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STANDARDS IPSAS vs IAS IPSAS Description IAS/IFRS Description 1 Presentation...

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Accounting

STANDARDS

IPSAS vs IAS

IPSAS Description IAS/IFRS Description
1 Presentation of Financial Statements
2 Cash Flow Statements
12 Inventories
17 Property, Plant & Equipment
33 First Time Adoption of Accrual Basis IPSASs

Identify/find the corresponding IAS/IFRSs for the IPSASs listed in the table above, then write on at least 3 similarities and 3 differences between the respective standards

JOURNAL ENTRIES

Cash vs Accrual Accounting Entries

Company X is located in the commercial sector of Trinidad and Tobago and has been operating from 1992. The company purchased office supplies from Florida Distributors Co. Ltd on May 12, 2016 that valued US$50,000.00. Company X pays US$20,000.00 by cash on May 31, 2016, US$25,000.00 by cheque on June 2, 2016, and then settled its bill by transferring the balance from its bank account directly into the bank account of the supplier on June 3, 2016.

Record the transactions in the books of Company X using the cash basis? Record the transactions in the books of Company X using the accrual basis?

Note that all transactions are to be recorded in the home currency of Company X

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