Audit process - disclosure and presentation , Auditing

Assignment Help:

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.


Related Discussions:- Audit process - disclosure and presentation

Tds, how to operate distribute amount and section rate also provision party...

how to operate distribute amount and section rate also provision party bill

What do you meant by proactive project management, Question 1: What do ...

Question 1: What do you meant by Proactive Project Management? Define Proactive Project Management Bring out significance of Proactive Project Management with an exa

Auditors procedures during stock taking, Auditors Procedures During Stock T...

Auditors Procedures During Stock Taking The main task during stock taking is to ascertain where the client's employees are carrying out their commands properly. It is particul

Audit, Why is studying Auditing different from studying other accounting to...

Why is studying Auditing different from studying other accounting topics?

420, Develop an audit program to identify and reduce potential fraud using ...

Develop an audit program to identify and reduce potential fraud using ACL.

Communication on fraud suspection, Communication: Whenever the auditor...

Communication: Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate

Audit procedures, Explain appropriate audit procedures you would apply in v...

Explain appropriate audit procedures you would apply in verification of cheque payments.

Annotated bibliography, Conducting a critical review of published literatur...

Conducting a critical review of published literature about a topic is fundamental step in developing your research skills. A first step towards a review of the literature is to sea

Steps in critical thinking principle, Step 1: Determine learning objective...

Step 1: Determine learning objectives. Considering the importance of a course, its placement in a program of study, and its role in providing a base of knowledge to be built upon

Attempts at definition of the ''true and fair'' view, Attempts at definitio...

Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd