MGAC01H3 Chapter Notes - Chapter 7: Current Asset, Market Liquidity, Financial Instrument
Document Summary
Restricted cash the restricted cash is separately disclosed and reported in the current assets section or is classified separated in the long-term. Opening balance: credit sales, reinstatement of accounts previously written off, cash received on account, accounts written off. Opening balance: bad debt expense recognized, reinstatement of accounts previously written off, year-end adjustment to increase balance in allowance account, accounts written off, year-end adjustment to reduce balance in allowance account. Bad debt expense: bad debt expense recognized, year-end adjustment to increase balance in allowance account. Presentation and disclosure aside from providing information about the accounting policies applied, entities are required to present the following data associated with loans and receivables, with more information required under ifrs than private entity gaap: Summary of learning objectives: define financial assets, and identify items that are considered cash and cash equivalents and how they are reported.
