This is a checklist for auditors performing audits of financial statements, to ensure the work performed on Taxes is adequate. It may be slightly modified in line with local legislation requirments.
The document discusses common mistakes in tax assessments and analyzing auditor reports. Section A covers common mistakes like selecting cases without guidelines, issuing vague questionnaires, not applying mind to facts, and not following legal precedents. It also discusses constitutional provisions for taxation. Section B analyzes various auditor reports like tax audit reports, notes, transfer pricing certificates, and other forms for key information like related party transactions, accounting changes, and qualifications. The document emphasizes strict compliance, giving assessees a fair hearing, and providing clear reasoning in assessment orders.
1) Lessee and Lessor agreed to lease an additional 1,000 sqm of space from January 20x4 at an annual payment of CHF21,000, which is considered a market rate.
2) This modification is accounted for as a separate lease as it increases the scope of the original lease at a market rate.
3) On January 20x4, Lessee recognizes a RoU asset and lease liability of CHF37,968 for the additional space, representing the present value of two CHF21,000 payments.
4) The accounting for the original 5,000 sqm lease remains unchanged as its terms were not modified.
IFRS 9 introduces significant changes to the classification and measurement of financial instruments and the accounting for impairment of financial assets compared to IAS 39. Some of the key changes include:
1. IFRS 9 uses a single classification and measurement approach for financial assets based on the entity's business model and the contractual cash flow characteristics of the assets, replacing the multiple classification categories in IAS 39. This may lead to increased profit and loss volatility.
2. IFRS 9 introduces an "expected credit loss" model for impairment of financial assets such as loans and receivables, requiring entities to account for expected losses from initial recognition of assets rather than incurred losses under IAS 39.
3. IFR
This document discusses interim financial reporting requirements under MFRS 134. It defines interim financial reports and explains their importance in providing timely information to investors. The document outlines the content requirements for interim financial statements, including comparative figures. It also discusses the recognition and measurement principles, noting that the same accounting policies must be applied as in annual reports. Significant events affecting financial position or performance since the last annual report must be disclosed.
The document summarizes the key changes introduced in the revised Schedule VI format for preparation of financial statements in India. Some of the major changes include classification of assets and liabilities as current and non-current, compulsory vertical format for balance sheet and profit & loss account, replacement of term "schedule" with "note", and disclosure requirements for items exceeding 1% of revenue or Rs. 100,000. The document also provides details on general instructions, classification of tangible assets, investments, inventories, revenue and expenses in the financial statements.
This document outlines Accounting Standard 12 regarding accounting for government grants. It defines key terms like government and government grants. It discusses the capital vs income approaches to accounting for grants and recommends the nature of the grant determines the appropriate approach. It provides guidance on recognizing, presenting, and disclosing grants related to assets, revenue, and promoters' contributions. It also addresses accounting for refunds of grants and disclosure requirements. The standard aims to provide reasonable assurance that grants are properly recognized and matched with related costs over relevant periods.
Ind AS 34 provides the requirements for interim financial reporting, requiring listed companies to publish interim financial reports on a quarterly basis. These interim reports must include at a minimum condensed statements of financial position, comprehensive income, changes in equity and cash flows, along with selected explanatory notes. The standard specifies the recognition and measurement principles to be applied in interim reports, which should use the same accounting policies as the annual financial statements.
The document discusses common mistakes in tax assessments and analyzing auditor reports. Section A covers common mistakes like selecting cases without guidelines, issuing vague questionnaires, not applying mind to facts, and not following legal precedents. It also discusses constitutional provisions for taxation. Section B analyzes various auditor reports like tax audit reports, notes, transfer pricing certificates, and other forms for key information like related party transactions, accounting changes, and qualifications. The document emphasizes strict compliance, giving assessees a fair hearing, and providing clear reasoning in assessment orders.
1) Lessee and Lessor agreed to lease an additional 1,000 sqm of space from January 20x4 at an annual payment of CHF21,000, which is considered a market rate.
2) This modification is accounted for as a separate lease as it increases the scope of the original lease at a market rate.
3) On January 20x4, Lessee recognizes a RoU asset and lease liability of CHF37,968 for the additional space, representing the present value of two CHF21,000 payments.
4) The accounting for the original 5,000 sqm lease remains unchanged as its terms were not modified.
IFRS 9 introduces significant changes to the classification and measurement of financial instruments and the accounting for impairment of financial assets compared to IAS 39. Some of the key changes include:
1. IFRS 9 uses a single classification and measurement approach for financial assets based on the entity's business model and the contractual cash flow characteristics of the assets, replacing the multiple classification categories in IAS 39. This may lead to increased profit and loss volatility.
2. IFRS 9 introduces an "expected credit loss" model for impairment of financial assets such as loans and receivables, requiring entities to account for expected losses from initial recognition of assets rather than incurred losses under IAS 39.
