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John is also an ACA and ACCA lecturer where he lectures the Advanced Financial Reporting Paper and the DipIFR CPE ACCREDITATION and categorised as an activity relevant to the attainment of Core Competencies in terms of the Accoutancy Board s CPE scheme. IAS 38 Intangible Assets IAS 40 Investment Property John Debattista qualifed as an accountant from The University of Malta in 2005 is a memer of the Malta Institute of Accountants and is a Certified Public Accountant. NON CURRENT ASSETS UNDER...
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How to fill out non current assets under

01
Step 1: Identify all non current assets owned by the company.
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Step 2: Gather all necessary information related to each non current asset, such as its cost, useful life, and residual value.
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Step 3: Determine the method of depreciation to be used for each non current asset. Common methods include straight-line depreciation, declining balance depreciation, and units-of-production depreciation.
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Step 4: Calculate the annual depreciation expense for each non current asset based on the chosen depreciation method.
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Step 5: Record the initial cost, accumulated depreciation, and net book value of each non current asset on the company's balance sheet.
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Step 6: Update the depreciation expense and accumulated depreciation accounts at the end of each accounting period.
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Step 7: Review and adjust the carrying value of the non current assets if there is any impairment or significant change in their value.
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Step 8: Include appropriate disclosures in the financial statements regarding the non current assets, such as their useful life and policy for depreciation.

Who needs non current assets under?

01
Companies of all sizes and industries need to record non current assets under.
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Financial institutions, manufacturing companies, service providers, and retailers are examples of businesses that require accurate reporting of their non current assets.
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Non current assets are important for financial analysis, investment decisions, and complying with accounting standards.
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Investors, lenders, and other stakeholders also rely on the information about non current assets to assess a company's long-term financial health and performance.
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Non current assets are assets that are not expected to be converted to cash or be consumed within one year.
Businesses and organizations are required to report non current assets on their financial statements.
Non current assets are typically reported on a balance sheet under the long-term assets section.
The purpose of reporting non current assets is to provide stakeholders with information about the long-term financial health of a business.
Information such as property, plant, equipment, investments, and intangible assets must be reported.
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