Like a lot of accounting standards the valuation of stock on hand is subject to some flexible rules. There is no single method that is universally applicable, and businesses usually decide on a method that suits the nature of their business, the nature of the market and the nature of the items themselves.
When bringing items in from overseas factors that you need to consider are when to apply the exchange rate for goods purchased in a foreign currency, and where to get the exchange rate from.
We often get enquiries asking if we know about various changes in legislation that may impact Pronto Xi and/or our customers. Chances are that we do already know of upcoming changes but please continue to ask the question (Just in case we aren’t perfect). So how does Pronto Software stay informed of upcoming changes?
To prepare my 2011-12 tax declaration, I’ll log onto the ATO e-tax portal to see what information the ATO already knows about me. The online lodgement process will prefill all the relevant information the ATO has already collected about me.
So how does the ATO know so much about me?