3. IFR
This document discusses interim financial reporting requirements under MFRS 134. It defines interim financial reports and explains their importance in providing timely information to investors. The document outlines the content requirements for interim financial statements, including comparative figures. It also discusses the recognition and measurement principles, noting that the same accounting policies must be applied as in annual reports. Significant events affecting financial position or performance since the last annual report must be disclosed.
The document summarizes the key changes introduced in the revised Schedule VI format for preparation of financial statements in India. Some of the major changes include classification of assets and liabilities as current and non-current, compulsory vertical format for balance sheet and profit & loss account, replacement of term "schedule" with "note", and disclosure requirements for items exceeding 1% of revenue or Rs. 100,000. The document also provides details on general instructions, classification of tangible assets, investments, inventories, revenue and expenses in the financial statements.
This document outlines Accounting Standard 12 regarding accounting for government grants. It defines key terms like government and government grants. It discusses the capital vs income approaches to accounting for grants and recommends the nature of the grant determines the appropriate approach. It provides guidance on recognizing, presenting, and disclosing grants related to assets, revenue, and promoters' contributions. It also addresses accounting for refunds of grants and disclosure requirements. The standard aims to provide reasonable assurance that grants are properly recognized and matched with related costs over relevant periods.
Ind AS 34 provides the requirements for interim financial reporting, requiring listed companies to publish interim financial reports on a quarterly basis. These interim reports must include at a minimum condensed statements of financial position, comprehensive income, changes in equity and cash flows, along with selected explanatory notes. The standard specifies the recognition and measurement principles to be applied in interim reports, which should use the same accounting policies as the annual financial statements.
Financial reporting involves the disclosure of a company's financial results and performance over a specified period. It can be annual or interim. Annual reports cover a full financial year, while interim reports are for periods shorter than a year. Both types of reports include financial statements such as the balance sheet, income statement, cash flow statement, and notes. Interim reports provide timely information to stakeholders and follow the same recognition and measurement principles as annual reports, with estimates used more frequently given the shorter periods. The objective is to present a reliable picture of a company's financial position and performance.
Interim financial reporting provides essential information to investors throughout the year to help evaluate a company's performance and financial condition between annual reports. Accounting Standard 25 outlines requirements for interim reporting, including minimum components, recognition and measurement principles, and disclosure standards. Legal requirements in India according to SEBI mandate that listed companies publish unaudited quarterly financial results within one month of the quarter end along with additional disclosures. Issues with interim reporting include accounting problems due to uneven costs and revenues, and limited disclosure compared to annual reports. Improving interim reporting involves aligning reporting periods with operating cycles and allocating annual costs more evenly across interim periods.
This document outlines the requirements for interim financial reporting in Vietnam. It defines interim periods and interim financial reports. The minimum content of an interim financial report includes condensed financial statements comprising a condensed balance sheet, condensed income statement, condensed cash flow statement, and selected explanatory notes. The notes should include information about accounting policies, unusual items, changes in owner's equity, subsequent events, and segment information. The interim financial report is intended to provide an update on the latest annual financial statements and focus on significant events and transactions since the last annual report.
This 1 Hour Online CPD Course has been designed as a comprehensive guide to Annual Returns including completing and filing of the return. Conor gives practical step by step advice to ensuring that you don’t fall foul of the many common mistakes reported by Companies Registration Office on an Annual Basis.
This document explains IAS 34 Interim Financial Reporting and provides guidance on interim financial statements. It discusses the requirements for line items, disclosures, periods presented, materiality, recognition and measurement principles. Specifically, it notes IAS 34 does not mandate interim reporting but encourages publicly traded entities to provide interim statements at least semi-annually. It also requires the same primary financial statements as annual reports but with fewer disclosures and a year-to-date measurement approach. Recognition and measurement is generally the same as in annual reports with some specific guidance provided for areas like employee benefits, impairments, and foreign currency gains/losses.
OVERVIEW
• Notice 2012-73 delays effective date of Temporary Regulations effective for taxable years beginning on of after Jan. 1, 2014
• IRS will modify portions of Temp Regs related to De Mininis amounts, Dispositions, and Routine Maintenance Safe Harbor in 2013
• Rev Proc 2012-19 (M&S, Capital Expenditures, Transaction Costs, and Improvements) and 2012-20 (Leased Property, GAA, MACRS Property, Dispositions of MACRS Property) provide guidance including Sec 481(a) method changes
• Rev Proc 2012-20 permits late-GAA election for property placed in service prior to 2012 by filing Form 3115 within first two tax years beginning on or after Jan. 1, 2012 and Taxpayers should consider to timely elect GAA treatment for assets placed in service in 2012 on Form 4562 to take advantage of favorable disposition rules, especially for real property
Impacts of IFRS Adoption on Financial Statements: Issues & Challenges - Chartered Institute of Bankers of Nigeria (CIBN) workshop on IFRS Abuja - 28 - 29th July , 2016
The document provides an overview of audit and accounts provisions under the Companies Act 2013 through a presentation. Key highlights include mandatory consolidation of financial statements, reopening of accounts only via court order, voluntary revision of statements, constitution of the National Financial Reporting Authority (NFRA) to regulate auditing standards and practices, and new requirements for auditor appointment, remuneration and duties. The presentation also covers financial statements, books of accounts, corporate social responsibility requirements and rights of members to access statements.
