![]() This guideline applies to public and private funded research projects alike.ĥ. ![]() Remember that we are mainly funded with public money. Please note that these are quite significant amounts, which must be considered upper limits which cannot be exceeded under any circumstances. ![]() The costs of your accommodation, meals and daily local transport must not exceed the flat rates listed in the guideline (Dutch only). This is on condition that the costs remain within reasonable limits, depending on the country visited. Costs for daily expenses such as meals are only reimbursed if you submit the original receipts and if they are included in the approved budget. ![]() The UvA/FMG does not use standard daily allowances for visits abroad. Expenses will only be reimbursed if they remain within reasonable bounds, which may vary from country to country.Ĥ. Expenses incurred for daily necessities such as meals will only be reimbursed if you submit original receipts and if these expenditures were included in the approved budget estimate. The UvA/FMG does not work with standard per-diem rates for overseas trips. Please note that the portal will not allow you to upload ZIP files or documents whose size exceeds 20MB.ģ. We will notify you as soon as we know more about this. If the Belastingdienst approves the UvA/FMG procedure, this requirement will no longer have to be satisfied. Keep your original receipts and invoices for at least two years, this being the term required by the Belastingdienst (Dutch Tax and Customs Administration) at present. Assess your scans for legibility if a scan is illegible, your expense claim will not be accepted.Ģ. Submit an expenses claim form to the account of a project, WBS number or cost centre through the Self-Service Tool. Otherwise, expenses will be overstated by $100,000 in the current month, and understated by $100,000 in the following month.1.1 Complete a form on the self-service portal Under the expense recognition principle, the $100,000 cost should not be recognized as expense until the following month, when the related revenue is also recognized. Example of the Expense Recognition PrincipleĪ business pays $100,000 for merchandise, which it sells in the following month for $150,000. Otherwise, the auditors will refuse to render an opinion on the financial statements. If a company wants to have its financial statements audited, it must use the expense recognition principle when recording business transactions. ![]() If a business were to instead recognize expenses when it pays suppliers, this is known as the cash basis of accounting. The expense recognition principle is a core element of the accrual basis of accounting, which holds that revenues are recognized when earned and expenses when consumed. When to Use the Expense Recognition Principle This usually means that they are charged to expense as incurred. These expenses are designated as period costs, and are charged to expense in the period with which they are associated. Some expenses are difficult to correlate with revenue, such as administrative salaries, rent, and utilities. In the example, income taxes will be underpaid in the current month, since expenses are too high, and overpaid in the following month, when expenses are too low. This principle also has an impact on the timing of income taxes. If this were not the case, expenses would likely be recognized as incurred, which might predate or follow the period in which the related amount of revenue is recognized. The expense recognition principle states that expenses should be recognized in the same period as the revenues to which they relate. ![]()
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