Revision question on IAS 10 – events after reporting period.

Revision question on IAS 10 - events after reporting period

Suame Ltd is a listed telecommunication company that prepares its financial statements for the year ended 31 October 2015 in accordance with IFRS. The financial statements are due to be authorized for issue on 15 January 2016. read more

Accounting information system – meaning

What are duties of internal auditor?

The accounting information system is the system which provides quantitative information about the effects of transactions and other events on accounting entity.

An accounting information system is generally a computer-based method for tracking accounting activities in conjunction with information technology resources. It combines the application of generally accepted accounting principles with the use of information technology resources. read more

Joint venture – meaning

Joint venture - meaning

A joint venture arises when two or more parties set up a separate entity to be operated under joint control. Neither venturer controls individual assets or liabilities. Rather, they are jointly in control of the entire venture. There must be a separate legal entity. The entity will prepare its own separate financial statements and will be dealt with within the books of each venturer using equity accounting as for associate companies read more

Double-entry system – meaning

Double-entry system - meaning

The double-entry system of bookkeeping refers to a system of accounting under which both of the aspects (i.e. debit and credit) of every transaction are recorded in the accounts involved. For each transaction, this means that a bookkeeping entry will have to be made to show an increase or decrease of the other item read more