This document provides an overview of accounting standards and corporate accounting practices in India. It discusses key points about various accounting standards issued by the Accounting Standards Board of India, including standards on revenue recognition (AS-9), valuation of inventories (AS-2), depreciation (AS-6), foreign exchange rates (AS-11), investments (AS-13), borrowing costs (AS-16), segment reporting (AS-17), related party disclosures (AS-18), and earnings per share (AS-20). It also outlines responsibilities of chartered accountants to disclose any non-compliance with accounting standards. The standards are applicable to business and commercial organizations from the specified effective dates.
The document discusses various statutory reporting requirements for auditors under Indian law, including the Companies Act, Insurance Regulations, Banking Regulations, and others. It covers sections of the Companies Act that specify information auditors must report on, such as loans and advances, transactions, directors, and cess payments. It also discusses compliance with accounting standards, providing adverse comments, disclaimers of opinion, and modified opinions that may be necessary in an auditor's report.
This document outlines procedures for administering loans from IFAD (International Fund for Agricultural Development). It discusses basic principles like eligible expenditures and disbursement conditions. It describes the letter sent to borrowers and the disbursement handbook, which provide guidelines for withdrawing loan funds. The main disbursement procedures covered are the special/designated account procedure, direct payment procedure, reimbursement procedure, and special commitment procedure. Key aspects like opening and replenishing the designated account, supporting documentation, and recovering the initial deposit are also summarized.
The document discusses types of audit reports including unmodified, qualified, and modified reports. It describes the components of a standard unmodified audit report including the report title, address, introductory paragraph, scope paragraph, opinion paragraph, auditor information, and date. It also discusses conditions that result in qualified reports including scope limitations and disagreements with management. Qualified opinions can be qualified, disclaimer, or adverse depending on if issues are material or pervasive.
The document summarizes key points from a presentation on accounting and tax updates. It discusses opportunities and compliance requirements related to the new Tangible Property Regulations, including the ability to deduct previously capitalized repairs and make partial disposition elections. It also provides an overview of state budget balances and revenues in Kansas and Missouri.
This document summarizes various audit reporting standards and bulletins. It includes examples of unmodified audit reports, modified reports that include disagreements, uncertainties and scope limitations, as well as emphasis of matter and other matter paragraphs. It also discusses auditor responsibilities in relation to listed company reporting and reviews of financial statements.
FRS 101 provides guidance on preparing and presenting general purpose financial statements. It aims to ensure comparability within an entity's financial statements over time and between entities. FRS 101 requires a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. It also provides guidelines on classifying assets and liabilities as current or non-current, and disclosing additional information in the notes. The financial statements must be clearly identified and present relevant information in a fair, comparable, and understandable manner.
IFRS 1 provides guidance for an entity's first-time adoption of International Financial Reporting Standards. It aims to ease the transition from previous GAAP to IFRS. The standard requires retrospective application of IFRSs with some exemptions allowed to reduce costs. It also provides guidance on recognition and measurement of assets and liabilities, and presentation and disclosure requirements in the financial statements on first-time adoption of IFRS.
1. A duckling entered the kitchen and began eating the narrator's food.
2. The narrator heard a scary noise and went to their parents' room to sleep with them curled up under the sheets for comfort.
3. A mud pie fell onto the table with a plopping sound.
Este documento contém uma conversa entre duas pessoas em basco. Uma pessoa diz que não gosta de andar de bicicleta e a outra responde que deveria experimentar andar de bicicleta na região de Araba, que é plana. Elas discutem brevemente sobre caminhadas e bicicleta.
Financial reporting involves the disclosure of a company's financial results and performance over a specified period. It can be annual or interim. Annual reports cover a full financial year, while interim reports are for periods shorter than a year. Both types of reports include financial statements such as the balance sheet, income statement, cash flow statement, and notes. Interim reports provide timely information to stakeholders and follow the same recognition and measurement principles as annual reports, with estimates used more frequently given the shorter periods. The objective is to present a reliable picture of a company's financial position and performance.
