SIMPLIFIED APPROACH TOWARDS UNDERSTANDING HOW TO PREPARE A CONSOLIDATED STATEMENT OF FINANCIAL POSITION USING QUESTION 1 OF ICAN’S CORPORATE REPORTING OF MAY 2015 DIET AS AN ILLUSTRATIVE EXAMPLE

-



In this tutorial you shall journey with me into the maze of how to prepare a consolidated statement of financial position (or group balance sheet as it was formerly known). Here I shall use an illustrative exercise which is the recent Corporate Reporting compulsory question no 1 of May 2015 diet examination of the Institute of chartered Accountants of Nigeria (ICAN).

So, pay close attention and follow along as I solve the question and alongside explain the details and secrets of the ‘how’ of preparing a consolidated statement of financial position.

Please move to the next page for the question.

 



PAGE:            1   2   3   4   5   6   7   8   9   10   11   12   13

Comments

Post a Comment

Popular posts from this blog

Commencement Rules: Subtle Changes Section 12 of the Finance Act 2019 Make in Section 29 of the Company Income Tax Act 1990

-
Image
  In Nigeria, taxation laws are crucial for businesses to understand and comply with. One of the key laws governing company income tax is the Company Income Tax Act (CITA) 1990. However, like any legal framework, CITA has undergone amendments to address changing economic realities and improve clarity. A significant update came with the Finance Act 2019, particularly in Section 12, which amends Section 29 of the CITA. Check out the amazing cloud hosting services offered by Truehost  here ! In this article, let’s highlight the subtle modifications section 12 of the Finance Act 2019 make in the CITA 1990, focusing on the computation of assessable profits for a company just commencing business or trade—commencement rules—in Nigeria. Assessable Profit of Companies Commencing Business: The Old Rules Originally, under the old rules, Section 29 of the CITA 1990 detailed how the profits for the first three years of a new trade or business in Nigeria should be assessed. The rules ...
Read more

Nigerian Withholding Tax (WHT) Explained: Key Rules on Base Amount, Timing Rules, and Exemptions

-
Image
  If you’re a business owner or an accountant in Nigeria, understanding Withholding Tax (WHT) is crucial for staying compliant with tax regulations. One of the most common questions is: On what base amount should the WHT rate be applied? Equally important is: When should you deduct WHT? And last but not least: Are there exe mpted transactions under the new WHT regulations? Get reliable & affordable domain name and web hosting in Nigeria! Click here for fast, secure cloud hosting 👉 TrueHost Let’s go right on to provide answers with practical examples to these germane questions. On What Base Amount Should WHT Rate Be Applied? You must deduct WHT from payments to suppliers, as mentioned in my earlier post— New Withholding Tax Regulations: Do All Businesses Need to Deduct? However, one of the most common questions about WHT is: On what base amount should the WHT rate be applied? This happens to be one of the questions often bedevilling young and inexperienced accountan...
Read more

Understanding Nigeria's Digital Services Tax (DST)

-
Image
  Digital services have made life easier for everyone, but they’ve also created new challenges for tax systems around the world. In Nigeria, the Digital Services Tax (DST) was brought into its tax landscape by the insertion of paragraph (c) into section 13 (2) of the CompanyIncome Tax (CITA) by section 4 of the Finance Act 2019 to ensure that companies making money from Nigerians through the internet contribute their fair share to the country’s revenue. Whether you’re a local or foreign business, understanding DST is crucial. Let’s take you through it in quick session.   Check out the amazing cloud hosting services offered by Truehost  here ! 1. What is DST? DST is a tax on income made from providing digital services to Nigerians. If a company is operating online and earning from Nigerian customers without a physical office in the country, they must pay DST. For example, Netflix, which streams movies to Nigerians, and Google, which runs ads for Nigerian businesses...
Read more