PMK Consultancy Services

Provides accounting services, tax Consultancy, tallyerp training and installation, Quick books, Financial statements preparation and business consultancy .

03/08/2020

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21/06/2019

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14/03/2019

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19/08/2017

Independent auditors’ report to the members of ###x
We have audited the Group financial statements of ###x for the 53 weeks ended 28 February 2009 which comprise
the Group Income Statement, the Group Balance Sheet, the Group Cash Flow Statement, the Group Statement of
Recognised Income and Expense and the related notes. These Group financial statements have been prepared under the
accounting policies set out therein.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the Group financial statements in accordance with
applicable law and International Financial Reporting Standards (IFRSs) as endorsed by the European Union are set out in
the Statement of Directors’ Responsibilities.
Our responsibility is to audit the Group financial statements in accordance with relevant legal and regulatory requirements
and International Standards on Auditing . This report, including the opinion, has been prepared for and
only for the Company’s members as a body in accordance with Section 235 of the Companies Act 1985 and for no other
purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person
to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in
writing.
We report to you our opinion as to whether the Group financial statements give a true and fair view and whether the
Group financial statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of
the IAS Regulation. We also report to you whether in our opinion the information given in the Report of the Directors
is consistent with the Group financial statements. In addition we report to you if, in our opinion, we have not received
all the information and explanations we require for our audit, or if information specified by law regarding Directors’
remun

25/03/2017

PMK Consultancy Services

Provides accounting services, tax Consultancy, tallyerp training and installation, Quick books, Financial statements preparation and business consultancy .

06/02/2017

Uganda has chosen the Resource Financed Infrastructure, (RFI) Model to borrow against future oil revenues, staking the oil as a guarantee for a loan from China's Exim Bank, to build the Standard Gauge Railway. Håvard Halland, an economist at the World Bank explains that one important insight is that linking resource extraction to infrastructure can be understood as a commitment mechanism which ensures that a share of resource revenues goes to financing infrastructure.
A second insight is that transparency is equally important in an RFI transaction as in other types of #oil and #mineral contracts. There are also potential disadvantages for the RFI model. Infrastructure built using an RFI credit facility will be more expensive in the sense
that interest will accrue on the infrastructure investment until the resource project starts generating revenue. So if a mine takes ten years to produce government revenues, to start servicing the RFI credit facility while the infrastructure is built in year one and two, then there would be approximately eight years of capitalized interest on the infrastructure.

30/12/2016

Disclosures in financial statements

IAS 16 requires that a reconciliation of the carrying amount of fixed assets at the beginning and end of the period is included in the financial statements. The reconciliation should show the movement on the non-current asset balance and include the following;
• Additions
• Disposals
• Increases/decreases from revaluations
• Reductions in carrying amount
• Depreciation
• Any other movements

Revalued assets require further disclosures, including the following
• Basis used to revalue the assets
• Effective date of the revaluation
• Whether an independent valuer was involved
• Carrying amount of each class of PPE that would have been included in the financial statements had the assets been carried at cost less depreciation.
• Revaluation surplus, indicating the movement for the period and any restrictions on the distribution of the balance to shareholder

29/12/2016

Conflicts of Interest have an important bearing on objectivity and independence

13/12/2016

THE CONCEPT OF THE MARKET PORTFOLIO
Investors require a reward for taking on a risky investment. This reward for risk taking is the return expected from the investment. The more risky the investment, the higher is the return required from that investment to make it acceptable.

13/12/2016

IAS 41: AGRICULTURE

Agriculture as a business activity is quite different from other types of businesses. This simply because, agricultural assets grow instead of wearing out. This therefore means that depreciation in the normal commercial sense is irrelevant in agricultural activities. Thus the financial statements of an agricultural should only recognize increases in the value of agricultural assets.

Major Definitions

1. Agricultural activity
This is the management by an Enterprise of the biological transformation of Biological assets for sale into agricultural produce or into additional biological assets

2. Biological transformation
This comprises the process of growth, degeneration, production, and pro creation that cause qualitative or quantitative changes into biological assets.

3. A Biological asset
This is a living plant or an animal

4. Agricultural produce
This is harvested product of the Enterprise’s biological assets

5. Harvest
This is the detachment of produce from a biological asset or the cessation of a biological asset’s life processes

IAS 41 deals with the accounting treatment of biological assets during the process of growth, degeneration, production, and procreation and the initial measurement of the produce at the point of harvest.

Recognition and Measurement:

An enterprise shall recognize a biological asset, or an agricultural produce when and only when:
i) An enterprise controls the asset as a result of past events
ii) It is probable that future economic benefits will flow to an Enterprise and
iii) The fair value or cost can be measured reliably.

Initial Measurement:

Initially, a biological asset should be measured at Fair Value less estimated point of sale costs.

Agricultural produce harvested from Biological assets

These should be measured at Fair value less estimated point of sale costs. This should become the cost of these items when starting to use IAS 2.
NOTE:
IAS 41 is applicable only up to the point of harvest. After harvesting an agricultural produce the enterprise should begin using IAS 2

Examples of estimated point of sale costs include; commissions to brokers and dealers, levies by regulatory agencies, transfer duties and taxes, etc.

There is a rebuttable presumption, that the Fair value for a biological asset can always be measured reliably. However, the presumption is only rebuttable on initial recognition for a biological asset for which market determined prices or values are not available and alternative measures of fair value are considered unreliable.

In some cases, fair value may be determined by grouping Biological Assets or Agricultural produce according to certain attributes, thus the attributes to be used in determining fair value should correspond to the market in which the produce will be sold.

Future contracts are not relevant in determining fair value, because fair values are determined by reference to current markets.

Where there are various markets, the enterprise should determine fair value by reference to the most applicable market.

Where no active market exists, the enterprise should determine fair value using:
i) the most recent transaction prices
ii) market prices for similar assets
iii) Sector benchmarks e.g. value of a Cattle expressed by reference to the cost of a kilogram of meat

Where market prices cannot be determined, fair value cannot be determined as the present value of the net cashflows discounted using a pre-tax market determined rate.

Government grants

An unconditional government grant related to a biological asset measured at its fair value less costs to sell shall be recognized in the Profit and Loss when and only when the government grants become receivable.

When a government grant related to a biological asset measured at its fair value less costs to sell is conditional, including when a government grant requires an entity not to engage in a specified agriculture activity, an entity shall recognize the government grant when and only when the conditions are met.

Presentation and Disclosure

An enterprise should present the carrying amount of its biological assets separately on the face of its balance sheet.

Disclosure

General

1. An enterprise should disclose the aggregate gain or loss arising during the current period on the initial recognition of the biological assets and agricultural produce and from the change in fair value less estimated point of sale costs of biological assets.

2. An enterprise should provide a description of each group of biological assets. This can take the form of narrative or quantified description

An enterprise is encouraged to provide quantified description of each group of biological assets, distinguishing between consumable and bearer biological assets or between mature and immature biological assets as appropriate, For example an enterprise may disclose the carrying amounts of consumable biological assets and bearer biological assets by group. An enterprise may further divide those carrying amounts between mature and immature assets. This distinction may provide information that may be helpful in assessing the timing of future cash flows. The enterprise should disclose the basis of making such distinctions.

NOTE:
i) Consumable biological assets are those that are to be harvested as agricultural produce or sold as biological assets. Examples of consumable biological assets are Livestock intended for the production of meat, livestock held for sale, fish in farms, crops such as maize and wheat, and trees being grown for lumber.
ii) Bearer biological assets are those other than consumable biological assets for example livestock from which milk is produced, grape vines, fruit trees and trees from which firewood is harvested while the tree remains. Bearer biological assets are not agricultural produce but, rather, are self re-generating.
iii) Biological assets may also be classified as either mature biological assets or immature biological assets. Mature biological assets are those that have attained the harvestable specifications (for example consumable biological assets) or are able to sustain regular harvests (for bearer biological assets).

3. If not disclosed anywhere in the information published with the financial statements, an enterprise should describe:
a) the nature of activities involving each group of biological assets; and
b) non financial measures or estimates of the physical quantities of:
i) each group of the enterprise’s biological assets at the end of the period; and
ii) output of agricultural produce during the period

4. An enterprise should disclose the methods and significant assumptions applied in determining the fair value of each group of agricultural produce at the point of harvest and each group of biological assets.

5. An enterprise should disclose the fair value less estimated point of sale costs of agricultural produce harvested during the period determined at the point of harvest

6. An enterprise should disclose:
a) the existence and carrying amount of biological assets whose title is restricted, and the carrying amount of biological assets pledged as security for liabilities
b) the amount of commitments for the development or acquisition of biological assets; and
c) the financial risk management strategies related to agricultural activity.

