The accounting policies and procedures shall be readily accessible from the School’s website or school office.
(Regarding use of an 2.17.) But the discrepancy might also be longer.
For example, if a company signs a distribution agreement and sends it to a potential distributor for its review and signature, a couple of weeks might pass before the distributor gets around to signing and returning it.
Follow on from previous post I was of the understanding that you cannot backdate the registration of a Partnership to last year.
This potential new client asked me if they could backdate the registration of a husband/wife Partnership to the 14/15 tax year so profits for 14/15 could be split between husband and wife; I had advised NO based on feedback I got.
(See 2.14–20.) It might be that the discrepancy is only a day or two and is due to the sort of minor delay that is commonplace in business—for example, one of the signatories might be travelling.
In such cases, using a date in the introductory clause has the benefit of simplicity and predictability.
Most big businesses must prepare their financial statements and their income tax returns following the accrual method of accounting.
Under that method, a business is taxed when it records a sale for a product or service, regardless of when it gets paid.
The following guidelines are intended to provide schools and their governing boards with some basic knowledge to assist in developing internal controls that are adequate and appropriate for their specific school.
Additional resources are also provided for those who would like more comprehensive information on internal controls.
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