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Extra info for ACCA P2 Corporate Reporting Study Text
There is no detailed definition of profit or loss. 2 below for more detail. (f) Presentation and disclosure. This section is new, with no equivalent in the current Conceptual Framework. The aim is to provide a framework for disclosure to ensure that the information disclosed is relevant to investors. In the short term, this will result in amendments to IAS 1 and a new focus on materiality and on disclosure requirements in current projects. In the longer term it is likely that a replacement will be proposed for IAS 1, IAS 7 and IAS 8.
Step 4 Allocate the transaction price to the performance obligations.
As Accruals accounting is based on the matching of costs with the revenue they generate. It is crucially important under this convention that we can establish the point at which revenue may be recognised so that the correct treatment can be applied to the related costs. For example, the costs of producing an item of finished goods should be carried as an asset in the statement of financial position until such time as it is sold; they should then be written off as a charge to the trading account.