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Additional resources for ACCA P7
If repayment is possible rather than probable, a contingent liability would need to be disclosed in the Notes to the Financial Statements. org 53 C H A P T E R 4 – A S S I G N M E N T S I: T H E A U D I T O F F IN A N C I A L S T A T E M E N T S Audit work ● Inspect the grant agreement, in order to check: o What the grant is helping to pay for o The total amount of the grant (may be future amounts receivable) o the conditions under which it would have to be repaid. ● Inspect cashbook and bank statements to verify receipt of the grant.
Revaluations should be checked to valuation reports, and the valuer assessed for independence, qualifications and experience. Borrowing costs Accounting issues The costs of borrowing (typically interest) that relate to the construction of specific assets (or the preparation of purchased assets for use) should be capitalised as part of the cost of the asset. It is also possible to allocate a share of general borrowings, as long as they were used for a specific asset. The amount of capitalised interest must be disclosed in the Notes to the Financial Statements.
Derivatives) it may also make it very difficult to value. Even where there is an active market, values can sometimes be highly volatile. As with all other estimates, fair values can be subjective, complicated, and subject to manipulation. org 61 C H A P T E R 4 – A S S I G N M E N T S I: T H E A U D I T O F F IN A N C I A L S T A T E M E N T S Audit work ● Understand how management have made their estimates and the models used. ● Assess the amount of uncertainty inherent in the estimate and use this to assess the risk of misstatement.
ACCA P7 by LSBF UK