Memorandum on Physical Inventories and payment schedule for obligations in May 2016.
From a Memorandum sent by Tezó and Associates:
Physical inventories: Counting properly
One of the main components of financial statements of company´s with industrial or commercial activities are inventories, which are usually made up of goods available for sale or consumption and inventories of production processes.
The company Management, at the end of the accounting period must ensure that the inventory quantities that may exist in their stores, warehouses or any other collection site correspond to the economic reality by carrying out physical counts in order to ensure that the amounts of inventories are kept in good shape and are valued in accordance with the IFRS.
The new rules adopted by the Ministry of Labour will come into effect in February 2015 and the penalties for breaking them involve fines of between 3 and 16 minimum wages.
On August 8 the Regulation on Occupational Health and Safety issued by the Ministry of Labour and Social Welfare was published in the Official Newspaper, relating to Governmental Agreement No. 229-2014.
KC Public Accounting is a full service public accounting firm. We are a member firm of RSM International which expands our reach and capacity to help you with your specific business needs.
Organization that operates in El Salvador
Phone: (503) 25349944
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