A construction contract is a contract specifically negotiated for the construction of an asset, (or combination of assets), that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use.
What is Revenue?
Revenue is the gross inflow of economic benefits (cash, receivables, other assets) arising from the ordinary operating activities of an enterprise (such as sales of goods, sales of services, interest, royalties, and dividends).
Public sector governance is a new area to the ACCA P1 exam. From December 2014 onwards, candidates will be expected to be familiar with governance in a wider range of organisations, such as public sector organisations. Let’s take a look at some of the key areas of public sector governance.
Mintzberg described a mission ‘describes the organisation’s basic function in society, in terms of the products and services it produces for clients’.
The important elements of a mission are:
Henry Mintzberg suggests there are five ways in which the term ‘strategy’ is used. These are called his ‘5Ps for Strategy’. Strategy can mean any of the following:
Let’s look at these in a little more detail.
Section A of the ACCA P5 Advanced Performance Management syllabus deals with Strategic Planning and Control. In this article, we’re going to look at the main areas of a Strategic Plan.
The IASB Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements. It’s used by the IASB to develop new accounting standards, and provides the reasoning current accounting standards.
A co-operative is a business which is owned and run by its members, who are the people who benefit from its services. Co-operatives usually work for the benefit of its members and society in general.
Co-operative members:
Inventories are covered by IAS 2 Inventories, and there are three methods of valuing or measuring the cost of inventory allowed. These are
There are different types of leases depending on what sort of lease arrangement is in place. Here we’ll take a look at some of the things you should know.