Dambai Ltd (Dambai) is a large manufacturing company. Wherever possible, it structures its operations to take...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Dambai Ltd (Dambai) is a large manufacturing company. Wherever possible, it structures its operations to take advantage of any financial assistance available from national and regional authorities. During the year, Dambai decided to relocate some of its other operations to a regional development area, which offers attractive labour costs and tax incentives. The regional government agreed to contribute GH¢200,000 as a result of Dambai setting up in the regional development area. There are no particular conditions as to what the money should be spent on. The cash was received on 1 August 2019. Required: In accordance with IAS 20: Accounting for Government Grants and Disclosure of Government Assistance explain the financial reporting treatment of the above in the financial statements of Dambai for the year ended 31 December 2019. Dambai Ltd (Dambai) is a large manufacturing company. Wherever possible, it structures its operations to take advantage of any financial assistance available from national and regional authorities. During the year, Dambai decided to relocate some of its other operations to a regional development area, which offers attractive labour costs and tax incentives. The regional government agreed to contribute GH¢200,000 as a result of Dambai setting up in the regional development area. There are no particular conditions as to what the money should be spent on. The cash was received on 1 August 2019. Required: In accordance with IAS 20: Accounting for Government Grants and Disclosure of Government Assistance explain the financial reporting treatment of the above in the financial statements of Dambai for the year ended 31 December 2019.
Expert Answer:
Answer rating: 100% (QA)
a IFRS 15 Revenue from Contracts with Customers Very few candidates were able to understand and suggest correctly appropriate accounting treatment Man... View the full answer
Related Book For
Business Statistics for Contemporary Decision Making
ISBN: 978-0470910184
6th Edition
Authors: Ken Black
Posted Date:
Students also viewed these accounting questions
-
A large manufacturing company produces computer printers that are distributed and sold all over the United States. Due to lack of industry information, the company has a difficult time ascertaining...
-
During 2016, Charley wants to take advantage of the annual exclusion and make gifts to his 6 married children (including their spouses) and his 12 minor grandchildren. a. How much property can...
-
During 2017, Vasu wants to take advantage of the annual exclusion and make gifts to his six married children (including their spouses) and his twelve minor grandchildren. a. How much property can...
-
Write a program, in Java, to convert from binary to decimal andfrom from binary to hexadecimal. Please use instance variables,preferably strings. The program must do the conversion withoutusing any...
-
Compare the terms direct cost and indirect cost.
-
A flow of 2832 liters/s (6000 ft 3 /min, dry basis) of air at 26.7 C (80 F) dry-bulb temperature, 50% relative humidity, and standard atmospheric pressure enters an air-conditioning unit. The air...
-
An incompressible fluid flows through the converging duct shown in Fig. P4.40a with velocity \(V_{0}\) at the entrance. Measurements indicate that the actual velocity of the fluid near the wall of...
-
Explain the first two principles of systems analysis and design.
-
A break-even analysis is used to determine the break-even quantity of a firm's output by examining the relationships among the firm's cost structure, volume of output, and profit. Break-even quantity...
-
Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: Complete the W-4...
-
Question THREE A had four million ordinary shares in issue and ranking for dividend at 1 January 2023. On 30 September, one million further shares were issued. Earnings for the year ended 31 December...
-
When will an industry tend to become dominated by platform ecosystems? What will determine which platform ecosystems are more successful in an industry than others?
-
A movie studio executive wants to poll a sample of movie goers to determine how viewers will react to a new movie. Briefly explain how the sample should be designed.
-
Two companies, Boeing and Airbus, have long dominated the market for large commercial jet aircraft. Today Boeing planes account for 50% of the worlds fleet of commercial jet aircraft, and Airbus...
-
Established in 2000 as a joint venture between Verizon Communications and Britains Vodafone, over the last 18 years Verizon Wireless has emerged as the largest and consistently most profitable...
-
The U.S. newspaper business is a declining industry. Newspaper circulation has been steadily falling since 1990, with the drop accelerating in recent years. According to the Newspaper Association of...
-
1. Application Prototype For the software application, create a working relational database prototype using SQL Server and a front-end software. Your prototype should demonstrate your implementation...
-
Write a function that reads a Float24_t value: Float24_t float24_read(void) A legitimate float24 value string is of the form: "mantissabexponent" where the mantissa (m) and the exponent (e) may have...
-
A restaurant averages 4.51 customers per 10 minutes during the summer in the late afternoon. Shown here are Excel and Minitab output for this restaurant. Discuss the type of distribution used to...
-
According to a National Public Transportation survey, the average commuting time for people who commute to a city with a population of 1 to 3 million is 19.0 minutes. Suppose a researcher lives in a...
-
Determine the mean, the variance, and the standard deviation of the following discrete distribution. x P(x) 1 ...........238 2 ...........290 3 ...........177 4 ...........158 5 ...........137
-
Give three reasons why the ICP accelerometer is the chosen transducer for vibration analysis.
-
More and more Japanese companies are moving in on what once was an exclusive U.S. preserve: making and selling the complex equipment that makes semiconductors. World sales are between \($3\) billion...
-
What can be used for a velocity output without the negative aspects of a seismic transducer?
Study smarter with the SolutionInn App