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Furniture, Fixtures and Disposal of Non-Current Assets
Furniture, fixtures and fittings
The only matter here to note is the depreciation of fittings and fixtures. Since of their nature, this is mostly done on replacement basis than calculated and then charged on an annual basis. However the initial cost is capitalized and several subsequent replacements are charged to the loss and profit account as they are happen. Furniture is depreciated simply like and machinery plant.
Disposal of Non-current Assets
The matter here is authorization for disposal and the rejection of the assets related from the records. The auditor tries to make sure which the value obtained was reasonable either through looking on valuations obtained independently also from professional value's previous to the disposal and looking at the book value of the asset and concerned values for assets of such nature.
For each threat explain how it might be avoided.
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
#quInternal Audit checklist for fixed assetsestion..
Tangible Non Current Assets The verification approach is fundamentally similar in each of these. Extensive disclosure is utilized in most countries and IAS 16 Property Equipm
techniques of vouching
could I post my orginal question?
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now focusing on the audit of revenue from
Problem 10.42 An investment of $83 generates after-tax cash flows of $49 in Year 1, $67 in Year 2, and $131 in Year 3. The required rate of return is 20 percent. The net presen
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
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