Question: Windy Bhd prepares its interim report on a quarterly basis. Its current financial year ends on 30 June 2019. The business bought two truck costing
Windy Bhd prepares its interim report on a quarterly basis. Its current financial year ends on 30 June 2019. The business bought two truck costing RM180,000 each on 1 January 2019. Direct costs related to the purchase of the truck amounting RM20,000. The truck are depreciated using straight line method on a monthly basis and its expected to be used for 10 years. Based on MFRS134 , determine the reporting periods for interim and comparative financial reports for statement of financial position for second and third quarter for the financial year ended 30 June 2019. State the minimum disclosure requirement of an interim reporting based on MFRS134 Interim Financial Reporting. Determine the reporting periods for interim and comparative financial reports for statement of financial position for second and third quarter for the financial year ended 30 June 2019. Discuss the accounting treatment on the recognition and measurement principles applicable for the above transaction in the preparation of the interim report for the third and fourth quarter
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