accounting

In public sector accounting, the use of cash basis accounting is very common. This might be because of the ease of application. It allows a primary school certificate holder to post accounting records. But it comes with a lot of disadvantages. Cash basis of PSA defined It is a basis in public sector accounting that … Read more

The audit report is a letter that states the opinion of the auditor regarding its examination of the financial statements. It gives him or her to express his professional view regarding those statements. And whether the statements are fairly represented on one hand and free from material misstatements on the other hand. In this article, … Read more

The benefits of cost accounting cannot be denied. However, there are disadvantages or limitations to establishing a costing information system. This is more pronounced if the information system of the entity will operate different systems for financial and cost accounting. It is expensive Having a computerized costing system might be expensive unless an ERP that … Read more

External information for performance management is organized from the business environment. The data collected is used for planning, decision-making, and controlling business processes and resources to achieve organizational goals and objectives. It is mostly required for strategic purposes. However, the business environment can also provide information for tactical and routine decision-making. Elements in the business … Read more

Will you choose the institute of chartered accountants of Nigeria (ICAN) over the Association of certified chartered accountants (ACCA)? That’s a personal choice. But this article shows their differences. In any case, some people wrote ICAN first before pursuing ACCA. Location ICAN is located in Nigeria. Their head office is at Ikoyi Lagos. It is … Read more

ICAN presidents are voted in for the period of one year. Since 1975 when the institution was established, 57 persons have held the role. A few days back, a new person was elected making it the 58th president. More so, out of the 58 persons, nine have kicked the bucket. This article contains a list … Read more

The International public sector statement of accounting standards board (IPSASB) is calling on the finance professionals to respond to its latest exposure draft ED81. The ED is available for comment till the 31st of May, 2022. After which it will not be available. Exposure Draft (ED) is a document prepared by accounting professional bodies. It … Read more

Although taxes have their benefits, there are certain disadvantages you should know about. That’s what we will discuss in this article. One necessary disadvantage of paying tax is that it takes away cash that should be used to meet other needs. Reduce the amount available for spending The disposable income available to taxpayers after paying … Read more

Internal Users of public sector accounting (PSA) are those whose decisions cannot affect the government business enterprises or MDAs negatively. For example, the decision of the president of a country on a particular ministry will not bring the entity to an end. He may change the minister but the ministry remains. Below, we explain thirteen … Read more