Annual report & statement of accounts
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- 61,444,809 14,690,098 ANNUAL REPORT STATEMENT OF ACCOUNTS
- Note 2. Fixed Assets
| Cash at end of period 61,444,809 14,690,098 Due to Consolidated Fund: 46,748,966 Current 7,442,239 1,876,078 ODS 16,337 16,337 FFMP - - Capital 39,306,727 48,241 Overpayment to the Consolidated Fund - Liability - Grants 12,384,400 12,384,400 Cash in imprest, floats and POS/Change in Cash in imprest, floats and POS 2,294,045 2,288,300 Paid to the Consolidated Fund (1,924,319) Unreconciled Balance 1,061 1,061 61,444,809 14,690,098 ANNUAL REPORT & STATEMENT OF ACCOUNTS 71 Guyana Revenue Authority Notes on the Financial Statements For the year ended December 31, 2014 Note 1. Significant Accounting Policies A. The Financial Statements have been prepared under the historical cost convention whereas Fixed Assets are valued at their Acquisition Cost and no depreciation is reported. B. The Revenue Authority operates on a Cash Basis of Accounting and as such there are no accruals of expenses. The allocations are provided by Parliament in the Estimates of Expenditure. In addition, the surplus of revenue (releases) over expenditure is remitted to the Consolidated Fund. C. Inventories are valued using the Weighted Average Method. Inventories are procured with funds allocated for Current Expenditure and consequently, the stock at hand as at December st partially constitutes the accumulated fund. Note 2. Fixed Assets Fixed Assets held by the Inland Revenue and Customs & Excise Departments as at January 27, 2000, were independently valued by the Chief Valuation Officer at M. The asset holding of the Authority is displayed on the chart Land and Buildings 823,406,908 Motor Vehicle/Craft 314,245,846 Computer Equipment 1,113,063,365 Office Equipment 315,615,831 Containers/Scanner 212,134,217 Office Furniture 2,905,336,574 28% 11% 38% 11% 7% 5% Download 2.59 Mb. Share with your friends:
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