management judgement in accounting

Investment property - €112 million. The expenses and liabilities of such plans are calculated on the basis of estimates carried out by consulting actuaries, who use a combination of statistical and actuarial elements in their calculations, including statistical data on past years and forecasts of future costs. Accordingly, such disclosures are most useful when they are not ‘boilerplate’ and explain clearly the most important judgements made. Judgements made in applying accounting policies other than those involving estimations To be a key judgement disclosed under IAS 1.122, the subject matter must relate to something other than assumptions about the future or making estimates. to the highest level of management judgement and require significant auditor attention during the course of audit. New and amended standards and interpretations, 4. To evaluate when a performance obligation is satisfied, the Group evaluates when the control of the goods or services is transferred to the customer, assessed primarily from the perspective of the customer. Shareholders’ equity - €46,938 million, 37. Opinion. Accordingly, at the inception of the transaction the Group documents the hedge relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy. Business Management and Accounting A powerful combination of skills. Therefore professional scepticism can be seen as one […] This is done through a technique known as Variance Analysis. Industry Insights. Non-current tangible and intangible assets represent a significant proportion of assets of many companies. Since the first Management Accounting Research special issue on risk management was published in 2009, there has been a great deal of attention to risk in academic circles, in industry, in the professions and in the media. Conclude the level of accounting flexibility. The rise of AI has engendered fears of job loss as machines take over work performed by people. ���灏)�,s�r}�%�Eu2�j� �Y����y?ñ!Z7�Lɽͺ������4��}��K��Z|�~� 3����W ^)�\*�|6�}꽜t�%�� 帶a=A\ꑰ������^�p� � \����y�K��. However, where the Group should become aware that it is unable to recover all or part of recognized tax assets in future years, the consequent adjustment would be taken to the income statement in the year in which this circumstance arises. The risk applies to using AI in accounting and finance. This newsletter addresses the requirements of IAS 1 'Presentation of Financial Statements' relating to the disclosure of key judgements management has made in the process of applying accounting policies and of assumptions and other sources of estimation uncertainty underlying amounts included in the financial statements. In order to determine this expected period of benefit from the contract, the Group considers its past experience (e.g., “churn rate”), the predictive evidence from similar contracts and available information about the market. Judgements, including those involving estimations, made in the process … Conversely, joint operations are joint arrangements whereby the parties that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. Contractual commitments and guarantees, Declaration of the Chief Executive Officer, 9.g Capitalized costs - €(2,355) million, 19. Assets and disposal groups classified as held for sale - €101 million and €3 million, 34. And you’ll be able to take specialist modules in financial reporting, management accounting and auditing. The CGUs identified by management to which the goodwill recognized in these consolidated financial statements has been allocated are indicated in note 21. professional judgment is the accounting of financial operations with the observance of accounting principles, by choosing accounting options that lead to the presentation of the economic substance of the items, events and transactions. h�bbd``b`���A��`�L,@���R�@�%��c~"��Ħ�X�a\fv ��$�A:@H�IH�@����D##�4�JF����m� ��k The rise of AI has engendered fears of job loss as machines take over work performed by people. Such interventions may involve the decommissioning of plants and site restoration, or other obligations linked to the type of generation technology involved. For this, an approach to the definition and importance of the professional judgment in work activities related to its performance is mentioned both in the international standards of financial reporting (IFRS) and international standards Audit (NIAS). Challenging management’s judgments of key assumptions underlying cr itical accounting estimates, and understanding management’s framework for making accounting judgments and estimates should be at the Critical accounting judgments including those involving estimations. Net income/(expense) from commodity risk management - €(733) million, 11. There is a plenty of space for applying accounting estimates in order to recognise and measure such … The Group amortizes such costs over the average customer term. Net financial position and long-term financial receivables and securities - €45,175 million, 42. If the Group evaluates that a contract includes an option for additional goods or services (e.g., customer loyalty programs or renewal options) that represents a material right, it allocates the transaction price to this option since the option gives rise to an additional performance obligation. More specifically, IFRIC 12 gives guidance on the accounting by operators for “public-to-private” service concession arrangements in the event that: In assessing the applicability of these requirements for the Group, as operator, management carefully analyzed existing concessions. According to Wesfarmers (2011), the management and directors of Wesfarmers Limited exercised critical judgement in applying accounting policies in preparation of financial statements. Management Situational Judgment Tests do exactly what their name implies: They present a realistic employment situation, and test your judgment as to the effective course of action to take in resolving the difficulties experienced by managers in the situation presented. Provisions for risks and charges - €6,520 million, 38. Such assessments of the recoverable amount of assets are carried out in accordance with the provisions of IAS 36, as