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A change in accounting estimate is "an adjustment of the carrying amount of an asset or liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of, and expected future benefits and obligations associated with, assets and liabilities.
In certain business operations, taking a physical inventory is impossible or impractical. In such a situation, it is necessary to estimate the inventory cost. Two very popular methods are 1)- retail inventory method, and 2)- gross profit (or gross margin) method. The retail inventory method uses a cost to retail price ratio.
The Ministry of Finance, Economic Affairs and Investment is a government ministry of Barbados responsible for the management of public finances. Historically, Prime Minister of Barbados has mostly held the additional portfolio of Minister of Finance.
The Public Financial Management and Control Law of 2006 require the government to adopt international accounting standards for the public sector. Based on this law, the government issued a public accounting regulation for central government entities in 2006 and established a Public Accounting Standards Board.
The Financial Services Commission (FSC) is a financial regulatory authority responsible for the regulation, supervision and inspection of non-banking financial services in the corporate sector and global business in Barbados. [1]
An inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. [1] It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages.
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The Barbados Revenue Authority is a statutory corporation of the Barbadian government that is a revenue service responsible for collecting revenue and taxes. [1] It also provides other functions such as revenue and cashiering for the Barbados Licensing Authority and the Customs Department respectively.