Government Grants

OBJECTIVE The objective of IAS 20 is to set out the accounting treatment for both government grants and other forms of government assistance. Government assistance takes many forms, including grants, equity finance, subsidised loans and advisory assistance.  Government grants are Read More …

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Revenue Defination

OBJECTIVE The objective of this standard is to provide assistance in determining when to recognise revenue. It should be recognised when it is probable that economic benefits that can be measured reliably have accrued to the entity.  IAS 18 Revenue Read More …

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Property, Plant and Equipment

OBJECTIVE The Objective of IAS 16 is to set out the accounting treatment for Property, Plant and Equipment. The main areas dealt with in the standard are: Recognition of non-current assets(fixed assets), Determination of the carrying amount, Determination of the Read More …

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Inventories Defination

INTRODUCTION  Introduction – Inventories An Inventory is a list, but as raw materials, work-in-progress and finished good are detailed on lists or inventories, the term inventories is now commonly used to mean the items on those lists. The calculation of Read More …

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Presentation of Financial Statements

OBJECTIVE The objectives of IAS 1 are to: Provide the formats for the presentation of Financial Statements, such as Statement of Comprehensive Income and Statement of Financial Position. Ensure that the Financial Statements are comparable year on year for the Read More …

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Bank Reconciliation Statements

THE CASH BOOK AND BANK RECONCILIATION STATEMENTS  The Cash Book – Introduction Cash transactions are the simplest and most universal form of business transaction. For example: A sells B some goods for RWF150. From A’s point of view, he has Read More …

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