ICPAS to transform itself into a global professional accountancy body

In the website of the Institute of Certified Public Accountants of Singapore (ICPAS), a POST-GRADUATE accountancy qualification that can be a passport to finance jobs worldwide has been proposed by a committee set up by the Ministry of Finance to look at ways of transforming Singapore into a global accountancy hub. The national accountancy body … Read more

FORMAT OF INTERIM FINANCIAL REPORTS(FRS 134)

The interim financial statements (whether condensed or full set) include: Balance sheet as of the end of the current interim period and a comparative balance sheet as of the end of the immediately preceding financial year Income statements for the current interim period and cumulatively for the current financial year to date, with comparative income … Read more

In Managerial Accounting, explain what are the benefits of using product life cycle costing methodology or approach? (Part 4 of 4)

BENEFITS FROM USING PRODUCT LIFE CYCLE COSTING Some of the following benefits of using product life cycle costing are: it results in earlier actions to generate revenue or to lower cost than otherwise might be considered better decision should follow from a more accurate and realistc assessment of revenues and costs, at least within a … Read more

Explain briefly what are the stages or procedures or steps involved in product life cycle costing. (Part 3 of 4)

STAGES/STEPS/PROCEDURES¬†OF PRODUCT LIFE CYCLE COSTING Below are the steps/stages/procedures involved in product life cycle : market research-identifies the products which the customers want, how much they are prepared to pay for it and how much quantity they intend buy specification-provides detais such as required life, maximum permissible maintenance costs, manufacturing costs units required, delivery date, … Read more

Describe the nature or characteristics of product life cycle costing? (Part 2 of 4)

CHARACTERISICS OF PRODUCT LIFE CYCLE COSTING The main characteristics of product life cycle costing comprises: tracing of costs and revenues of each product over the several calendar periods throughout their entire life cycle traces research and design and development costs and total magnitude of these costs for each individual product and compared with product revenue … Read more

What Is Product Life Cycle Costing ? (Part 1 of 4)

WHAT IS PRODUCT LIFE CYCLE COSTING? Product life cycle costing is a costing methodology or approach enabling the user to understand a long term picture of the life of a product in terms of: profitability; feedback on the effectiveness of life cycle planning and cost data to clarify the economic impact of alternatives chosen in … Read more

FRS 134-INTERIM FINANCIAL REPORTING(Part 1/2)

FRS 134: INTERIM FINANCIAL REPORTING This FRS does not mandate which entities should publish interim financial reports, how frequently or how soon after the end of an interim period FRS 134 defines interim period as a financial period that is shorter than a full financial period An interim financial report can contains either a complete … Read more

Format Of The INDIRECT METHOD of Cash Flow Statement (FRS 107)

Earlier article is on the format of the Direct method. Append below is the INDIRECT method commonly used by many companies to present their cash flow statements. { Click here to go to Content Page on All other articles on commonly used ACCOUNTING REPORTS FORMAT }