7. An enterprise should present a reconciliation of changes in the carrying amount of biological assets between the beginning and the end of the current period. Comparative information is not required. The reconciliation should include:
i) the gain or loss arising from changes in fair value less estimated point of sale costs;
ii) increases due to purchases;
iii) decreases due to sales;
iv) decreases due to harvest;
v) Increases resulting from business combinations;
vi) Net exchange differences arising on the translation of financial statements of a foreign entity; and
vii) Other changes

The fair value less estimated point of sale of cost of a biological asset can change due to both physical changes and price changes in the market. Separate disclosures of physical and price changes is useful in appraising current period performance and future prospects; particularly when there is a production cycle of more than one year. In such cases an enterprise is encouraged to disclose by group or otherwise the amount of changes in fair value less estimated point of sale costs included in the net profit or loss due to physical changes and due to price changes. This information is generally less useful if the production cycle is less than one year (e.g. when raising chicken or growing cereal crops)

Biological transformation results in a number of types of physical changes i.e. growth, degeneration, production, and procreation each of which is observable and measurable. Each of those changes has a direct relationship to future economic benefits. A change in fair value of a biological asset due to harvesting is also a physical change.

Agriculture activity is often exposed to climatic, disease and other natural risks. If an event occurs that because of its size, nature, or incidence is relevant to understanding the enterprise’s performance for the period, the nature and amount of related items of income and expense are disclosed under IAS 8. Examples include an outbreak of a virulent disease, a flood, severe droughts or frosts and a plague of insects.

Additional disclosures for biological assets where fair value cannot be measured reliably:

If an entity measures biological assets at cost less accumulated depreciation and accumulated impairment losses, the entity is required to disclose the following:
a) A description of the biological assets
b) An explanation of why the fair value cannot be measured reliably
c) If possible the range of the estimates within fair value is highly likely to lie.
d) The depreciation method used.
e) The useful life and the depreciation rates used and
f) The gross carrying amount and accumulated depreciation at the beginning and end of the period.

Disclosures relating to government grants related to biological assets:
i) The nature and extent of government recognized in the financial statements
ii) Unfulfilled conditions and other contingencies attaching to government grants.
iii) Significant decreases expected in the level of government grants.

12/12/2016

Decision Tree
The purpose of the following decision tree is to summarize which International standards apply to various kinds of property.
Start


Is the property held for Yes Use IAS 2
sale in the ordinary course

No

Is the property owner
Occupied yes Use IAS 16

No (Benchmark or Allowed alternative)
Is the property being Yes Use IAS 16
Constructed or developed?

No
The Property is an
Investment property

Use IAS 16 (benchmark) with
Cost model disclosure from IAS
Which model is chosen for
all investment properties? OR


Fair value Use IAS 40

12/12/2016

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12/12/2016

De-recognition of Investment Property
The investment property will be derecognized from the financial statements, under following situations:
• Upon disposal of Investment property or
• When no economic benefits are available either by use of property or from its sale
• However, any gain or loss, resulting from the disposal of investment property will be charged to statement of profit or loss in the related period.
• Any compensation recoverable from any third parties will be recognized in statement profit or loss, in respect of investment property which was impaired or lost, in the period in which it becomes receivable.

12/12/2016

Measurement of Non-Current Asset or a Disposal Group classified as held for Sale
The entity will measure a non-current asset or a disposal group which is classified as held for sale as follows:
• A non-current asset or a disposal group which is classified as held for sale will be initially measured at the lower of:
(a) The carrying value of the asset on the date of classification, and
(b) Its fair value less costs to sell on the same date
• A non-current asset or a disposal group which is classified as held for distribution to the owners will be initially measure at the lower of:
(a) The carrying value of the asset on the date of classification, and
(b) Its fair value less costs to distribute on the same date
• If an entity acquires a non-current asset or a disposal group exclusively with the intention to subsequent sale meets the criteria to be classified as held for sale at the acquisition date, it will be initially measured at:
(a) The carrying value of the asset on the date of classification (Cost), and
(b) Its fair value less costs to sell on the same date
• If in certain circumstances the sale is expected to take place after one year. The ‘costs to sell’ will be measured at their present value and any change in the present value of the costs to sell due to the span of time will be treated as a finance cost.
• The entity will apply the applicable standards to determine the carrying value of an asset or a disposal group which is classified as held for sale up to the date of initial classification into IFRS 5
• If fair value less cost to sell is lower than the carrying value of an asset or a disposal group on the date of classification, the difference will be impairment loss and the impairment loss related to the disposal group will reduce the carrying values of assets in the group in the order which is specified in IAS 36.
• At subsequent reporting date, the asset or the disposal group classified as held for sale will be re-measured at fair value less cost to sell on reporting date and any decrease in value will be treated as further impairment loss. However any increase in value will be treated as reversal of impairment loss which will be recognized up to extent of original impairment loss recognized previously either under the provisions of this standard or as per IAS 36.
• Any gain or further impairment loss related to disposal group will increase or reduce the carrying values of the assets in the disposal group in the same order as specified in IAS 36.
• The asset or a disposal group classified as held for sale will not be depreciated or amortized after it has been classified as held for sale.

Telephone

Address


Kampala

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