TB + tax payable
How to calculate retained earnings?
PFY + retained earnings in TB
Or c/f amount in SCE
How to calculate carrying value of non-current asset?
Original Cost − Accumulated Depreciation (or Amortization) − Accumulated Impairment Losses + Additions − Proceeds from Disposals
What is included in PPE in SFP?
Carrying value of PPE
How is prepayment treated in SPL and SFP?
SPL: Expense account - prepayment
SFP: Current asset
How is accrual treated in SPL and SFP?
SPL: Expense account + accrual
SFP: Current liability
How is impairment recorded in SPL?
As an administrative expense
Where are irrecoverable receivables recorded?
Under administrative expenses in SPL
Irrecoverable receivables calculation (SFP)?
(Receivables per trial balance - Irrecoverable receivables written off) * %
Irrecoverable receivables calculation (SPL)?
(Receivables per trial balance - Irrecoverable receivables written off) * %
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Allowance for receivables in TB
Calculate interest payable in SFP?
Finance cost - interest paid
What is included in OCI?
Gain on revaluation
What inventory is included in SFP?
Closing inventory
Depreciation expense in SPL?
One years worth
Is land included in IAS 16?
No
