What is an Audit Walkthrough?
External auditors often carry out what are known as walkthroughs while they complete their fieldwork. They involve the auditors spending time sat with members of the finance team and perform …
What is IFRS 16 – The New Leases Standard
IFRS 16 became effective for all businesses with a financial reporting period beginning on, or after, the 1st January 2019.
How to Account for Fixed Assets/PPE
The accounting treatment for Property, Plant and Equipment (commonly referred to as PPE) is set out within IAS16. PPE may also be referred to as fixed assets or tangible assets and …
Why Businesses Are Allowed To Claim VAT Back
Before you can understand why businesses are allowed to claim their VAT back, it must first be understood which businesses can reclaim VAT and also how the VAT system works. …
What is The Accounting Equation?
The accounting equation is the basis of all accounting entries that will be put through a company’s accounting system. The fundamental principle of the double entry system relies on the …