During the audit, the auditor needs to obtain audit evidence that is sufficient and appropriate to provide a reasonable basis for their opinion on whether the financial statements give an accurate and fair view of an entity’s financial position and performance by applicable regulations. Confirmations are one type of external audit evidence that the auditor […]
The accrual accounting system, which records revenues and expenses when they are generated or incurred rather than when cash is received or paid, includes accounting for accruals and prepayments as a critical component. This guarantees a more accurate portrayal of a business’s financial situation and performance. Let’s look more closely at accruals and prepayments: What […]
One of the most controversial aspects of marketing is the persuasion of colours. What is colour psychology? The study of how colours influence perceptions and actions is known as colour psychology. Colour psychology in marketing and branding concerns how colours affect consumers’ perceptions of a brand and whether or not they influence consumers to think […]
Do you feel burned out at work? With little to no motivation to work, your emotions start taking the better of you, and you feel alone. Well, you are not alone. Here’s what you can do when your job starts affecting your health. Start by asking yourself the following questions. Are you using food or […]
Ftira Day celebrates Maltese culture and tradition centred around the country’s beloved ftira bread. Ftira Day typically takes place on the first Sunday of May. It is marked by events and activities throughout Malta, including food stalls selling various types of ftira and cultural performances and exhibitions. The day is a celebration of the unique […]
Trends and techniques in accounting are constantly changing, especially as new technologies emerge. We went through an overview of new trends that must be noted. Increased use of data security Accounting firms and their clients share more information electronically; they must protect themselves from cyber threats and other data security problems. One way to do […]
Content writing produces valuable content that interests and informs your audience. Content writers frequently compose long and short-form blogs, eBooks, and whitepapers. Conversely, the material on your website that turns surfers into customers is called compelling copy, which is a copywriter’s work. You see these words in emails, billboards, digital advertisements, and other places. Let’s […]
National Hamburger Day comes on the 28th of May every year. Nobody knows the hamburger’s roots except that it is called after the German town of Hamburg. Cooked meat has been eaten on bread for generations, but the relationship with Hamburg appears to have started with a recipe for a meal known as the “Hamburg […]
General Accounting Principles for Small and Medium Sized Entities (GAPSME) or International Financial Reporting Standards (IFRS) are the financial reporting frameworks used in Malta. EU Accounting Directive 2013/34/EU was transposed as GAPSME in Malta law and made effective from 1 January 2016 and onwards. The intention of GAPSME was a simplified accounting approach for small […]
What is a related party? In simple terms, IAS 24 defines a ‘related party’ as a person or entity related to the entity preparing its financial statements (referred to as the ‘reporting entity’). In addition, the standard provides an in-depth overview of which parties would meet the related party definition in the same paragraph. Meanwhile, […]