BBA 101: BUSINESS LAW 1 LECTURE NOTES
| Institution | University |
| Course | BUSINESS LAW 1 |
| Year | 1st Year |
| Semester | Unknown |
| Posted By | Rose Oloo |
| File Type | |
| Pages | 99 Pages |
| File Size | 503.56 KB |
| Views | 1664 |
| Downloads | 0 |
| Price: |
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Description
This document provides an overview of Business Law 101 at a university. It discusses four lectures that will be covered: 1) the basic concepts of business law including the definition, nature, and functions of law, as well as why society needs law and how it applies to business; 2) the administrative structure of Kenyan courts and how they help solve business problems; 3) the law of contracts including elements, capacity, remedies, and discharge; and 4) the law of torts including general tort law, defenses, capacity, vicarious liability, and actions relating to trespass to person, land, and goods. The lectures include questions to help with student revision. An appendix also provides guidance on answering law questions.
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ADVANCED FINANCIAL REPORTING THEORY REVISION
Factors to be considered in choosing the presentation currency
1. Whether the activities of the foreign operation are carried out as an extension of the
reporting entity or are being carried out with significant degree of autonomy.
2. Whether the transactions with the reporting entity are high or low proportion of the
foreign operations activities.
3. Whether cash flows from the activities of the foreign operation directly affects the cash
flows of the reporting entity or not.
4. Whether foreign operations is able to borrow and service its own debts independently.
June 2010 Question Two
(a) Differences between income statement view and balance sheet view of deferred
taxes:
When the income statement view of deferred taxes is taken, there is a focus on the differences
between the accounting profit and and taxable profit ie timing differences. This was the view
of deferred taxes taken internationally and in UK and USA until the 1990s.The balance sheet
view focuses on the difference between the carrying amount of assets and liabilities and their tax bases. It is the method recommended by IAS 12.
(b) (i) Nil provision
This is where the financial statements are prepared without reflecting all the effects of tax iethere is not provision for deferred taxes.
(ii) Partial provision
Under this approach deferred tax is provided but not on all temporary differences. The
management uses a subjective approach in deciding which temporary differences may
crystallize.ie you provide for future tax consequences to the extent that you have reasonable
evidence that it will reverse within a reasonable period of time usually 3 years.
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