Search results
Results from the WOW.Com Content Network
That is, the mark-down in value of the asset should be recognised as an expense in the income statement every accounting period throughout the asset's useful life. [1] The useful life of the asset is determined by taking into account expected usage, physical wear and tear, technical or commercial obsolescence arising from changes in production ...
This for example occurred with the adoption of the revised standard IAS 19 (as of 1 January 2013) or when the new consolidation standards IFRS 10-11-12 were adopted (as of 1 January 2013 or 2014 for companies in the European Union). [36]
Under U.S. GAAP and IFRS, goodwill is never amortized, because it is considered to have an indefinite useful life. (Private companies in the United States may elect to amortize goodwill over a period of ten years or less under an accounting alternative from the Private Company Council of the FASB.)
For State or Local governmental accounting in the United States with reference to public capital or infrastructure a capital asset is defined as any asset used in operations with an initial useful life extending beyond one reporting period. [6] Generally, government managers have a "stewardship" duty to maintain capital assets under their control.
Type of asset. Whether the asset is a general purpose or special purpose asset? Repairs and Maintenance policy of the enterprise. Availability of spares in the future, mainly in the case of imported machines. Future demand for the product manufactured by an asset. If the asset is part of a bigger fixed asset, the life of the latter is crucial.
A fixed asset, also known as long-lived assets or property, plant and equipment (PP&E), is a term used in accounting for assets and property that may not easily be converted into cash. [1] Fixed assets are different from current assets, such as cash or bank accounts, because the latter are liquid assets. In most cases, only tangible assets are ...
Small businesses in Ethiopia are taxed differently than individuals. Businesses are required to pay: "business income tax, windfall income tax, other income tax, turnover tax and excise tax." [17] Over 20% of all tax revenue in Ethiopia is derived from business profit tax, and 62% of all direct taxes consist of business taxation. [12]
It is responsible for general financial management and economic policy of Ethiopia, in addition to the allocation of economic assistance. Formerly the Ministry of Finance, it has its origins in the ministerial system introduced by Emperor Menelik II in 1907.