In contract revenue to recognise using input method, one of the key audit procedures is to ascertain the budgeted cost of the project contract is reasonable. We need to test the underlining assumptions, the cost component to available evidence. The reasonableness of budgeted cost can be assessed through historical project, gross profit analysis of project.
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See AllPer FRS 109, para 5.1.1, financial assets such as equity instruments shall be initially measured at fair value. And subsequently measured...
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