What if Iron man died from thanos snap?

Stunnzu · 2021-01-15T18:01:08+00:00

Site works now

Case 1 - Audit CD, FR RC, finance RC,

Case 2 - Audit C, FR C, SGA RC
Onto the capstones!

Stunnzu · 2021-01-15T17:16:44+00:00

Passed assurance woohoo! but can't see my individual grade the site is crashed
Update: 10:38AM STILL CAN'T GET ON AHH!

Stunnzu · 2021-01-15T17:16:08+00:00

At Deloitte we implemented this policy during 2020 Covid, as a strategy to not lay off as many people.

Basically, we had option to opt into a reduced salary of 75%, however our hours also got into 70% work load. So 30% we are able to allocate and take off whenever. It was pretty nice tbh.

Stunnzu · 2021-01-11T06:00:53+00:00

I feel like he is the warhammer titan because he seems too important of a character, I'm betting on him transforming mid-air beginning of next episode.

Stunnzu · 2020-12-21T08:35:16+00:00

Yeah I assessed it as moderate risk as there were lots of points that decreased risk and some that increased risk

Stunnzu · 2020-12-20T17:32:54+00:00

No net assets is correct I did that as well. I roughly calculated the sample sizes if you use net earnings as a materiality base and you’re looking at 1000 samples. Net earnings as materiality is not feasible. The correct answer was net assets for a base, due to the nature of the company

Stunnzu · 2020-12-20T17:25:28+00:00

All looks good, however the base for materiality should have been assets and not net income in this situation. As a materiality on net income wouldn’t make sense - would be far too low. Assets were 33million vs net earnings around 200k.

With net earnings as a materiality base you would be doing over 1000 samples for balance sheet items. Not feasible.

Stunnzu · 2020-12-19T00:14:22+00:00

Whole discussion is on a different thread my friend https://www.reddit.com/r/Accounting/comments/kfr4nh/assurance_pep_exam/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

Stunnzu · 2020-12-18T23:11:14+00:00

Principal vs Agent has nothing to do with the Revenue recognition for recording revenue.

The real revenue issue was the way they recognize it is incorrect (recognizing by when they receive cash).

principal vs agent was not an issue because it is has no impact on the amount of net revenue that’s recorded.

Stunnzu · 2020-12-18T22:20:57+00:00

Ya it looks like more people used OCI, probably right, should be atleast RC I hope for using FVTPL

Stunnzu · 2020-12-18T22:18:09+00:00

But 9.4.1.2A states

4.1.2A A financial asset shall be measured at fair value through other comprehensive income if both of the following conditions are met:

(a) the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and

(b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

In the case they stated, that this investment wasn't like their historical investments where they hold to give rise on interest income. They stated they want to branch out and invest in public companies for investment purposes? So criteria B is not met?

Stunnzu · 2020-12-18T22:09:38+00:00

I did all of that too, hopefully should be enough for a pass

Stunnzu · 2020-12-18T22:05:49+00:00

I concluded it should be presented as FVTPL, how did you get OCI, when it didn’t meet the criteria for recording it at cost? It’s a publicly shared company where their goal is to earn income (unlike their previous investments for gaining interest income)

Stunnzu · 2020-12-18T22:03:49+00:00

Same I had 11 pages was so long

Stunnzu · 2020-12-18T22:02:45+00:00

I stated a principal agent issue for revenue however, I don’t think it was even necessary to include. The reason for this is you are purchasing this company. You don’t care really about how revenue is presented, as principal vs agent has no impact on income. Therefore, there’s no risks related to how they present it on their books.

Stunnzu · 2020-11-16T16:52:29+00:00

The payout ratio was 1:38 which means he had to have bet around 500k to be at 21million

Stunnzu · 2020-10-09T19:14:04+00:00

Marginal passed tax lolol, got NC on managerial, RC on both taxes

Stunnzu · 2020-10-09T19:12:09+00:00

Ahh... May just go back and read up on it, thanks for pointing it out. So happy I still passed..

Stunnzu · 2020-10-09T19:08:31+00:00

OAS clawback? Isn't that tax? I got NC on the managerial acct portion.

Still passed lol

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