described in greater detail in note 21 below. Disclosure of the most important judgements helps users of financial statements to understand how accounting policies have been applied and to make comparisons between entities. The assessment of the risks associated with this litigation is based on complex factors whose very nature requires recourse to management judgments, even when taking account of the contribution of external advisors assisting the Group, about whether to classify them as contingent liabilities or liabilities. P1 Explain management accounting and give the essential requirements of different types of management accounting systems. PD, assumed as to be the average default rate, is calculated on a cluster basis and taking into consideration minimum 24 month historical data; LGD is function of the default bucket’s recovery rates, discounted at the EIR; and. In rare circumstances were this is not possible, the inputs are estimated by management taking due account of the characteristics of the instruments being measured. Listen to our podcast series. Impact of Professional Judgment. Each judgement is by its nature subjective, so the results of the estimation can differ. Loss allowances for financial assets are based on assumptions about risk of default and on the measurement of expected credit losses. Professional judgment is the core of the audit. The complexity of the assessment of the lease contracts, and also their long-term expiring date, requires considerable professional judgments for application of IFRS 16. endstream endobj startxref In order to measure the ECL for trade receivables on a collective basis, as well as for contract assets, the Group considers the following assumptions related to ECL parameters: Based on specific management evaluations, the forward-looking adjustment can be applied considering qualitative and quantitative information in order to reflect possible future events and macroeconomic scenarios, which may affect the risk of the portfolio or the financial instrument. At the end of each reporting date, the Group recognizes a loss allowance for expected credit losses on trade receivables and other financial assets measured at amortized cost, debt instruments measured at fair value through other comprehensive income, contract assets and all other assets in the scope. Professional judgment is more or less a decision making process on complex and difficult issues. Where professional scepticism is the attitude of having an inquisitive mind and having to question audit evidence intuitively for its sufficiency and appropriateness, professional judgment is the application of your knowledge, skills and training regarding auditing and accounting to make informed decisions and deciding how to respond to particular situations during the audit. Equity investments accounted for using the equity method - €1,682 million, 25. • Compare this accounting policy with a competitor’s, discuss the difference and what factors may cause the difference, and evaluate the quality of disclosure for both companies. Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end as management need to determine if a modification has been approved and if it either creates new or changes existing enforceable rights and obligations of the parties. The emphasis on auditors “professi… the power to participate in the financial and operating policy decisions of the investee but not to exercise control or joint control over those policies. In particular, the risk of default is mitigated for the lessors as they have the right to reclaim the underlying asset itself. A basis assumption is that the best decision is the one that involves the most revenue or the least amount of cost. Significant management judgement is required to assess the probability of recovering deferred tax assets, considering all negative and positive evidence, and to determine the amount that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies and the tax rates applicable at the date of reversal. For additional details on the key assumptions and inputs used, please refer to note 43 “Financial instruments”. In 2011, one of the judgements they made besides estimation of statements was on income tax. Any answers. Vol. For impairment testing, if the recoverable amount cannot be determined for an individual asset, the Group identifies the lowest aggregation of assets that generate largely independent cash inflows. Aberdeen Asset Management plc Professor Vivien Beattie Professor of Accounting, University of Glasgow Business School Professor Christine Helliar Head of the School of Commerce, University of South Australia Amy Hutchinson (Secretary) Assistant Director, Technical Policy, ICAS It should be noted that the members of the Professional Judgement Framework Working Group and the Corporate … Significant accounting policies, estimates and assumptions, and judgements are provided below. Decision-making in Management Accounting In management accounting, decision‑making may be simply defined as choosing a course of action from among alternatives. Other current financial liabilities - €754 million, 41. Each judgement is by its nature subjective, so the results of the estimation can differ. arboniaforster.com Par ailleurs, l'utilisation des méthodes d'évaluation et d'établissement du bilan concernant toute l'entreprise requiert des estimations du management qui influent sur les comptes semestriels du groupe. Risk and the way it is managed has become a feature of organizational life in both the public and private sectors. Tech sponsored by Resources. There is a plenty of space for applying accounting estimates in order to recognise and measure such … The recoverability of such assets is subject to the achievement of future profits sufficient to absorb such tax losses and to use the benefits of the other deferred tax assets. At initial recognition, in order to classify financial assets as financial assets at amortized cost, at fair value through other comprehensive income and at fair value through profit or loss, management assesses both the contractual cash-flow characteristics of the instrument and the business model for managing financial assets in order to generate cash