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Archives for July 2020

Non-Recoverable Input Tax (Entertainment Services)

There are a number of circumstances in which businesses have sought clarity over the definition of ‘entertainment’ for the purposes of the input tax restriction, and in particular what should constitute entertainment of staff or business contacts as opposed to incidental business-related expenses which would be recoverable under normal VAT rules.

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Importance of Accounting Standards

An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. It relates to all aspects of an entity’s finances like assets, liabilities, income, expenses and equity. Banks, investors, and regulatory agencies count on accounting standards to ensure information about a given entity is relevant and accurate.

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Types of Audit Report

An Audit is an independent examination of the financial statements of an entity irrespective of the size or legal form, whether profit-oriented or not, in order to express an opinion thereon, in the form of an Audit Report. The audit report is used by many stakeholders including the entity’s management, the board of directors, shareholders, investors, government bodies, banks, and many others. Audit reports are divided into 4, which are:

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