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disclosures about inventories - ias 2ias 2 specifies disclosures about inventoriesin a large manufacturing company no article in the balance sheet
summary of ias 2inventories are measured at the lower of cost and net realizable value entire realizable price is the calculated selling price in the
audit of current assetsverification of work and stocks in progressauthoritative documents ias 2isa 500501ias 1 preparation of financial statements
financial instruments - ias 32 and ias 39ias 39 and ias 32 are examinable to the extent such they deal along with the presentation and measurement of
accounting requirements - ias 40 investment propertiesias 40 prescribes the accounting treatment about investment property and related disclosure
ias 40 investment properties - audit evidencetypical audit evidence might include physical verification of the situation and location of the
ias 40 investment propertiesaudit work common to all kinds of land and building will be used to establish ownership existence and price ias 40
valuation and income - verification proceduresvaluationvaluation of listed securities is easily conformed along with suitable financial publications
ownership and existence - verification proceduresestablishment of title and beneficial ownership of investments is not convincingly possible
verification procedures - investmentverification actions should follow the common approach outlined in favor of tangible noncurrent assets conversely
internal control - investmentwhether a trading concern holds merely a few investments there is unlikely to be any organized internal control systems
disclosure requirements - investmentin common terms the following items have to be disclosed in the concern to all investmentsa the accounting
investment - audit processthe investment is held for wealth generation that as interest and dividends on shares and capital growth and loan
ias 36 impairment of assetsit is very necessary for the auditor to determine the clients method for determining and accounting for impairments
brand names - audit processfew companies in current years have placed valuations on the brand names of the goods such they sell on the balance
goodwill and fair valuethe main points the auditor needs to verify for any goodwill arising in the accounting period are as followsi examine the
trademarks and patenttrademarks and then written off over their useful lives and patents may be capitalized along with any renewal fees being charged
amortization and impairmentamortization - capitalized costs would be amortized to reflect the pattern whether the related economic benefits are
standard defines development and researchthe standard defines development and research as followsa research - planned and original investigation
issues in audit of intangible assetsthe two key issues in such audit of intangible assets area recognition of intangible assetsthe audit problem here
audit procedures -research and developmentthe auditor should ensure thata any costs incurred in the buy of fixed assets in order to give facilities
initial identification - intangible assetsubsequent to initial identification an intangible asset is carried ata cost less any accumulated
accounting treatment prescribed by ias 38ias 38 prescribes the accounting treatment about to intangible assets excepta intangible assets which are
research and development - audit processthe past of business is littered along with cases of companies which have collapsed as a convulsion of over
audit procedures - intangible assetsthe auditors process as far as goodwill is relating would involve asa vouching for details as per the buy