ICAB PL Financial Accounting & Reporting case studies
ICAB PL Financial Accounting & Reporting · Put your knowledge to work in context.
The ICAB Professional Level Financial Accounting & Reporting exam is one component of the Chartered Accountancy qualification offered by The Institute of Chartered Accountants of Bangladesh (ICAB), a National Professional Accounting Body in Bangladesh. ICAB describes itself as the regulatory body for the profession of accountants and connected matters, and states that the education, training and qualification it imparts is recognized internationally. The ICAB PL Financial Accounting & Reporting case studies are 5 cases and about 2,245 words.
1Revenue Recognition on a Multi-Element Contract with Variable Consideration
Meridian Fabricators Ltd signs a contract in January 20X5 with a customer to supply and install a custom production line. The contract price is BDT 12,000,000.
469 words, about 2 min2Lease Classification and Sale-and-Leaseback Accounting
On 1 January 20X5, Halcyon Logistics Ltd sells its warehouse to an investor for BDT 40,000,000, its fair value, and leases it back for 10 years. Annual lease payments of BDT 5,200,000 are payable in arrears.
445 words, about 2 min3Impairment of a Cash-Generating Unit and Reversal Judgements
Northgate Chemicals Ltd operates a single plant as a cash-generating unit (CGU). At 31 December 20X5 the CGU's carrying amount is BDT 90,000,000, comprising goodwill BDT 10,000,000, plant BDT 60,000,000 and other net assets BDT 20,000,000.
438 words, about 2 min4Deferred Tax on Revaluation and Unremitted Overseas Earnings
Crestline Holdings Ltd revalued its head office building in 20X5, creating a revaluation surplus of BDT 15,000,000. The building is depreciated for accounting purposes over 25 years but attracts tax allowances on a different profile.
454 words, about 2 min5Provision, Contingent Liability and Subsequent Event Judgements
On 15 November 20X5, a customer sued Vantage Engineering Ltd for BDT 6,000,000, alleging defects in a component supplied in 20X4. At 31 December 20X5, the company's lawyers advise that it is probable that Vantage will be found liable, and that the best estimate of the loss is BDT 4,000,000, with a range of BDT 3,000,000 to BDT 5,000,000.
439 words, about 2 min