Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

Question

Your firm, Alheri & Co, has been appointed to carry out an audit assignment on Barders Bank Limited. The Bank’s year ended 30 September 2010. In the process of carrying out this assignment, it was discovered that no provision was made for doubtful debts. Total loans and advances of N50 billion consisting of 200 customers were found to be at various stages of performance except a N1 billion term loan granted to a Director’s relation’s company on 31 December 2009 to be repaid in N100 million monthly equal instalments commencing from 31 January 2010. Interest was simply agreed at N100,000 per month.

As at the time of this audit, no repayment had been made on this loan.

Required:
a. What audit steps should be taken to ascertain the true position of the loan portfolio? (5 Marks)
b. State the basis and determine the provision that should be made on the loan portfolio. (10 Marks)
(Total 15 Marks)

Answer

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Tags: Audit, Doubtful Debts, Financial Reporting, Loans, Provisions
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

Question

IAS 20 deals with Accounting for Government Grants and Disclosure of Government Assistance. In the Standard, a grant in the form of a non-monetary asset may be valued at …………… or …………… value.

Answer

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Tags: Financial Reporting, Government Grants, IAS 20, Non-Monetary Assets, Valuation
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2011 – L3 – SA – Q8 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the appropriate stock valuation method as per SAS 4 standards.

Question

In accordance with SAS 4, which ONE of the following methods is appropriate in valuation of stock?

A. Latest in, first out
B. Base stock
C. Specific identification
D. Latest purchase price
E. Weighted average

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Inventory Methods, SAS 4, Stock valuation
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2011

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

Question

As at the time of this audit, no repayment had been made on this loan.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Doubtful Debts, Financial Reporting, Loans, Provisions
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Government Grants, IAS 20, Non-Monetary Assets, Valuation
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2011 – L3 – SA – Q8 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the appropriate stock valuation method as per SAS 4 standards.

Question

In accordance with SAS 4, which ONE of the following methods is appropriate in valuation of stock?

A. Latest in, first out
B. Base stock
C. Specific identification
D. Latest purchase price
E. Weighted average

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Inventory Methods, SAS 4, Stock valuation
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2011

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

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AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

AAA – Nov 2011 – L3 – SA – Q8 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the appropriate stock valuation method as per SAS 4 standards.

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

AAA – Nov 2011 – L3 – SA – Q8 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the appropriate stock valuation method as per SAS 4 standards.

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Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

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AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2011 – L3 – SA – Q8 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the appropriate stock valuation method as per SAS 4 standards.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q8 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2011 – L3 – SA – Q8 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the appropriate stock valuation method as per SAS 4 standards.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q8 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

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