Comment on Exposure Draft ED/2017/4 - Proposed amendments to IAS 16
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Added on 2023-06-13
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The Institute of Certified Public Accountants in Ireland disagrees with the Boards proposed amendment to IAS 16.17(e) to recognise the proceeds from selling items produced during testing as revenue. This may result in reporting larger revenue and gross profit which in turn will mislead users of the financial statements when assessing the performance of the entity. It might be a better option for an entity to disclose separately the gain/loss from the sale of outputs as other income. However, more consideration on clarifying several aspects is required.
Comment on Exposure Draft ED/2017/4 - Proposed amendments to IAS 16
Added on 2023-06-13
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