ACC 703 Lecture Notes - Financial Statement, Accounts Payable, European Cooperation In Science And Technology
3 Dec 2012
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Ifrs constraint as cci is a public company. Cci want to provide useful information to existing and potential investors and creditors in order to support decision making in providing resources to cci. Auditors want to ensure recognition, measurement and disclosure issues related to russian venture sufficient to enable shareholder and creditors to fully understand transactions. Assume transaction is material to financial statements of cci. Joint operation set up so one venture has control over assets of the other: asset from conceptual framework: acquired through transactions and should generate future economic benefit for company. Determine investment in russian division of cci reported in consolidated fs of cci. Installed machinery at cost of million: provided initial working capital, provided management team in russia, exports cola syrup at cost. Determine if agreement is for specific number of years. Use conceptual framework to help determine how to report transaction.