Interim financial reporting provides essential information to investors throughout the year to help evaluate a company's performance and financial condition between annual reports. Accounting Standard 25 outlines requirements for interim reporting, including minimum components, recognition and measurement principles, and disclosure standards. Legal requirements in India according to SEBI mandate that listed companies publish unaudited quarterly financial results within one month of the quarter end along with additional disclosures. Issues with interim reporting include accounting problems due to uneven costs and revenues, and limited disclosure compared to annual reports. Improving interim reporting involves aligning reporting periods with operating cycles and allocating annual costs more evenly across interim periods.
This document outlines the requirements for interim financial reporting in Vietnam. It defines interim periods and interim financial reports. The minimum content of an interim financial report includes condensed financial statements comprising a condensed balance sheet, condensed income statement, condensed cash flow statement, and selected explanatory notes. The notes should include information about accounting policies, unusual items, changes in owner's equity, subsequent events, and segment information. The interim financial report is intended to provide an update on the latest annual financial statements and focus on significant events and transactions since the last annual report.
This 1 Hour Online CPD Course has been designed as a comprehensive guide to Annual Returns including completing and filing of the return. Conor gives practical step by step advice to ensuring that you don’t fall foul of the many common mistakes reported by Companies Registration Office on an Annual Basis.
This document explains IAS 34 Interim Financial Reporting and provides guidance on interim financial statements. It discusses the requirements for line items, disclosures, periods presented, materiality, recognition and measurement principles. Specifically, it notes IAS 34 does not mandate interim reporting but encourages publicly traded entities to provide interim statements at least semi-annually. It also requires the same primary financial statements as annual reports but with fewer disclosures and a year-to-date measurement approach. Recognition and measurement is generally the same as in annual reports with some specific guidance provided for areas like employee benefits, impairments, and foreign currency gains/losses.
OVERVIEW
• Notice 2012-73 delays effective date of Temporary Regulations effective for taxable years beginning on of after Jan. 1, 2014
• IRS will modify portions of Temp Regs related to De Mininis amounts, Dispositions, and Routine Maintenance Safe Harbor in 2013
• Rev Proc 2012-19 (M&S, Capital Expenditures, Transaction Costs, and Improvements) and 2012-20 (Leased Property, GAA, MACRS Property, Dispositions of MACRS Property) provide guidance including Sec 481(a) method changes
• Rev Proc 2012-20 permits late-GAA election for property placed in service prior to 2012 by filing Form 3115 within first two tax years beginning on or after Jan. 1, 2012 and Taxpayers should consider to timely elect GAA treatment for assets placed in service in 2012 on Form 4562 to take advantage of favorable disposition rules, especially for real property
Impacts of IFRS Adoption on Financial Statements: Issues & Challenges - Chartered Institute of Bankers of Nigeria (CIBN) workshop on IFRS Abuja - 28 - 29th July , 2016
The document provides an overview of audit and accounts provisions under the Companies Act 2013 through a presentation. Key highlights include mandatory consolidation of financial statements, reopening of accounts only via court order, voluntary revision of statements, constitution of the National Financial Reporting Authority (NFRA) to regulate auditing standards and practices, and new requirements for auditor appointment, remuneration and duties. The presentation also covers financial statements, books of accounts, corporate social responsibility requirements and rights of members to access statements.
This document provides an overview of accounting standards and corporate accounting practices in India. It discusses key points about various accounting standards issued by the Accounting Standards Board of India, including standards on revenue recognition (AS-9), valuation of inventories (AS-2), depreciation (AS-6), foreign exchange rates (AS-11), investments (AS-13), borrowing costs (AS-16), segment reporting (AS-17), related party disclosures (AS-18), and earnings per share (AS-20). It also outlines responsibilities of chartered accountants to disclose any non-compliance with accounting standards. The standards are applicable to business and commercial organizations from the specified effective dates.
The document discusses various statutory reporting requirements for auditors under Indian law, including the Companies Act, Insurance Regulations, Banking Regulations, and others. It covers sections of the Companies Act that specify information auditors must report on, such as loans and advances, transactions, directors, and cess payments. It also discusses compliance with accounting standards, providing adverse comments, disclaimers of opinion, and modified opinions that may be necessary in an auditor's report.
This document outlines procedures for administering loans from IFAD (International Fund for Agricultural Development). It discusses basic principles like eligible expenditures and disbursement conditions. It describes the letter sent to borrowers and the disbursement handbook, which provide guidelines for withdrawing loan funds. The main disbursement procedures covered are the special/designated account procedure, direct payment procedure, reimbursement procedure, and special commitment procedure. Key aspects like opening and replenishing the designated account, supporting documentation, and recovering the initial deposit are also summarized.
The document discusses types of audit reports including unmodified, qualified, and modified reports. It describes the components of a standard unmodified audit report including the report title, address, introductory paragraph, scope paragraph, opinion paragraph, auditor information, and date. It also discusses conditions that result in qualified reports including scope limitations and disagreements with management. Qualified opinions can be qualified, disclaimer, or adverse depending on if issues are material or pervasive.