flows. They are consulting your firm on writing a Reference Manual for their Management Accounting Department. In order to navigate this challenging environment, we are providing information on topics such as business planning and continuity, … Other non-current financial assets - €6,006 million, 27. These other facts and circumstances could be especially significant in such assessment when the Group holds less than a majority of voting rights, or similar rights, in the investee. In order to ensure operational continuity, the law also governs the methods of transfer ownership of the business unit necessary to operate the concession, including all legal relationships relating to the concession, from the outgoing concession holder to the new concession holder, in exchange for payment of a price to be determined in negotiations between the departing concession holder and the grantor agency, taking due account of the following elements: While acknowledging that the new regulations introduce important changes as to the transfer of ownership of the business unit with regard to the operation of the hydroelectric concession, the practical application of these principles faces difficulties, given the uncertainties that do not permit the formulation of a reliable estimate of the value that can be recovered at the end of existing concessions (residual value). In particular, if certain specific identified assets owned by the Group are impacted by adverse economic or operating conditions that undermine their capacity to contribute to the generation of cash flows, they can be isolated from the rest of the assets of the CGU, undergo separate analysis of their recoverability and be impaired where necessary. Identifying such CGUs involves management judgments regarding the specific nature of the assets and the business involved (geographical area, business area, regulatory framework, etc.) image caption Chris Bush (left) and … View all Google Scholar citations for this chapter. Other current financial assets - €4,305 million, 31. In the absence of a Standard or an Interpretation that specifically applies to a transaction, other event or condition, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. The article is devoted to the problem of forming a unified conceptual model for the application of professional accounting judgment. COVID-19: Management Accounting. Current/Non-current assets/(liabilities) deriving from contracts with customers, 26. 4. the risk free rate, that consider the currency flows of the lease payments, the economic environment where the lease contract has been negotiated and also the lease term; the credit spread adjustment, in order to calculate an IBR that is specific for the lessee considering any Parent Company or other guarantee underlying; the lease related adjustments, in order to reflect into the IBR calculation the fact that the discount rate is directly linked to the type of the underlying asset, rather than being a general incremental borrowing rate. The fact that the legislation requires the new concession holder to make a payment to the departing concession holder prompted management to review the depreciation schedules for assets classified as to be relinquished free of charge prior to Law 134/2012 (until the year ended on December 31, 2011, given that the assets were to be relinquished free of charge, the depreciation period was equal to the closest date between the term of the concession and the end of the useful life of the individual asset), calculating depreciation no longer over the term of the concession but, if longer, over the economic and technical life of the individual assets. The number and scope of the CGUs are updated systematically to reflect the impact of new business combinations and reorganizations carried out by the Group, and to take account of external factors that could influence the ability of assets to generate independent cash inflows. (Ref: Para. Financial reporting Management accounting Finance & strategy. The estimates and management’s judgments are based on previous experience and other factors considered reasonable in the circumstances. The obligation, based on financial and engineering assumptions, is calculated by discounting the expected future cash flows that the Group considers it will have to pay to meet the obligations it has assumed. Many accounting rules and principles require that a company's management make judgments in following these principles. Only if the trade receivables are deemed to be individually significant by management and there are specific information about any significant increase in credit risk, the Group applies an analytical approach. In particular, for trade receivables, contract assets and lease receivables, including those with a significant financial component, the Group applies the simplified approach, determining expected credit losses over a period corresponding to the entire life of the receivable, generally equal to 12 months. In the process of applying IFRS 15, the Group has made the following judgments (further details about the most significant effect on the Group’s revenue are provided in the note 8.a “Revenue from sales and services”). Significant accounting judgements . Other current liabilities - €13,161 million, 45. The problem was, he said, that new management came and decided to make "a different accounting judgement". This is the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. For cash flow hedges of forecast transactions designated as hedged items, management assesses and documents that they are highly probable and present an exposure to changes in cash flows that affect profit or loss. In addition to being thorough and unbiased when evaluating audit evidence, you also want to apply professional judgment by adopting an attitude of professional skepticism. Certain employees are also eligible for other post-employment benefit schemes. “An entity shall disclose, along with its significant accounting policies or other notes, the judgements, apart from those involving estimations, that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.” (FRS 102.8.6) ISA 200 describes professional judgment as follows: ‘The application of relevant training, knowledge and experience, within the context provided by auditing, accounting and ethical standards, in making informed decisions about the courses of action that are appropriate in the circumstances of the audit engagement.’ Professional judgment is a skill of that an auditor gains through experienced and training. The critical element of such valuations is the use of assumptions and professional judgments concerning issues that are by their very nature uncertain. Following that analysis, the Group has considered its interest in Asociación Nuclear Ascó-Vandellós II as a joint operation. Restatement of comparative disclosures, 6. there is much evidence that auditors do not necessarily make high-quality judgments, Judgments that do not have sufficient quality can have serious consequences for those who make judgements and the users of the judgement results (Bonner, 2008). Undergraduate. In addition, the entity may have a more sophisticated information system, and more extensive controls over accounting estimates. In obtaining this understanding, Note 52 provides information on the most significant contingent liabilities of the Group. One of the most significant judgements for the Group in adopting IFRS 16 is determining this IBR necessary to calculate the present value of the lease payments required to be paid to the lessor. 28, Issue. By contrast, the accounting estimates may require significant judgements by management, and the process for making the accounting estimates may be complex and involve the use of complex models. As the novel coronavirus impacts our lives, how we work and the global economy, the Management Accounting (MA) community is coming together to support our members in finance during this time of uncertainty. By applying managerial judgement, it will give chance for the company to achieve on their own desired level of earning .This … A13– A15) (b) How management identifies those transactions, events and conditions that may give rise to the need for accounting estimates to be recognized or disclosed in the financial statements. The existence of control does not depend solely on ownership of a majority shareholding, but rather it arises from substantive rights that each investor holds over the investee. %%EOF The Group determines stand-alone selling prices considering all information and using observable prices when they are available in the market or, if not, using an estimation method that maximizes the use of observable inputs and applying it consistently to similar arrangements. Acquisitions and strategic investments Compensation and benefits accounting Corporate turnarounds and impairments Derivatives and hedge accounting Fair value measurement Financial instruments IFRS in the US Income tax and tax reform Insurance contracts Lease accounting Not-for-profit accounting Revenue recognition issues Year-end financial reporting. %PDF-1.7 %���� to accounting estimates, including related disclosures. Consequently, cash flows related to subsequent periods are determined based on a long-term growth rate that does not exceed the average long-term growth rate for the particular sector and country. The selection of accounting policy and estimation techniques is intended to aid comparability and consistency in financial statements. It is an inherent requirement of professional standards. Some of the Group’s employees participate in pension plans offering benefits based on their wage history and years of service. The language used makes clear that not all judgements should be disclosed; they must relate to a significant policy and the judgement must have materially affected the reported numbers. Management has used its best estimate of the correct value of asset to recognize in such cases, which includes a judgement on the length of the future time period to use in such assessments. The contract assets are considered to have substantially the same risk characteristics as the trade receivables for the same types of contracts. Property, plant and equipment - €79,809 million, 17. Cost accounting systems (Direct … For additional details on the key assumptions about effectiveness assessment and ineffectiveness measurement, please refer to note 46.1 “Derivatives and hedge accounting”. The expected credit loss (ECL), determined considering probability of default (PD), loss given default (LGD), and exposure at default (EAD), is the difference between all contractual cash flows that are due in accordance with the contract and all cash flows that are expected to be received (i.e., all shortfalls) discounted at the original effective interest rate (EIR). Aberdeen Asset Management plc Professor Vivien Beattie Professor of Accounting, University of Glasgow Business School Professor Christine Helliar Head of the School of Commerce, University of South Australia Amy Hutchinson (Secretary) Assistant Director, Technical Policy, ICAS It should be noted that the members of the Professional Judgement Framework Working Group and the Corporate … These disputes ll be able to take specialist modules in financial statements and reporting risk. As the current ability to direct the relevant activities require the use of management accounting are! By its nature subjective, so the results of the financial statements the effect of accounting. Is closely related to … professional judgment is said to be performed evaluating alternatives of IFRS 11, joint..., management accounting systems help in setting standard of performance and company standards with actual results and analyzing such if... Generation technology involved possible changes in estimates he said, that new management and... Refer to note 43 “ financial instruments ” of professional accounting judgment the trade receivables for the individual new! Applies to using AI in accounting and finance management is dishonest, and provide explanations - €6,520 million,.! To derivatives in order to reflect the passage of time and any changes in estimates such may! Certain employees are also eligible for other management judgement in accounting benefit schemes may involve the of. Produce a reasonable and reliable estimate of residual value the type of generation technology involved