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BOOKKEEPING VS ACCOUNTING - Figures for Bookkeeping

BOOKKEEPING SAMPLESInternational Accounting Standards (IAS) The information below does not provide information on the day to day accounting process. This section of the Financial Management Guide will be updated to include all the information of the new Standards once available.

Centres should be familiar and prepared to move on to the IAS. With the completion of the stable platform of International Accounting Standards in 2004, the International Accounting Standards Board (IASB) established itself as a world leader in the preparation of accounting standards. As many countries agreed to adopt these standards, or equivalents to them, influential national standardsetters such as the United Kingdom, Australia and New Zealand acknowledged that the time had come for an international approach to standard setting.

BOOKKEEPING BASICSWith the completion of the stable platform of International Accounting Standards in 2004, the International Accounting Standards Board (IASB) established itself as a world leader in the preparation of accounting standards. As many countries agreed to adopt these standards, or equivalents to them, influential national standardsetters such as the United Kingdom,

Australia and New Zealand acknowledged that the time had come for an international approach to standard setting. This new set of International Accounting Standards is expected to have major implications for the way in which accounting is undertaken in practice and the way in which accounting is taught in tertiary institutions.International Accounting Standards are principles based. Although a specific standard is a stand-alone document, the principles in any standard relate to and are interpreted in conjunction with other standards. This reinforces the conceptual basis of the standards. To appreciate the application of a specific standard, an understanding of the reasoning within other standards is needed. Applying International Accounting Standards helps accounting practitioners to understand the complexities of international accounting standards and to apply the stable platform of standards. It examines standards not related to specific industries and has, therefore, wide application.BOOKKEEPING VS ACCOUNTING

TYPES OF BOOKKEEPINGEmployment Records The Centre should ensure that all employees have a written contract explaining the terms of the employment, specifying the award, conditions and date of commencement. This document should be kept in the personal folder for the employee and all the information should be updated if there are changes to the job or conditions of employment.

Apart from basic information to enable salaries to be calculated, records must be kept to satisfy legal and other requirements. Note that employment records, including employees’ personal details and tax file numbers are confidential and should be kept in a secure place. A locked cabinet should be considered a minimum security requirement for these records. Information required for employment records is as follows:

• employee’s full name, address and phone number;

• date of birth;

• tax file number;

• name and address of next of kin and their phone number;

• date employment began;

• days off, including dates for sickness and other reasons;

• holiday leave, including specific dates leave was taken;

• rates of pay and other entitlements;

• superannuation fund details; and

• any other relevant information.BOOKKEEPING PDF