FUND ACCOUNTING Case Paper -
The Government of the Bahamas has introduced a new VAT tax taking effect from January 1, 2015. To ensure the appropriate accounting treatment is applied in terms of accounting and financial reporting you have been asked as an external consultant to provide a summary of key accounting considerations and recommendations on how the Bahamas government should monitor compliance. Your summary should specifically address the specific areas noted below and be prepared in report form to the VAT Authority.
Required to talk on the following points -
Resource, technical and system considerations
Challenges experienced by similar jurisdictions and how they can be overcome or lessons to be learnt.