The document summarizes key points from a presentation on accounting and tax updates. It discusses opportunities and compliance requirements related to the new Tangible Property Regulations, including the ability to deduct previously capitalized repairs and make partial disposition elections. It also provides an overview of state budget balances and revenues in Kansas and Missouri.
This document summarizes various audit reporting standards and bulletins. It includes examples of unmodified audit reports, modified reports that include disagreements, uncertainties and scope limitations, as well as emphasis of matter and other matter paragraphs. It also discusses auditor responsibilities in relation to listed company reporting and reviews of financial statements.
FRS 101 provides guidance on preparing and presenting general purpose financial statements. It aims to ensure comparability within an entity's financial statements over time and between entities. FRS 101 requires a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. It also provides guidelines on classifying assets and liabilities as current or non-current, and disclosing additional information in the notes. The financial statements must be clearly identified and present relevant information in a fair, comparable, and understandable manner.
IFRS 1 provides guidance for an entity's first-time adoption of International Financial Reporting Standards. It aims to ease the transition from previous GAAP to IFRS. The standard requires retrospective application of IFRSs with some exemptions allowed to reduce costs. It also provides guidance on recognition and measurement of assets and liabilities, and presentation and disclosure requirements in the financial statements on first-time adoption of IFRS.
1. A duckling entered the kitchen and began eating the narrator's food.
2. The narrator heard a scary noise and went to their parents' room to sleep with them curled up under the sheets for comfort.
3. A mud pie fell onto the table with a plopping sound.
Este documento contém uma conversa entre duas pessoas em basco. Uma pessoa diz que não gosta de andar de bicicleta e a outra responde que deveria experimentar andar de bicicleta na região de Araba, que é plana. Elas discutem brevemente sobre caminhadas e bicicleta.
Alice Walker is an acclaimed African American writer and civil rights activist born in Georgia in 1944. She wrote several influential novels that explored themes of racism, sexism, and the struggles of black women. Her most famous work is The Color Purple, which won the Pulitzer Prize in 1983 and told the story of abuse and empowerment through the letters of the main character Celie. Walker drew from her own experiences with racism and sexism to create socially conscious literature that gave voice to marginalized groups.
Team Rubicon uses veterans to provide disaster relief services. It leverages veterans' skills in leadership, teamwork, communication and ability to endure hardship. Veterans volunteer with Team Rubicon to continue serving their community and find renewed purpose. Team Rubicon has responded to disasters worldwide since 2010 and helped veterans with their transition to civilian life. Its vision is to have veteran response teams in every local area and a fellowship program to teach veterans business skills.
Try some of the simple tips in this presentation to enhance your productivity!
I presented this material at a seminar hosted by the Professional Writers Association of Canada (PWAC.ca) Toronto chapter.
Technovax Presentation @ Influenza Congress USA 2012Hector Munoz
TechnoVax is developing novel Virus-Like Particle (VLP) vaccines using a cell-based manufacturing system that is safer, more effective, and scalable compared to traditional egg-based vaccine production. Their VLP technology is being used to develop vaccines for influenza, respiratory syncytial virus (RSV), and other diseases. Their influenza VLP vaccines include seasonal tetravalent and "universal" versions. They are seeking partnerships to advance their preclinical vaccine candidates into clinical trials.
This document outlines steps and strategies for achieving an Inbox Zero workflow, including unsubscribing from unnecessary newsletters, creating email filters and rules to automatically organize messages, transferring information to calendars, task lists, and folders, and checking email only a few times per day. The overall goal is to process all messages out of the inbox so it is empty by the end of the workday in order to minimize distractions and stay focused on important tasks.
Mise en place de la stratégie d'Animation Numérique de Territoire en Pays Vai...Lise Trincaretto
Présentation de la nécessité de mettre en place une stratégie d'Animation Numérique de Territoire par un Office de Tourisme à destination de ses partenaires socioprofessionnels par Laurent Pamato, ANT, et Lise Trincaretto, Directrice à l'Office de Tourisme du Pays Vaison Ventoux
The document discusses the audit process in four phases - planning, execution, reporting, and compliance and substantive procedures. It covers the basic principles of auditing like integrity, objectivity, independence. It also discusses audit risk, documentation, auditor's report and qualifications in reports.
The document discusses trial balance, which is a statement that lists the debit and credit balances of ledger accounts to test the arithmetical accuracy of accounting books. A trial balance has certain features, such as being prepared on a specific date and including all ledger accounts. It also discusses the purpose of a trial balance, which is to test accuracy, provide a summary of ledger account balances, and serve as the basis for preparing final financial statements. The document outlines different methods for preparing a trial balance and provides examples of common account adjustments that are made, such as for closing stock, depreciation, outstanding expenses, and prepaid expenses.
