IAS 1 PRESENTATION OF FINANCIAL STATEMENTS
IAS 1 PRESENTATION OF FINANCIAL STATEMENTS IAS 1 is an International Financial Reporting Standard adopted by the International Accounting Standards Board (IASB) IAS 1 sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. It requires an entity to present a complete set of financial statements at least […]
What are the benefits of IFRS implementation to a company?
What is IFRS? International Financial Reporting Standards (IFRS) are a set of high quality, transparent, and comparable global accounting standards developed by International Accounting Standards Board (IASB) which is an independent standard-setting board. The standards provide a common accounting language so businesses and their financial statements are consistent and reliable across companies and countries. Why […]
DRAFT VAT REGULATIONS ON SUPPLY OF DIGITAL SERVICES
DRAFT VAT REGULATIONS ON SUPPLY OF DIGITAL SERVICES ask for tax help With the digital transformation of many businesses across the globe, the taxation system keeps transforming too in different countries. However, some changes are hard to implement. In this case, taxing the digital economy has been quite a challenge for over a decade. The […]
Getting value from your audit firm in Kenya.
Being an economically emerging and developing country, Kenya has observed business growth and opportunities in various sectors including travel, tourism, education, sports, manufacturing, transportation, financial institutions and NGOs , Public sector and other sectors. This has led to the growing number of audit firms in Kenya. For any business firms, it is important to get audited annually to have an insight into the operations and compliance of the company.
Turn Over Tax
The Tax Law Tax Amendment Act brought into effect the following changes:
RETIREMENT BENEFITS AUTHORITY AND COVID-19
CONTINGENCY PLANNING: THE ASSURANCE OF BUSINESS CONTINUITY.
From the turn of events, learning from the previous epidemics like Ebola and SARS, most of the governments and corporations were not prepared to face a disruption of such a scale. The anticipation of such an epidemic to get out of hand was not there leaving China to struggle with it alone for several months. It is a unique situation of unplanned occurrences since the dynamics involve factors above any one country or corporation. Whereas one could have internal controls and measures most of the business disruptions may occur due to disruption of the supply chain and the market where the demand for the products decreases temporarily.
SUMMARY OF THE INTERNATIONAL FINANCIAL STANDARDS- IFRS 9
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