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回复 36# 的帖子
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You are welcome. thanks for the points:)
1 - it says "During the year, $6,200 of receivables previously provided for were formally written off."
Which means in the year before FY2010, there was a journal entry to provide for the $6,200 impairment by: Dr. Impairment loss Cr. FEL corporate bond (this is reduce the asset balance directly) or Provision for impairment (this is so called an allowance account). But the company chose to use the allowance account.
During FY2010, te $6,200 were formally wrttien off, so the journal entry was: Dr. Provision for impairment (the allowance account) Cr. Corporate Bond (reduce the asset value)
2 - the corporate bond is a financial asset, there are four categories of financial assets, FEL corporate bond belongs to "Loans & Receivables" or "HTM" catetory (depends if the project specifies the category, I haven't read in details of part A), but nomatter which category out of these two, it should be subsequently measured at "Amortised Cost" - not fair value (not fair value loss account as well) as you said.
You need to use the excel formula to calculate the Amortised Cost as 30 June 2012. The calculated amortised cost less the impairment amount is the carry value for disclosure purpose.
This is what the project background try to say. |
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