significant differences between accounting and oil Accounting for state and local taxes  – no significant differences between the tax laws of  • direct accounting or specific allocation of income from oil and.
{"Image DocumentName": "Major difference between accounting of Finance Lease and Ijarah", "Image ImageDescription": "Finance Lease (pre-adoption method) Leases are recorded as financing in the books of Lessor (the bank). 2) Un-earned income i.e \u2018excess of aggregate rentals over cost of the asset are recorded at the inception of lease and amortized over the lease term. Provision against Doubtful debts is calculated according to the criteria given in Prudential Regulations for banks. Leases are disclosed net of provision, income suspense and unearned income. Revenue is recorded to the extent of income portion of the rentals based on the manner which produce a constant rate of return. Ijarah (post-adoption method) 1) Ijarah assets are recorded at cost less accumulated depreciation and impairment. 2) Rental from Ijarah is recognized as income on accrual basis. 3) Costs, including depreciation is charged to income statement. 4) Assets leased out should be classified according to it nature, distinguished from the assets in own use. (i.e. Plant & Machinery, Vehicle etc.) 5) Lessor should make an impairment testing for the asset on a regular basis. Any impairment should be dealt in according to the requirements of IAS 36 Impairment of assets.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}