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A complete manual and word of advice as per below details to understand switch bill of lading and their types: What it means? A switch Bill of Lading refers to a second set of Bill of Lading issued by the carrier (or its agent) to substitute the original bills of lading issued at the time of shipment.Even…
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Learn how simple Balance Sheet Preparation is, you will easily understand logic behind this with this Image presentation posted below: The Accounting Equation is a fundamental concept in accounting that represents the relationship between a company’s assets, liabilities, and equity. The equation is as follows: Assets = Liabilities + Equity The accounting equation must always…
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From the large, multi-national corporation down to the corner beauty salon, every business transaction will have an effect on a company’s financial position. The financial position of a company is measured by the following items: The accounting equation (or basic accounting equation) offers us a simple way to understand how these three amounts relate to each other.…
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Financial statement considerations in adopting new and revised pronouncements Where new and revised pronouncements are applied for the first time, there can be consequential impacts on annual financial statements, including: Whilst disclosures associated with changes in accounting policies resulting from the initial application of new and revised pronouncements are less in interim financial reports under IAS…
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“What’s the fuss over IFRS?” Providing a brief overview of the transition to adoption of IFRS and convergence with US GAAP. While we realize that IFRS will become a future reality, the question lingered regarding the differences between the two accounting standards. I thought it would be useful to assess the areas of major differences.…
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What is VAT? VAT is a transaction-based indirect tax, which is charged and collected at each stageof the supply chain by legal and natural persons (“persons”) which meet therequirements to be registered for VAT.Thus, persons which are either registered or are required to register for VAT (knownas “taxable persons”) charge VAT to their customers on…
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For submitting vat returns please read instructions below to simplify your work flow: This user instructions guide will help you understand the key steps to file a VAT Return online through the eServices portal. For each Tax Period, a Taxable Person will be required to submit a VATReturn which contains details regarding the supplies made…
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Tax grouping for VAT purposes is an administrative easement available to businessesand a revenue protection measure for government: Creating a tax group has the effect of registering a single taxable person. A tax group is issued one VAT Tax Registration Number (TRN) for use by allgroup members, and only one tax return is required for…
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Hey guys, here’s an amazing feature of Gmail. Tired of searching mails? Here’s a one stop solution for the same. Did you know in gmail you can organize your mails? Wow! Won’t that be fantastic. Guess what I am talking about? Yes! Correct its label. It’s too common. But the question is how to create…