Sometimes during the course of our work, we need to determine whether a particular person is adjudged a bankrupt so what should we do?
We can go to the Director General of Insolvency (DGI) office and obtain a copy [...]
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On 5 th March 2008, it was announced that there were certain major amendments to the Income Tax Act (Cap 35) effective from 1st January 2008 Of important concerns are the [...] The following are some criteria to classify a sale and leaseback transaction as an operating lease [IAS17.7-14(R.05)]:
A sale has genuinely occurred, where all major risks and rewards were transferred to the buyer; Tabulate below are the characteristic that indicates it as a Finance lease:-
Transfer of ownership at the end of the lease term to a lessee [IAS17.10(a)(R.05)]. Summarized below the basic accounting treatment for Finance Lease.
In The Books of Lessee
At the inception the lessee should recognize the lease as an asset and a liability at an amount equal to the fair value of the leased assets. The liability for a leased asset should be presented [...] |
FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four, Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.
Also author to another very popular free educational accounting cum finance blog: http://basiccollegeaccounting.com under the branding of College Accounting Coach. |
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