The following is a list of the top ten actions to minimize the risk of being sued.

This list was compiled by the author as a result of various discussions with top malpractice insurance companies.

 Accounting and Auditing in Volatile Times

  • Tighten Up Engagement Letters
  • Watch Out for Bad Clients
  • Take Precautions for Fraud and Defalcation
  • Protect the Privity Defense Against Third Parties
  • Supervise and Manage Personnel
  • Have a Workpaper Retention Policy
  • Improve Billing Procedures
  • Never Sue to Collect Unpaid Fees
  • Tighten Up Workpapers

 

High Level - Summary 

(i) Classification and Measurement - When an entity credit risk increases, then DO Not book any "GAINS" in the PnL
(ii) Impairment - move from INCURRED Loss model to Forward looking "Expected Credit Loss" model. MOre disclosure on information impacting the Financial asset.
(iii) Hedge Accounting

VAGST THRESHOLD IN SAMOA

All business with sales over $130,000.00 per annum requires registration for VAGST at Ministry for Revenue.

IMPORTANT NOTICE TO ALL OUR CLIENTS AND STAKEHOLDERS.

SAMOA TAX REFORMS – EFFECTIVE JANUARY 2018!

Matters of Priorities

  1. Massive increase by 60% on annual business license per annum
  1. Apart from the increase in Business licenses, Sole traders will entertain the newly effective tax rates which saw the threshold increase from $12,000 to $15,000 per annum. Below example illustrates tax savings with new rates compared to prior years.

Being a lay preacher in my Methodist church and a Christian makes me always want to visit Holy Land. And with future plans..it is a good fit to start from the Root of Everything.
Places covered:
Mt of Olive -  Gethsemane, The Rock
Dead Sea, The Temptation Mountain at Jericho, Masada
Bethlehem – Birthplace of Jesus Christ, The Manger, The Milk Grotto, Sherperds Field
The Old City – David’s Tomb and Tower, The Last Supper, Garden Tomb, the Holy Church of Sepulcher (Jesus Tomb), Dolorosa, The Western Wall, Dome of the Rock and many more.
Thanks to Vincent Schmidt and family (Lydia) for  hosting us!

View the embedded image gallery online at:
http://accountant.sua-pauga.com/#sigFreeId0699f91db3

Effective from 1 January 2018 so…In use 30 June 2018 & 31 December 2018

BUT REMEMBER…..Comparatives will include 2017.

IFRS 15 replaces;IT

  • IAS 18 Revenue,
  • IAS 11 Construction Contracts
  • SIC 31 Revenue – Barter Transaction Involving Advertising Services
  • IFRIC 13 Customer Loyalty Programs
  • IFRIC 15 Agreements for the Construction of Real Estate and
  • IFRIC 18 Transfer of Assets from Custome

THE NEW AUDIT REPORT – A STEP CHANGE

CHANGES at a glance

  1. KEY AUDIT MATTERS (KAM) – why the auditor judge a matter
  2. How that matter was addressed in the audit and
  3. Reference to any related financial disclosures
  4. Letting the readers know how auditors arrived at conclusion rather than just a “Fairly Stated”
  5. Name the Engagement Partner – SU’A ma PAUGA already adopted this 4 years ago

it is the auditor’s story about the audit, not the auditor’s story about the entity

The IAASB finalized its new international standards in 2014 and these come into effect, basically, for 2016 audits. But not many are waiting. It is fascinating that we see more and more "early birds" – applying Key Audit Matters (KAM) and voluntarily adopting the new reporting. In Poland, the law still has to come – but some auditors could not wait. And similarly ‘early birds’ applying KAM in Germany, in Switzerland. For the rest of Europe, enhanced auditor’s reports will be required for Public Interest Entities starting for June 2017 year ends.

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