Audit process - disclosure and presentation , Auditing

Disclosure and Presentation - Audit Process

IAS 16 provides exclusive disclosure requirements.

Fixed assets should be split into appropriate classes and the following should be disclosed:

a) The depreciation methods used

b) The useful lives or the rates of depreciation used

c) The total depreciation for the period and

d) The gross amount of depreciable assets and the related accumulated depreciation

The split between freehold and leasehold land must be shown together with the split between long and short term leases.  Presently where the client has fully depreciated assets which are material their cost and notional depreciation charge is also disclosed.  Where fixed assets have been revalued and incorporated in the accounts then also the qualification of the valuer, the address of the valuer, the name of the valuer, and the date of valuation also must be disclosed.  The modification of the historical cost accounts must also be disclosed as a note to the accounts.

Posted Date: 1/25/2013 2:06:51 AM | Location : United States







Related Discussions:- Audit process - disclosure and presentation , Assignment Help, Ask Question on Audit process - disclosure and presentation , Get Answer, Expert's Help, Audit process - disclosure and presentation Discussions

Write discussion on Audit process - disclosure and presentation
Your posts are moderated
Related Questions
Communication with the expert If the auditor intends to use the work of an expert then he must communicate with the expert well in advance to confirm the terms of engagement an

Beneficial Ownership or Title In January 1976 the famous case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd radically altered the law along with regard to norma

Why is studying Auditing different from studying other accounting topics?

Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona

what is the effect of fraud and error on the financial statement.please I want simple answer

Detail work on stocks - Audit of Current Assets Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these includ

Prepare a narrative describing the transaction cycle process for debt in a municipality.

Kevin Black, the sole owner of a small bakery, has been told that the business should have financial statements reported on by an independent auditor. Kevin Black, having some b

Brand Names - Audit Process Few companies in current years have placed valuations on the brand names of the goods such they sell.  On the balance sheet the valuation is shown.