When a government orders equipment which is to be used by an activity accounted?

When a government orders equipment which is to be used by an activity accounted?

Recognition of property, plant and equipment

Pursuant to Articles 10, 12 letter c) and 72 letter b) of Law No. 16,744 and Title II of S.D. No. 40 of 1969, of the Ministry of Labor and Social Welfare, administrative agencies and companies with delegated administration are required to carry out permanent occupational risk prevention activities in accordance with the terms of such regulations.

The permanent risk prevention activities must be logically and coherently planned, both in their formulation and in their application, in order to prevent workers from being injured or falling ill as a result of or in connection with their work activity.

The administrative bodies and companies with delegated administration must plan, organize, coordinate, supervise and evaluate the activities related to the development of their objectives, through their different bodies, with risk prevention being one of the central and most relevant elements in the management entrusted to them.

General accounting plan

Article 1: Nature of the Tax: A tax is hereby created to be levied on income from Paraguayan sources derived from commercial, industrial, service and agricultural activities, which shall be called “Income Tax”.

c) All income obtained by commercial companies, with or without legal status, as well as entities incorporated abroad or their branches, agencies or establishments in the country. Income derived from agricultural activities included in Chapter II of this Title are excluded.

c) Persons domiciled or entities incorporated abroad and their branches, agencies or establishments in the country. Without prejudice to the tax paid by the branches, agencies or establishments of entities abroad, the parent company shall be taxed on the net income paid or credited by them. For these purposes, it will be considered that all the net income corresponding to the branches, agencies or establishments have been credited at the closing of the fiscal year.

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Governmental Accounting Plan

Supreme Decree approving the Regulations of Legislative Decree No. 1412, Legislative Decree approving the Digital Government Law, and establishing provisions on the conditions, requirements and use of technologies and electronic means in the administrative procedure.

That, pursuant to the provisions of Article 8 of Legislative Decree No. 1412, the Presidency of the Council of Ministers, through the Secretariat of Digital Government, is the governing entity in matters of digital government, which includes digital technologies, digital identity, interoperability, digital service, data, digital security and digital architecture; issuing for such purpose the rules and procedures in such matter;

That, likewise, the First Final Complementary Provision of said Legislative Decree provides that the Presidency of the Council of Ministers, by means of Supreme Decree, approves the Regulations of the Digital Government Law;

That, Article 47 of the Regulation of Organization and Functions of the Presidency of the Council of Ministers, approved by Supreme Decree No. 022-2017-PCM, establishes that the Secretariat of Digital Government is the line body, with technical normative authority at the national level, responsible for formulating and proposing national and sectorial policies, national plans, standards, guidelines and strategies in the area of Informatics and Electronic Government;

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The second part, recognition and valuation rules, contains the development of the accounting principles and other provisions contained in the first part of the conceptual framework. It contains the recording and valuation criteria applicable to various assets and liabilities.

The fourth part, table of accounts, contains the groups, subgroups and accounts, maintaining the decimal classification of PGCP’94. The accounts in groups 1 to 5 contain the balance sheet accounts, while groups 6 and 7 contain the management accounts and other components of income. Two new groups, 8 and 9, have been added to include expenses and income charged to equity, respectively. A new feature is the elimination of the mandatory nature of the budgetary control accounts in group 0 (accounts reflecting the phases preceding the recognition of the obligation or right in respect of the appropriations for expenses and revenue forecasts included in the budget, as well as cash advances), since these transactions have no economic-financial effects, without prejudice to their being recorded by simple entry in the accounts for the implementation of the budget and the corresponding information being provided in the annual accounts.

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