Preparers often have questions on accounting for VAT, such as how the VAT payable or receivable should be classified, whether it is statutory or contractual, and whether it is exchange or non-exchange.
Access the following resources for guidance:
- FAQ 4.12 Is VAT receivable or payable an exchange or a non-exchange receivable or payable?
- Fact Sheet on Classification of VAT
These and other resources are also available on the GRAP Knowledge Hub.
Disclaimer
The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.