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

Auditors procedures after stock taking, Auditors Procedures After Stock Tak...

Auditors Procedures After Stock Taking It is particularly a follow up exercise and it includes: 1) Checking the cut off along with the details of last numbers of stock move

Marginal costing, methods of determining break even point

methods of determining break even point

GOODWILL in group, audit procedures in business combination conserning Good...

audit procedures in business combination conserning Goodwill

Over head, project report on absorption of overhead and its different meth...

project report on absorption of overhead and its different method

Ias 28 - audit process, IAS 28 - Audit Process IAS 28 applies in accou...

IAS 28 - Audit Process IAS 28 applies in accounting for investments in associates, except those held through: Venture capital organisations, or Mutual funds,

Transferee liability, Transferee Liability - A person may be held LIABLE fo...

Transferee Liability - A person may be held LIABLE for another taxpayer's delinquent taxes if: 1. The transferee received assets of the transferor-taxpayer; and 2. The transf

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

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

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