One question why do you not cap at the ceiling the opening amount, there is not date given of when this ceiling was introduced so I would of assumed that it was always in place - or is it because it says in the future it only relates to the future?
@@freddyainsworth1167 the asset ceiling test relates to the closing balance to put on the statement of financial position - to make sure the asset is not being overstated. The expense charged would take into account any assets ceiling test that existed in a previous period but so no details given in this question. Try not to overthink these things Freddy
Thank you for this incredible series of debrief, sir! I really appreciate them!
@@datjep glad you found this useful!!!
One question why do you not cap at the ceiling the opening amount, there is not date given of when this ceiling was introduced so I would of assumed that it was always in place - or is it because it says in the future it only relates to the future?
@@freddyainsworth1167 the asset ceiling test relates to the closing balance to put on the statement of financial position - to make sure the asset is not being overstated.
The expense charged would take into account any assets ceiling test that existed in a previous period but so no details given in this question.
Try not to overthink these things Freddy