What is the accrual basis of accounting? Accrual basis accounting recognises income as soon as an invoice is raised, while bills are recognised as expenses as soon as they’re received. This is the case even if the money won’t leave/enter your account for the next 30 days. Overall, accr...
Generally, assets and liabilities recognised on first adoption of MPSAS should be adjusted against accumulated surplus or deficit on the date of adoption. However, the AGD has prescribed some exemption to ease the transition to accrual accounting, which also encompasses PPE. In terms of measurement ...