Question

WRITE ACCOUNTING POLICIES FOR YOUR INTERNATIONAL ORGANISATION IN GHANA

Answer 1

Ghana, officially the Republic of Ghana, is a country in West Africa. ... The word Ghana means "Warrior King". Ghana was inhabited in pre-colonial times by a number of ancient predominantly Akan kingdoms, including the inland Ashanti Empire, the Akwamu, the Bonoman, the Denkyira, and the Mankessim Kingdom among others.

Formerly known as the Gold Coast, Ghana gained independence from Britain in 1957, becoming the first sub-Saharan nation to break free from colonial rule. Gold, cocoa and more recently oil form the cornerstone of Ghana's economy and have helped fuel an economic boom.

What Are Accounting Policies? Accounting policiesare the specific principles and proceduresimplemented by a company's management team that are used to prepare its financial statements. These include any accounting methods, measurement systems, and procedures for presenting disclosures.

Prominent Accounting Policies

• Accounting conventions followed.
• Valuation of fixed assets.
• Depreciation and inventory policies.
• Valuation of investments.
• Translation of foreign currency items.
• Costs incurred on research and development.
• Historical or current cost accounting.
• Treatment of leases.

These Accounting Standards are recommended by Institute of Chartered Accountant of India (ICAI) and becomes applicable to entities only when Central Government notifies it. Currently, there are 27 Accounting standards in total.

Policies and procedures are designed to influence and determine all major decisions and actions, and all activities take place within the boundaries set by them. ... Procedures are the specific methods employed to express policies in action in day-to-day operations of the organization.

Specific policy types

• Company policy.
• Communications and information policy.
• Human resource policies.
• Privacy policy.
• Public policy.
• Defense policy.
• Domestic policy.
• Economic policy.

But generally speaking, these are some common company policies and procedures you should put in writing.

• Code of conduct. ...
• Attendance/vacation/time off policy. ...
• Equal opportunity and non-discrimination policies. ...
• Workplace safety. ...
• Alcohol, drug-free workplace, smoking, cannabis policies. ...
• Whistleblower policy.