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Q. Explain about Wash Sale?
Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 days after or before the sale. Stock or securities for this purpose comprises contracts or operations to acquire or sell stock or securities. Losses incurred in a wash sale can't be deducted. It doesn't matter if total 60 day period begins in one tax year and ends in another. Though disallowed loss isn't permanently lost. Instead, basis in the newly acquired stock or securities is the same basis as of stock or securities sold, adjusted by the difference in price of stock or securities.
Q. What is Withholding Allowance? Withholding Allowance -Every taxpayer is allowed to claim a withholding allowance, which exempts a certain amount of wages from being subject
Debtors - Audit Process Considering that what we have gone by on the other assets the audit work to check the figure of trade debtors should be follows as: 1) Get a schedul
IFRS 5 Non-Current Assets IFRS 5 Non-Current Assets Held for Discontinued and Sale Operations The Discontinuing Operation is a component of an enterprise: (a) Such the
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
Historic Costs Methods - Long Term Contracts You will notice such this exercise is completely dependent on the company estimating its further costs. This is wherever the audi
Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors: Insurance companies do not keep their personal ledgers in such a way as to prod
auditor is a watch dog not a blood hound
Cash and Window Dressing - Building Society Cash Possibility of misappropriation and error usually accompany the handling of cash. Building societies transactions towards
Discovery of unlawful acts When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless: The client authorise
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