Explain three exceptions to the “‘Nemodat” rule Estoppel-Nemodat will apply if “the owner of the goods is his conduct precluded from denying the sellers authority to sell. Sale factor – sale factor gives a good title to Read More …
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Rights of the seller against goods
Highlight three rights of the seller against the goods Lien – A lien is a right to retain possession of the goods until the contract price has been paid. Stoppage in Transit-This is the right of the seller to stop Read More …
Rules governing consideration in a contract
State six rules governing consideration in a contract. Mutual love and affection is not sufficient consideration Consideration must be legal Consideration must not be past Consideration must be real Consideration must flow from the plaintiff/promisee Consideration must be something in Read More …
Exclusion from requirements under IFRS 4 (Insurance Contracts)
In the context of IFRS 4 (Insurance Contracts), identify four items that are excluded from requirements of this standard Product warranties issued directly manufacturer, dealer or retailer. Employers‟ assets and liabilities under employee benefit plans. Contractual rights obligations that Read More …
Challenges that has been faced in development of a globally acceptable accounting conceptual framework
Counties have different laws that apply in different business entities. This has made it a challenge to come up with uniform conceptual framework for preparation and presentation of financial statements. Some countries in the world have not yet subscribed to Read More …
Importance of conceptual framework and Key issues to be addressed framework
The International Accounting Standards Board (IASB) is currently working with other accounting standards setting bodies in the world to have a global application of International Financial Reporting Standards. An important point of focus is conceptual framework. Required: Explain the importance Read More …
Challenges faced IPSASs Board in promoting the use of IPSASs
Sovereignty of different countries: Each government operates independently as compared to private sector and therefore promoting a culture of uniformity in reporting may to be acceptable to Different counties also have different reporting requirements and procedures for the government departments. Read More …
Additional statements and reports which could be included as part of the annual accounts of reporting entity
A statement showing how the benefits of the efforts of an entity are shared between employees, providers of capital, the state and reinvestment. This statement will assist users to evaluate the economic performance of the entity. It is generally known Read More …
Factors that may indicate that a financial asset is impaired
Briefly explain any three factors that may indicate that a financial asset is impaired A significant financial difficulty of the issuer that is willing to pay interest or principal at the date of A breach of contract for example not Read More …
Emergence of social and environmental accounting and reporting
Social and environment accounting has been defined as the process of communicating the social and environmental effects of an organizational economic activities to particular interest groups within society at large. As such it involves extending the accountability of organizations beyond Read More …