661-670: Accounting and Audit - Accountancy Forum Topics

Auditing In A Hyperinflationary Environment

how effective is auditing in a hyperinflationary environment? take for instance a country like zimbabwe where a trillion dollars today was worth nothing after 2days. prices doubled twice in a day and they had figures like septillions and quintillions which accoutning packages could not manage.

Small Company(5th Schedule) And Treatment Of Lease

Small company is defined in 5th scheduel as a company having less than Rs.25 million equity less than 250 million turnover less than 250 employess any time in a year all of above conditions must be met to be treated as small company My questions are 1.what is the treatment of leases in case of small company.will we treat all the leases as operating lease. 2.if a company is medium sized(as per 5th schedule) in the last year and then become small size in next year what will we do to the lease disclosure.because as per my understanding(please refer to icap standards for small and medium size companies) in case of medium size lease is classified between finance and operating lease but in case of small size all leases are classified as operating. 3.how will we restate last year disclosure.will we restate last year lease from finance to operating or something else. Any body providing guidance will be highly appreciated.

Accounting And Tax Treatment Of Assets

A guest house of companies director is used both for company(Foreign guest live there) and personal purpose(his family is living there). Company has installed air conditioner,computers, electrical equipments, furniture at the directors premises and is capitalising all those as fixed asset in their books of accounts. Further company is only allocating those expenses in its books which are related to foreign guestes only. Would anybody please tell me both the accounting and tax treatment of those items.

Need Link To Free Audit Software Such As Acl

Hi guys, as i do my PHD in audit i try to download free verison of ACL and IDEA both auditing software but i could not find any free software even the deom i have to request the demo and long process. as these software are expensive i can buy it. so please i need your help to find me any audit software works like ACL, IDEA and Enterpise reporter thanks

The Future Of Financial Regulation

ACCA calls for review before regulation 29 Jun 2009 ACCA has published an international policy paper urging global authorities not to introduce heavy-handed regulation until a comprehensive review of the factors that have contributed to the global financial crisis has taken place. The report, The Future of Financial Regulation, calls for joined-up action involving governments, regulators, companies and other stakeholders to ensure lasting improvements that will address both the current problems and anticipate future threats to the integrity of the financial systems and broader economy. 'We have spoken to chief financial officers, auditors and financial regulators from all the major capital markets and have produced a set of recommendations and principles which we hope will provide authorities across the world with a blueprint for regulation,' said Helen Brand, ACCA chief executive. 'It is important that governments co-ordinate their approach to restore confidence in the markets, though we are clear that this does not equate to a "one size fits all" policy. 'It is vital that the apparent failure of "light-touch" regulation does not become synonymous with a victory for rules over principles. The most important issue is not so much the description of the system, but that all parties understand and respect the purpose of regulation and that effective enforcement takes place. And those being regulated - banks and other businesses - have a crucial role to play in establishing a workable system.' Download a copy of The Future of Financial Regulation from the following link: http://www.accaglobal.com/pdfs/future_fin_reg.pdf

Accounting Policy Or Estimate????

Asslam o Alaikum! I have a issue regarding Accounting Policy and Accounting Estimate.If we are going to incorporate a new Company and we have to select that which method should be chosen between reducing Balance Method or Straight line method. Then what is it,Accounting policy or estimate?

Definition

can any one kindly send me the difference n deffinitions ok planned actual and applied foh. i m facing peoblems in it.

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Incremental Depreciation

I have made wrong entry of Incremental Depreciation in 2008 Accounts, now I want to correct this error, please advice me the entry as per IAS.

Fixed Asset Tags

Dear Experts, How an identification tag will be placed on such capitalized item when the nature of such asset does not allow anything to be placed on it ? For example, "large cylinders and bobins" for dyeing machine, when the cylinder is loaded in dyeing machine, the high temperature will melt any tag placed on cylinders. Further can anyone help out and explain how intangibles can be tagged ? Thanks !