• We are pleased to announce that the winner of our Feedback Prize Draw for the Winter 2024-25 session and winning £150 of gift vouchers is Zhao Liang Tay. Congratulations to Zhao Liang. If you fancy winning £150 worth of gift vouchers (from a major UK store) for the Summer 2025 exam sitting for just a few minutes of your time throughout the session, please see our website at https://www.acted.co.uk/further-info.html?pat=feedback#feedback-prize for more information on how you can make sure your name is included in the draw at the end of the session.
  • Please be advised that the SP1, SP5 and SP7 X1 deadline is the 14th July and not the 17th June as first stated. Please accept out apologies for any confusion caused.

Is chapter 22 up-to-date?

T

the_mighty_onion

Member
A few minor points regarding this chapter:

(1.) In section 1, it states "in many countries, accounting practices will change with the introduction of IAS (international accounting standards) from 2005 onwards". This is 3 years ago now, so should we not be talking about what has actually been observed to happen?

(2.) In section 1.2 it refers to the "profit and loss account". Should this not be an income statement now?

(3.) In section 1.3 it again refers to the profit and loss account instead of retained profits (although this is mentioned in Note 11).

Thus, is this chapter perhaps in need of an update?
 
The Chapter uses the most up to date Core Reading, but it looks like the Core Reading hasn't been changed in this Chapter for a while and needs to change. I'll let the Profession know.

However, ST3 is not really UK-specific, so the concept of profit and loss accounts etc stills hold. ST3 is trying to explain concepts rather than country-specific examples.
 
Back
Top