1) A financial accountant prepares financial reports and statements according to GAAP guidelines to provide information for economic decision making to external stakeholders.
2) Financial accountants apply accounting principles to record financial information and prepare regular financial reports and statements as part of accounting cycles.
3) Key reports and statements prepared by financial accountants include the balance sheet, income statement, cash flow statement, and statements of owners' equity.
This document provides an overview of chapter 4 of an accounting textbook, which covers the accounting cycle and accruals and deferrals. It lists the learning objectives, brief exercises, full exercises, problems, and critical thinking cases covered in the chapter. It provides summaries of the problems and cases, describing what they require students to do and how long they take. It also includes sample journal entries and answers to discussion questions about key concepts related to adjusting entries, deferrals, accruals, and the matching principle. The document aims to outline and describe the entire contents and assessments within the chapter.
The document summarizes the current and future processes for account payables in 3 levels of detail. Currently, payables transactions like salaries, purchases, and expenses are recorded manually. Future processes will integrate supplier maintenance, invoice processing, payment processing, and period-end closing into an automated workflow within a new system. This will help match invoices to POs/contracts electronically and calculate payables aging automatically. However, gaps still exist between current and future processes that need to be addressed during implementation.
Record to report (R2R) involves collecting, processing, and delivering timely and accurate financial information to assess business performance. A general ledger report provides key metrics and commentary on financial performance and position by reconciling actual results to budgets, forecasts, and prior years. Accrual accounting seeks to match revenues and expenses to the period earned or incurred by recording accrued income, which has been earned but not received, as an asset and accrued expenses, which have been incurred but not paid, as a liability through journal entries.
Here are some key points about FI organizational structure in SAP:
- The top level entity is the client, which represents the company.
- Below the client is the operating concern, which represents the legal entity or group. There can be multiple operating concerns under a client.
- Controlling areas are used to separate responsibilities for planning, budgeting, reporting etc. There can be multiple controlling areas under an operating concern.
- Company codes represent individual companies or plants. They are the lowest level for accounting and are mandatory.
- Business areas can be used to separate divisions, regions etc. for reporting. Multiple business areas can be assigned to a company code.
- Profit centers can be used below
Final account. financial accounting prepared by Prof.Satish R.TajaneDr. Satish Tajane
The document discusses the preparation of final accounts for a partnership firm. It explains that partnership accounts are prepared similarly to sole proprietorship accounts, including a Trading Account, Profit & Loss Account, and Balance Sheet.
It then provides details on the format and explanation of items for the Trading Account, Profit & Loss Account, and Balance Sheet. The Trading Account shows gross profit/loss, the Profit & Loss Account shows net profit/loss, and the Balance Sheet presents the firm's financial position as of a particular date with sources of funds/liabilities on one side and application of funds/assets on the other.
The document emphasizes that all adjustments outside of the trial balance must be considered when preparing final
This document provides an overview of the audit process. It describes what an audit is, the different stages of an audit including audit intimation, requisition of records, observations, paragraphs, audit reports, verification of replies, departmental accounts committees, draft audit reports, and the role of the public accounts committee. The key stages are the examination of records by auditors, any observations made, discussions with the audited entity, inclusion of unresolved matters in reports, and the committee process for resolution and accountability.
Reconciliation of cost and financial accountsNeeruJaswal2
This document discusses the reconciliation of cost and financial accounts. It defines reconciliation as tallying or equating the results shown in cost accounts and financial accounts. There can be disagreements between the profits in the two accounts due to items only being included in one set of accounts or differences in stock valuation or depreciation methods. Reconciling the accounts ensures accuracy and reliability. The two main methods of reconciliation are preparing a reconciliation statement, which adds or subtracts reconciling items to the base profit of one account to match the other account's profit, and preparing a memorandum reconciliation account in ledger format.
This document provides an overview of the audit process. It describes what an audit is, the different stages of an audit including audit intimation, requisition of records, observations, paragraphs, audit reports, verification of replies, departmental accounts committees, draft audit reports, and the role of the public accounts committee. The key stages are the examination of records by auditors, any observations or findings being documented, responses and discussions with the audited entity, and potential inclusion of unresolved matters in audit reports for further action.
Record to Report (R2R) involves collecting, processing, and delivering timely and accurate financial information to assess business performance. General ledger reports provide key metrics and commentary on financial performance versus budgets and prior years. Deferrals refer to revenue or expenses associated with products/services paid for or received before being provided, following revenue recognition and matching principles. Deferred revenue is income received in advance, listed as a liability, while deferred expenses are prepaid, listed as an asset.
- The document discusses key steps in the accounting process including preparing trial balance, final accounts (trading account, profit & loss account, balance sheet), and various adjustments needed for the financial statements.
- It provides examples and explanations of key final account components like trading account, profit & loss account, balance sheet, and adjustments for closing stock, outstanding expenses, prepaid expenses, accrued income, and more.
