Under a service concession arrangement, A. The transferring government continues to report the transferred asset as...
Under a service concession arrangement,
A. The transferring government continues to report the transferred asset as a capital asset and any related contractual obligations as liabilities
B. The operating government will record the transferring government’s payment or receivable, a liability for the present value of significant contractual obligations and a corresponding deferred inflow of resources for the difference between the two
C. Any deferred inflow is recognized as revenue at the time the arrangement takes place
D. All of the above statements are true
Homework Answers
Answer is all of the statements are true.
Under service concession arrangement, transferring govt. report the the transferred asset as capital and any related obligation as liability.
There will be two type of concessional agreement one is financial asset and second is intangible asset.
It will record all unconditional contractual right to receive as asset and condition to pay as liability, any inflow recognized as revenue at time of arrangement takes place.
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***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL POST THE REST OF THE INFO IN CASE YOU...
***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL
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***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL
POST THE REST OF THE INFO IN CASE YOU NEED IT.
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