Integrated software and services for tax and accounting professionals. However, an OECD study has found that reduced VAT rates and VAT exemptions are often not effective in achieving these policy goals and can even be regressive in some instances. To address equity concerns, the OECD instead recommends measures that directly aim at increasing …
The company computes a separate factory overhead rate at the end of each month. This rate is used to charge the factory overhead to the jobs worked on during the month. The number of direct labor hours used on the jobs is the basis of such allocation. Estimate the total fixed manufacturing overhead costs for the coming period and the variable …
Inventory accounting can be a time-intensive, frustrating process for retail businesses – especially small or independent teams. You can work out the average cost by simply dividing the overall cost of products for sale by the total number in the inventory. Sticking to a specific method for inventory valuation is critical for consistent, …
These special rules apply to imports of goods generally, and imports of services and other items to businesses. The PCT for imported goods is intended to be collected at the border, much like a customs duty. In addition, “reverse charge” rules apply to certain services and other items performed or done outside of the United …
A qualified opinion should include the wordexceptorexceptionin a phrase such asexcept fororwith the exception of. Phrases such assubject toandwith the foregoing explanationare not clear or forceful enough and should not be used. Since accompanying notes are part of the financial statements, wording such asfairly presented, in all material …
Regardless of the statistics and shape of the safety triangle, the emphasis on reporting all incidents, including near misses, and dealing with them to prevent actual losses, is a sound safety practice. We will discuss the value of this approach further in our follow-up blog on this topic. Organizations must also develop a good safety culture …