- The purpose is to explain how to close accounts and prepare final financial statements that show the profit/loss for the period and current financial position.
This document provides guidance on various practical issues related to tax audits under section 44AB in India. It discusses topics like the objective of tax audits, who is liable for a tax audit, eligibility criteria, appointment of tax auditors, responsibilities of tax auditors, contents of form 3CD, accounting treatments, and other procedural matters. The document aims to help tax auditors properly conduct tax audits and ensure compliance with relevant laws and standards.
The document is an audit programme for non-current assets for Sheridan AV for the year ending March 31, 2021. It outlines the audit assertions to be tested, including presentation and disclosure, accuracy/classification/valuation, rights and obligations, completeness and cut-off, and existence/occurrence. Tests are described to check the non-current asset balances, additions, disposals, depreciation calculations, and physical verification of assets. Issues were noted regarding presentation of figures and lack of information in depreciation reports. Subject to these matters, the auditor confirms non-current assets are fairly stated.
final accounts text and problems related to income and balance sheetlearn2writepbs
This document discusses the need for adjustments when preparing financial statements according to the accrual concept of accounting. It provides examples of outstanding expenses and prepaid expenses that require adjustments, such as insurance premiums and salaries. The purpose of adjustments is to ensure the financial statements reflect the true profit/loss and financial position of the business by including all revenues earned and expenses incurred during the accounting period. Items that typically need adjusting include closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provisions, and adjustments related to the manager, capital, and interest. The document includes Ankit's trial balance as an example to demonstrate how adjustments are recorded and reflected in the financial statements
Final account trading account pl acc balance sheetVJTI Production
The document provides details about the final accounts process in accounting. It explains that final accounts include the preparation of trading, profit & loss, and balance sheet statements. These statements are prepared from the trial balance to determine the profit/loss for the year and the year-end financial position. The document outlines the key components of the trading account, profit & loss account, and balance sheet, and provides examples of their format and various adjustments made in their preparation.
This presentation would be helpful if you are seeking information regarding Statutory Bank Branch Audit under Banking Regulations Act, India.
This presentation was delivered by me at Institute of Chartered Accountants of India's program in our town during April 2014.
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The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
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During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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AI Transformation Playbook: Thinking AI-First for Your Business
9 income taxqr-20110601
1. Client: Period: --/--/201- /
Subject: Income Tax Provision Checklist Auditor:
Par Yes/ Nam
Comments/explanations
Audit steps/considerations no/
NA
W/P
ref
e/ini
tials
Objectives
Within the overall objective of ensuring that the financial statements present a fair view of the client's financial position and the
computation of Income Tax and other related taxes has been properly done in accordance with applicable laws and regulations,
the objectives regarding taxation are to ensure that:
1. Adequate disclosure has been made in the financial statements in respect of company tax liabilities and have been dealt
with properly.
2. Tax computations have been prepared with due care and diligence in line with tax requirements and in compliance with
laws and relevant tax circulars, notices and other regulations applicable to the individual circumstances of the audit client.
3. Adequate provision has been made for any taxes being borne by the company according to Cyprus Tax Law and relevant
Regulations.
4. As auditors, we have applied professional auditing standards in ensuring the above, within the context of our overall
responsibility to test and if appropriate rely on the systems of controls or carry compliance or substantive testing.
Conclusion
It is my opinion that subject to the matters listed on the list of outstanding items:
1. Adequate provision has been made for company tax and other relevant tax liabilities.
2. Appropriate disclosures have been made of the overall taxation position on a basis consistent with the previous period.
Signed ........................…........................... Date ......................................
Partner/Manager (Tax)............................... Date ......................................
Work done
The previous year's tax computation, annual returns, tax assessments, appeals statements and subsequent letters have been
reviewed together with the estimates for the current period to achieve the above objective. The file contains a copy of the
previous year's return and a memorandum signed by a tax manager/partner of work done in the tax review.
Εν.Tax-9-εκδ1-20110601 Income Tax Provision Checklist copyright reserved: AS&Co
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2. Client: Period: --/--/201- /
Subject: Income Tax Provision Checklist Auditor:
Par Yes/ Nam
Comments/explanations
Audit steps/considerations no/
NA
W/P
ref
e/ini
tials
A. General
1. Audited accounts for the period are available or working of provision for tax is
based on latest updated draft of the accounts.
2. Details of income and expenditure is classified and apportioned under the
types:
I. Income from business activities
II. Income from property
III. Income under capital gains
IV. Income from other sources
V. Foreign source income
3. In case of a company, income from business has been accounted for on accrual
basis. Other basis is not allowed unless specifically provided for under tax
laws
4. In case of long term contracts percentage of completion method has been used.
Long term contract is a contract for manufacture, installation or construction
etc., which is not completed within tax year and is for a period of more than
six months.
