T11 and 14 - Chapter 11 Current liabilities and Payroll...

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1 Chapter 11: Current liabilities and Payroll accounting Chapter 14: Long term liabilities NOTE ON READING: Exclude TB pg. 439 443 (payroll liability part of the content, not applicable in Hong Kong, Multi period estimated liability -- to be covered in IA2 Pension accounting) Exclude TB pg 550 -560 (Bonds to be covered in Corporate Finance and IA2 Bonds accounting) 1. Current liabilities accounting - Creation of a payable account - Notes payable (a reverse for note receivable) 2. Estimated liability Warranty expense Dr. Warranty Cr. Estimated warranty expense Dr. Estimated warranty expense Cr. Cash / Inventory (when realized) *3. Accounting for contingent liability (HKAS37) Likelihood of outcome Accounting record Virtually certain Recognition as liability Probable Recognition as liability Possible Disclosure in the FS Remote NIL or disclosure if very prudent 4 Long term liability Long term notes payable (Installment notes fixed payment per period) Read Exhibit 14.14 for details
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