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List of FAQ

Before sending to us your questions or before starting to work with 24iValue explore the list of frequently asked questions.


1. What accounting standards or what Corporation Tax rules are used in 24iValue calculations? 
The currently available English version of 24iValue available at 24iValue.com domain performs calculations based on the selected International Financial Reporting Standards (e.g. deferred tax, cash flow statement, testing of impairment of fixed assets),  and with reference to the principles of determining the Corporate Income Tax in the UK for the fiscal periods beginning on or after 6 April 2012.  Additionally, certain calculations are so universal that they can be applied regardless whether the entity reports in accordance with UK accounting standards or IFRS or other generally acceptable accounting principles. The above applies to inventory provisions, provision for doubtful debts and provision for liabilities. 

2. Do the services performed by 24iValue replace audit of financial statements or tax audits? 
By no means! The services performed by 24iValue as electronic services do not meet the definition of financial statements audit services or tax advisory services or bookkeeping services and may not be treated as such. In practice, 24iValue is an ideal addition to traditional advisory services in the process of financial and tax reporting. It provides support when no support is available from auditors, tax or accounting consultants.  The users of 24iValue get access to an application available at a web site while the agreement for use of the application is a typical licence contract, which does not cover physical provision of advisory services for Users by the Administrator of the service. 

3. Is the data I provide safe and inaccessible by unauthorised parties? 

Yes, the 24iValue.com web is secured with a security certificate GeoTrust, encrypted connections and servers located in a large data centre operated by a leading hosting company, which holds a unique certificate confirming compliance with the ISO 27001:2005 standard with respect to the Information Management Security System.  When you register as a User of the 24iValue service, you provide a valid email address and your country of origin and you set your access password to the service.
If you do not need a VAT invoice, you do not have to provide any other information at all. If you need a VAT invoice for the services, details for the invoice will be required; however, such data will be stored only until payment is made and the invoice is issued.  The information and data provided by you to the 24iValue  service is used solely to calculate the final results. You may apply names and descriptions that are known only to you. It will be treated confidential.
Remember to protect your login and access password to the service against access by unauthorised persons. This way, you will help us protect the privacy of your data. 

4. When I run a test, can I save it and finish at a later time? 
Yes, you only need to click the button /Finish later/ at any time (in any step). Your calculations will be saved in user\\\'s panel, in the bookmark /History/. To complete the test, you only need to enter the /History/ bookmark, find the saved module (best with the title of the test that you assigned to the calculations) and click the button /Finish/. 

5. What data do I need to go through the calculations in each module? 
The data supporting calculations in each module comes mostly from the financial statements made by your entity or a trial balance for the period to which the tested position relates. A detailed list of information required for each module is provided in Enclosure No. 1 to the Terms of use of 24iValue, available at: http://24iValue.pl/public/download/informations_list.pdf 

6. Can I enter negative values? 
Yes. The fields where negative values may be entered are shaded in blue. This applies e.g. to equity, current and deferred income tax charge. Only positive values may be entered in white fields.  Negative values need to be entered with the /-/ minus sign. Do not use brackets: (). 

7. Will test results be saved? 
Yes, results of a complete test will be saved in the user panel, in the history of calculations. The results may be exported (files downloaded) to two formats:  PDF and CSV (Excel). The exported files contain final conclusions and all input data. When a message appears that a material error has been found, first make sure that all the data has been input correctly. You can always redo the test by clicking /Try again/ button in the history of calculations in the user panel. 

8. Beginning of a test /general details (test name, period, revenues, total assets and liabilities)/ what amount is to be entered in the field /Sales revenues/? 
The amount in the field /Sales revenues/ depends on the variant applied to make the profit and loss account in your Company:  in the variant by function, enter the amount of net sales revenues while in the comparative variant enter the value of sales and similar revenues. 

9. Cash flows. When I enter disposals of fixed assets, an error message is displayed. 

Make sure that you have entered gross disposals of fixed assets and intangible assets. The gross value can be found in the table on movements in fixed assets.  When you do not have a table on movements in fixed assets, fill in the field of disposal of fixed assets and intangible assets with the net value of the disposal. Remember however to enter 0 in the field of decrease of depreciation of fixed assets. 

10. Cash flows. When I enter additions to fixed assets, an error message is displayed. 
Make sure that you have entered the total value of additions of fixed assets, including fixed assets resulting from the new leasing contracts. 

11. Indirect statement of cash flows. What does the field /difference/ in each step mean? 
In certain screens, in the /Cash flow/ module there are fields called /difference/. This is a check filed (calculated automatically) which shows if the input data is correct. The correct value of the field is / 0 / and only then you can pass on to the next stage of calculations.  The fields relate to:  assets/liabilities, balance sheet change to fixed assets and balance sheet change of financial assets. If you enter rounded numbers (e.g. in thousands), be watchful for results of the rounding since it may cause differences in the check field. So then add or subtract a little from the selected items in the form until the check sum is / 0 /. 

12. Indirect statement of cash flows. An error message appears when you enter new loans and repaid loans. 
In the screen concerning financing activities you need to input the amounts (if any) of newly obtained loans OR repaid loans, whichever is easier to calculate. That is: /one or the other/. You may not enter a value in the new loans field and a value in the repaid loans field. Firstly, decide which information is easier to obtain (perhaps you know the exact loan repayment amount?) and then input the amount in the relevant filed while leaving the second field blank.  The same rule applies to issuing OR redemption of debt securities (e.g. bonds). 

13. Indirect statement of cash flows. How can I enter bond redemption correctly to the system? 

Example: From the beginning of the year, the Company has purchased bonds in nominal value of PLN 95,000. The bonds were redeemed by the issuer after 10 months at the price of PLN 100,000 (interest related to the bonds: PLN 5,000). Enter:
** Increase of financial assets: 95,000
** Value of reduction of financial assets at its original cost:  95,000
** Revenues from disposal of financial assets:  100,000 

14. Impairment IFRS. About what should I remember while testing impairment of fixed assets? 
Before starting an impairment test of fixed assets, first make sure if the tested fixed asset:
** Generates cash flows on its own
** Generates cash flows but only in combination with other fixed assets (so called CGU: Cash Generating Unit)
** It is impossible to identify a group of fixed assets that generate cash flows on their own (CGU at the companys level)

15. Accounting for financial leasing. The value of which currency to type if the lease agreement is denominated in a foreign currency?

The market value of the leased asset, capital component of the lease payments, the amount of the initial payment and the final payment need to be entered in the foreign currency. Also, remember to enter the correct exchange rate adopted for the valuation of foreign currency at the commencement of a finance lease and foreign exchange rates adopted for balance sheet valuation.

The discounted present value of the minimum lease payments and the net value of the leased asset and the net value of financial lease liabilities at the end of the test period need to be entered in the functional currency, i.e. the currency in which the accounts are being kept.

16. Finance leases in the books ? what does the "difference between the discounted present value of the lease payments and the market value of the leased asset" mean?

The field /The difference between the discounted present value of the lease payments and the market value of the leased asset/ is a checkbox, into which you cannot enter values - this is a field filled automatically by the 24iValue calculator. Before proceeding to the next step, check the value of this field - the closer it is 0, the more accurate is the value of the internal rate of return (IRR).

This will ensure that accounting of finance lease will be done correctly. If there is a message that prevents you to move to the next screen, make sure the appropriate adjustment of the discount rate is doe: This field shows the difference between the market value of the leased asset and the present value of the lease payments discounted at the internal rate of return (IRR).
Publication date: 2018-08-08 11:58:36
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