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ASSURANCE ENGAGEMENT
Auditing
answered on 18-Aug-25 15:36
Mam, am i correct to understand that the Reasonable Assurance involves Audit of FS for their intended users are Members of the company (owners). Whereas, Limited assurance involves checking on arithematical accuracy and whether the FS are in line with the criteria for their intended users are Internal Management itself. i.e. Audit is for Members and Review is for Management. . .? [Video Time Stamp: 15:54]
latest answer
Yes, the chapter is covered comprehensively with every single concept in detail .
Vinod Kumar
CA Inter
★ 11K+
3
141
Revision method -Unit 2D
Exams
answered on 22-Aug-25 16:34
After completing the syllabus, I feel like I don't remember anything. How to start revision for this, again covering full syllabus or only notes? Can anyone assist me
latest answer
It generally happens with most of the students. One way to handle this is cumulative revision. Revise what you did the previous day before you start something new the next day.
Shankari C
CA Inter
★ 3K+
2
192
Continuing involvement asset
Financial Reporting
answered on 12-Aug-25 13:59
1. Sir, The 0.5Cr included in associated liabilty will be amortised to PL during the period of Guarentee, then what will happen to 0.5cr included in Continuing involvement asset. Will it be taken to PL? 2. What will be the journal entry if the Rs.5Cr becomes bad debt?
latest answer
Assume the customer pays only 91 crores. The entity will have to reimburse 4 crores to the factor Periodically the FV of Guarantee Liability will be transferred to PL. It is like the entity has provided guarantee services for which it was entitled to Rs. 0.5 crores. Dr. Liab 0.5 Cr.PL 0.5 (Similar concept of guarantee given by holding to subsidiary) On settlement, Dr. Liability 5 Cr. Cash 4 Cr. Involvement Asset 5.5 Dr. PL 4.5 Net impact to PL = 4.5 - 0.5 = 4. Which is nothing but 95-91
Hariharan Ravichandran
CA Final
★ 2K+
1
160
Associated Liability
Financial Reporting
answered on 12-Aug-25 14:04
SIr, can you explain again what is the purpose of considering 0.5Crs as liability, because it is the amount that we are about to receive from Entity D right? and why are we including this as continuing liabilty and deferring it to PL [Video Time Stamp: 00:02]
latest answer
The selling entity is providing guarantee to the factor. Generally for guarantees, the guarantor charges a fee. Here we are considering notional receivable of 0.5 crores for guarantee services provided.
Hariharan Ravichandran
CA Final
★ 2K+
1
118
Doubt regarding calculation of weighted avg shares
CFA
answered on 11-Aug-25 10:44
Sir, at 8:48 how did you arrive at 37,000? [Video Time Stamp: 09:12]
latest answer
42000 x 6/12 + 32000 x 6/12 = 37000
Neekir n.c.v
CFA L1
★ 0
1
94
SAR
Financial Reporting
answered on 19-Aug-25 14:07
Sir, in illustration no. 4, we have solved the problem for SAR in different way. There we have recognized the fair value of the SAR in the beginning of the period (1st April) and only the changes in the fair value adjusted in the end of each period. But here, we are following differently. Could you please clarify this? [Video Time Stamp: 04:00]
latest answer
In the previous illustration it has already vested on 1st April
Abhijith K B
CA Final
★ 5
1
123
AS 26
Accountancy
answered on 13-Aug-25 20:37
Sir, I didn't get what is meant by Opening Reserves. Is there some specific reserve where such differences are accumulated? [Video Time Stamp: 03:13]
latest answer
ok Sir.
Rahul Anand
CA Inter
★ 6K+
2
148
AS 26
Accountancy
answered on 13-Aug-25 20:05
Sir, the difference of 0.42 lacs will be charged to P&L under by what account head name? [Video Time Stamp: 01:20]
latest answer
Impairment loss.
Rahul Anand
CA Inter
★ 6K+
1
124
Derecognition
Financial Reporting
answered on 19-Aug-25 16:48
Sir, What if the entity has retained substantially all the risk and reward and has no control over the asset. Is that possible? [Video Time Stamp: 01:58]
latest answer
ok sir
Hariharan Ravichandran
CA Final
★ 2K+
3
134
AS 26
Accountancy
answered on 13-Aug-25 20:09
Sir, is 'Research' and R&D different different? [Video Time Stamp: 08:31]
latest answer
R&D includes both research & development. Both research and development are different terms.
Rahul Anand
CA Inter
★ 6K+
1
149