UNIVERSITY OF BASRAH ORGANIZES A SEMINAR ON ACCOUNTING TREATMENTS FOR PAYMENTS
The Accounting Department at the College of Administration and Economics, University of Basrah, organized a seminar entitled "Accounting Treatments for Prepayments, Receivables, and Accruals, and Their Impact on the Fairness of Financial Statement Presentation."
The seminar, presented by lecturer Neaama Khamis Neaama, aimed to promote the use of adjusting entries and the adoption of accrual accounting in final accounts to ensure fair presentation and equality between financial periods, protect employee rights, and establish financial obligations, thus achieving job security.
The seminar addressed the philosophy of adjusting entries and the importance of processing prepayments and accruals to transition from cash-based accounting to fair measurement. It also discussed the effects of neglecting these adjustments on the credibility of financial statements and emphasized the need to update financial policies and submit periodic accrual-based reports to support decision-making.