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+--- Thread: Please help me! (/showthread.php?tid=6859)
Please help me! - hammadtalaat - 11-14-2009
Salams guys,
I am a business administration student and got an assignment about government's right to tax. The assignment says that IPSASB is considering a conceptual framwork for financial reporting by government and one the issues that it is considering is
<i></i>"Is the 'right to tax' entities an asset that should be recorded in the financial statements of governments?"[/i]
It requires an analysis in an essay including consideration of the following
-The application of definition and recognition criteria of the framework to this question
-Measurement issues
-If an asset were to be recognized, what should the corresponding 'credit' be?
-What should be the appropriate accounting treatment of this item if you believe that recording an asset is inappropriate?
So, I was wondering if I could get help of some professional accountants in this regard, though I've done some work myself, but dont feel satisfied.
So, i'd be looking forward for your replies [D]
- hammadtalaat - 11-17-2009
isn't there anyone to help me?
i am really running out of time.
- kamranACA - 11-17-2009
Dear
May I be a dumb to some extent but really I could not understand what the question actually is?
You wrote
"Is the 'right to tax' entities an asset that should be recorded in the financial statements of governments?"
I mean I could not even appropriately transalte it into a meaningful understandable query.
If you can post it once again using some details and exact/complete words of the assignment, may I be of some help to you.
You further wrote
It requires an analysis in an essay including consideration of the following
-The application of definition and recognition criteria of the framework to this question
[WHICH FRAMEWORK YOU MEANT HERE?????]
-Measurement issues
[UNLESS FRAMEWORK IS MENTIONED HOW CAN ONE TALK ABOUT MEASUREMENT ISSUES?????]
-If an asset were to be recognized, what should the corresponding 'credit' be?
[LET ME KNOW THE FRAMEWORK, AND I WILL TELL YOU WHERE THE CREDIT WILL GO. IAS-20 PROVIDES GUIDELINE ON THIS MATTER]
-What should be the appropriate accounting treatment of this item if you believe that recording an asset is inappropriate?
[AGAIN IT DEPENDS UPON FRAMEWORK. in IFRSs, IAS-20 IS THE APPLICABLE PRONOUNCEMENT].
UNQUOTE
Now notwithstanding the above, you have not linked your accounting/reporting framework related questions with the questions pertaining to taxation? I mean the whole query is incomplete and unlinked.
You please narrate it in understandable manner and I will try to come back on it.
You please also mention which TAXATION LAW you want to keep in view because taxation rules are very specific and are quite varying from jurisdiction to jurisdiction.
Regards,
KAMRAN.
- hammadtalaat - 11-18-2009
Thanks alot Kamran. I appreciate such a comprehensive reply (I didn't even think about most of the issues that you have discussed above). Thanks for that.
There might be some mistake in my topic. I can send you the original assignment if you could tell me your email id. The framework my teacher is refering to is the one provided by IASB. Here is the link for that framework.
http//www.iasplus.com/standard/framewk.htm
Further information/help would be highly regarded.
Regards,
Hammad Talaat
- kamranACA - 11-18-2009
You can mail me using emailing options given at this forum.
Regards
- hammadtalaat - 11-18-2009
Sorry, but the option doesn't allow any files to be attached with mail. I have only got a .pdf file for that document. D
Regards,
Hammad Talaat
- Padela - 12-01-2009
how to become LLB
- Mujahid - 12-01-2009
By taking admission in a law college offering LLB degree [P]