Accumulated impairment losses is not a liability this is a contra to PPE andor

Accumulated impairment losses is not a liability this

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Accumulated impairment losses is not a liability – this is a contra to PPE and/or goodwill 14. Preference shares shown separately – should be shown as part of issued capital 15. The numbering of the notes indicates some notes may be missing e.g. 4 and 7
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15 Income Statement 1. Title as at 30 June 2008 should be “For the year ended 30 June 2010” 2. No comparative figures – should also show amounts for year ending 30 June 2009 3. Admin expenses (by function) and employee benefits expense (by nature) are inconsistent – expenses must be shown either by nature or function not both 4. Loss on sale of business shown below the line – loss on sale of business must be included in profit after tax 5. Tax expense grouped with other expenses – tax expense is a required line item on the face of the income statement 6. Basic EPS is not disclosed – Basic EPS required 7. Finance costs not shown when company has a mortgage payable – should be a separate line item in the income statement 8. Details of cost of goods manufactured is missing – note or on the face for this 9. A separate statement of comprehensive income is required or this statement should be headed up as a statement of comprehensive income 10. A statement of changes in equity is also required
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