• Thomas Tsang

Cash for money changer

Cash foreign currency kept by money changer for money changing business is cash on hand for sales of foreign currencies. They are cash for transactions or cash as a result of changing transaction.

They should be cash on hand as they are resulted from buying and selling of foreign currencies note. Each transaction is matched. Also, the fact that they are cash as cash in nature and not produced by the money changer.

The accounting concept should adopt the financial sector.

2 views0 comments

Recent Posts

See All

In contract revenue to recognise using input method, one of the key audit procedures is to ascertain the budgeted cost of the project contract is reasonable. We need to test the underlining assumptio

For change of accounting policy for PPE from cost model to revaluation model. It is not follow FRS 8 as exempted from prior year adjustment. The change will apply prospectively from the date of reva

When receivables classified from current to non-current, it needs to be measured at fair value upon reclassification. The different will be charged to profit and loss. It is because the receivables