The following note appeared in the Amey pic 201 I Annual Report: The onerous lease provision is

Question:

The following note appeared in the Amey pic 201 I Annual Report:

The onerous lease provision is in respect of property leases and is expected to be utilised over the remaining lease terms.

Discuss the criteria for assessing whether a provision may be created in these circumstances under both IAS 37 and ED IAS 37 and explain what is meant by 'utilised’. Discuss the criteria for assessing whether a contract is onerous.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting And Reporting

ISBN: 9780273778172

16th Edition

Authors: Mr Barry Elliott, Jamie Elliott

See More Books

Question Posted: Jun 12, 2024 01:18 AM

See More Questions

You are the audit senior for the 2020 year-end audit of a Purdue Corporation, a publicly traded Canadian Company that is one of the largest and fastest online vision care providers in the world....
('0) Without taking into account the time value of money, compute the expected cost and the risk of the contract. (c) Now suppose that there is equal probability that Andereon will get injured in...
I have a question on Solvency ratios based on a financial statement. Please open the attachments below. INDEPENDENT AUDITORS' REPORT TO PARLIAMENT AND THE SHAREHOLDER OF SOUTH AFRICAN AIRWAYS SOC...
?Claim: A of adults would erase all of their personalinformation online if they could. A software firm survey of 511randomly selected adults showed that 36 ?% of them would erase allof their pe...
On the surface of Venus, the atmospheric pressure is 91.8 atm, and the temperature is 460(C. What is the density of CO2 under these conditions? (The Venusian atmosphere is composed largely of CO2.)
What feature in Excel will automatically color cells based on each cells value? a. Fill Color b. AutoSum c. Format as Table d. Conditional Formatting
3. A colleague recommends a shortcut to value the company in Question 2. Rather than compute each scenario separately, the colleague recommends averaging each input, such that growth equals 4 percent...
Myles Murphy was appointed by Cy Sinden, a famous developer, to purchase land for a shopping center near the intersection of I-95 and Route 1. Mary Mason, the property owner, contracted with Murphy...
i need help with this question income) associated with the new machine
One of the reasons why the IASB considered in their EDs an amendment to IAS 37 is that the criteria within that standard for the recognition of provisions are allegedly inconsistent with those in...
Mining, nuclear and oil companies historically provided an amount each year over the life of an enterprise to provide for decommissioning costs. Explain why the IASB considered this to be an...
The post-closing trial balance of Flicka Corporation at December 31, 2012, contains these stockholders equity accounts. Preferred Stock (6,000 shares issued) ..........$ 300,000 Common Stock (350,000...
Companies that engage international business do so in pursuit of a broad range of goals. Nonetheless, the text identifies key drivers, noting that the typical company expands operations...
How do lifestyle changes, such as urbanization or an aging population, affect consumer needs and preferences in our industry?
Verify that the following general thermodynamic property relationships are valid for the specific case of an ideal gas: (a) T = au (b) P = -9) av
Performance management systems that do not make true contribution to the organizational goals are not true performance management systems. List and describe at least five contributions a good...
How do cognitive biases, such as confirmation bias and anchoring, influence strategic decision-making processes at the executive level, and what measures can be implemented to mitigate their impact ?
How does a generic drug differ from its brand-name, previously patented equivalent? Explain why the price of a brand-name drug typically declines when an equivalent generic drug becomes available?...
You are the newly appointed tax practitioner to complete Emilys tax return and have downloaded the prefill report for Emilys tax return (hint, you can read what a prefill report is here (Links to an...
What is Coke's average ownership percentage in its equity method investments? Goodwill is 7000 Calculate the firm's current ratio (current assets/current liabilities). Calculate the current ratio...
John has to choose between Project A and Project B, which are mutually exclusive. Project A has an initial cost of $30,000 and an internal rate of return of 16 percent. Project B has an initial cost...
Complete the table below, for the above transactions

The following note appeared in the Amey pic 201 I Annual Report: The onerous lease provision is

Question:

Step by Step Answer:

Financial Accounting And Reporting

Students also viewed these Business questions