5. Specific Provision for bad debts has made during the year, has been dealt with
as allowable expense for tax.
6. Bad debts written off against provisions disallowed during preceding years
have been claimed as allowable deduction.
7. Where an asset has been disposed off under a non-arm’s length transaction, the
fair market value of the asset at the time of disposal has been treated as its sale
price of the seller and cost for the purchaser.
8. No gain or loss has been considered on the disposal of an asset other than as a
genuine sale or disposal.
B. Income from Business
9. Admissible deductions against business income
Whether or not the following expenses have been claimed.
Εν.Tax-9-εκδ1-20110601 Income Tax Provision Checklist copyright reserved: AS&Co
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3. Client: Period: --/--/201- /
Subject: Income Tax Provision Checklist Auditor:
Par Yes/ Nam
Comments/explanations
Audit steps/considerations no/
NA
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tials
10. All expenditure incurred for the purpose of deriving income from business
chargeable to tax has been claimed as an allowable expenditure.
11. Capital allowances (on the basis of number of months used or other
appropriate basis) have been claimed in accordance with tax laws.
12. Any amount of tax deducted at source under the provisions of the law has been
recognized.
13. Any salary, rent, payment to non-resident, payment for services or fee from
which tax required to be deducted at source has been deducted.
14. Any entertainment expenditure in excess of prescribed limits has been
disallowed.
15. Any contribution made to a fund that is not a recognized provident fund, an
approved superannuation fund, or an approved gratuity fund has been
disallowed;
16. Any fine or penalty paid or payable for the violation of any law, rule or
regulation has been disallowed;
17. Any personal expenditure incurred has been disallowed;
18. Any saloon motor vehicle expenditure has been disallowed;
19. Any ‘personal use’ of assets or other utilities has been disallowed;
C. Income from Property
20. Where any rent receivable from property/other asset and irrecoverable rent
subsequently recovered, have been included in taxable income;
21. Any deduction claimed in respect of income from property has not been
claimed against income from any other source;
Whether or not the following deductions / expenditure against
property income have been claimed.
22. In respect of repairs/related expenses to the building, an allowance equal to
25% of the rent chargeable to tax has been claimed as tax deductible.
23. The amount of any insurance premium paid to cover the risk of damage or
destruction to the property.
Εν.Tax-9-εκδ1-20110601 Income Tax Provision Checklist copyright reserved: AS&Co
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4. Client: Period: --/--/201- /
Subject: Income Tax Provision Checklist Auditor:
Par Yes/ Nam
Comments/explanations
Audit steps/considerations no/
NA
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tials
24. The amount of any local tax, charge or other related expense in respect of
property or income from property other than any tax payable under the
Income, has been claimed.
25. Where the property has been acquired, constructed, renovated or reconstructed
with borrowed capital, the amount of any interest paid on such capital;
26. Where the property is subject to mortgage or other capital charge, the amount
of interest / profit paid on such mortgage or charge;
27. Any unpaid rent which is considered irrecoverable has been deducted from
rent income;
28. Any rent received or receivable in respect of the lease of a building or plant
and machinery has been treated as taxable income;
D. Income under the head Capital Gain
29. Gain arising on the disposal of immovable property (land and buildings), other
than a gain that is exempt from tax, has been accounted for as tax under
“Capital Gains”.
30. The cost of acquisition of immovable property and any expenditure incurred
wholly and exclusively for acquiring or developing such asset has been
claimed as deduction against income capital gains.
E. Income from other sources
31. Income of every kind received in the tax year, if it is not included in income
from the main business activities, other than income exempt from tax, has been
included in the tax computation. Including the following namely:
a. dividend;
b. rent from the sub-lease of land or a building;
c. income from the lease of any building together with plant or machinery;
d. any amount received by the owner of a property in respect of provision of
amenities, utilities and any other services in respect of that property.
F. Payroll G H
. .
32. All payroll expenditure included in the financial statements is properly
reconciled with IR 63sumbitted to Inland Revenue;
33. All PAYE deductions were properly calculated;
34. All employees have signed form IR 59 (declaring their tax status, deduction
claims and other relevant information)
Εν.Tax-9-εκδ1-20110601 Income Tax Provision Checklist copyright reserved: AS&Co
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5. Client: Period: --/--/201- /
Subject: Income Tax Provision Checklist Auditor:
Par Yes/ Nam
Comments/explanations
Audit steps/considerations no/
NA
W/P
ref
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tials
35. Amounts described as “Subcontracting expenses” “Casual Labour” or under
similar descriptions, are properly supported either by a Tax Invoice (with full
details and Tax/vat Registration) or other documentation and are justified to be
excepted from deduction of PAYE;
G. Other matters A B
. .
Εν.Tax-9-εκδ1-20110601 Income Tax Provision Checklist copyright reserved: AS&Co
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