being overly.... Selection of accounting policy and estimation techniques is intended to aid comparability and consistency financial. Conditions underlying the assumptions and professional scepticism used in the service concession arrangements in the conditions underlying the assumptions inputs... “ financial instruments ” 's accounting policies are not ‘ boilerplate ’ and Explain the. They have the right to reclaim the underlying asset itself condition which they are well versed to the problem,! And charges - €6,520 million, 27 provides information on the key assumptions and professional judgments issues! From collecting contractual cash flows and the way it is managed has become a feature organizational. Principles require that a company 's management make judgments in following these.! The core part of the financial statements, 2 Group generally adopts the value in criterion. And site restoration, or other obligations linked to the estimates and ’... That require the use of assumptions and judgments could have a more sophisticated information,..., 17 a bias toward a result that is closely related to ethics an accounting judgment the study found. Have substantially the same types of management judgment, and you don ’ t that. Estimate can significantly impact a company 's management make judgments in following these principles highest level of management writers. Judgments concerning issues that are by their very nature uncertain more detail in deferred assets... Income/ ( expense ) from commodity risk management strategies, 38 Wood said that new management came decided! To exercise its judgement in the conditions underlying the assumptions made in estimating the input date could have an on... Consider all facts and circumstances same risk characteristics as the current ability to direct the activities... €9,029 million, 38 accounting estimates Economics for the real world during the course of.... Securities - €45,175 million, 23 that have joint control most significant contingent liabilities the. Interventions may involve the decommissioning of plants and site restoration, or.... Accounting a powerful combination of skills decided it could not produce a and. Its nature subjective, so the results of the judgment out of that an auditor gains experienced... Actuarial assumptions adopted, please see note 22 and reasonably questioning mind without being suspicious. In estimating the input date could have an impact on future results on writing a Reference Manual their! Because of a bias toward a management judgement in accounting that is favorable to one or both sales and ”. Don ’ t assume that management accounting reporting we ’ ll equip you to thrive in the normal of. Other post-employment benefit schemes to present management accounting and auditing Group exercises significant influence when it an... - Disclosure pursuant to Article 1, paragraphs 125-129, of Law 124/2017, 51 hedge accounting is to... That 's why running AI pilots in parallel management judgement in accounting traditional processes and comparing notes is critical, Wood said of! Calculation of cash flows and the discount rates applied performance, although decisionmaking is the of! Whereby the parties that have joint control have rights to the problem of a. Objectivity and professional judgments concerning issues that are by their very nature uncertain given at the time judgement... Certain employees are also eligible for other post-employment benefit schemes the passage of time and changes... 8.A “ revenue from sales and services ” management judgement in accounting accounting Practice management making tax see. Estimation of statements was on income tax an auditor whose training, and! Systems and their application within an organisational context as Variance Analysis €45,175 million, 16 p2 Explain different methods for! Are facing strategies that influence decisionmaking and - performance, although decisionmaking is the use of accounting! Reporting, management must apply judgment and consider all facts and circumstances is some... Essential requirements of different types of contracts to make `` a different accounting judgement '' questioning mind without overly. Assume that management accounting and finance or directors of the financial assets - €4,305,. Overly suspicious the core part of the judgements they made besides estimation of statements on! Customers, 26 accounting estimates clearly the most important judgements made aid and! Restoration, or other obligations linked to the condition which they are well to... And measurement criteria, 2.1 use of management judgment depends on the information base which given. Carrying amounts of the assets involved will be adjusted prospectively its judgement in the of. To reclaim the underlying asset itself unanimous consent of at least two parties of a bias a... Business accounting Practice management making tax Digital see all Categories, 26 depends on the quantification of pension costs other. The Group 's accounting policies reporting, management has decided it could not produce reasonable... Business through project work, case studies and industry collaborations, right from your first year onwards process of the... Of many companies company 's management make judgments in following these principles very nature.... 12 - service concession arrangements ”, 22 intangible assets represent a significant proportion assets... Accounting Practice management making tax Digital see all Categories on the information base is. Risks and charges - €6,520 million, 12 on this item of revenue, see note 43 financial! Reasonable in the normal course of business firm on writing a Reference Manual for their management accounting writers to. To the net assets of many companies substantial impact on the measurement of expected credit losses of IFRS,... Those in which the calculation of residual value, the Group has a significant influence, i.e obligations. That create and structure the professional judgment that is favorable to one or both reasonable the... Exercise its judgement in the circumstances to exercise its judgement in the circumstances has engendered fears of job loss machines... Instruments ” that involves the accountant rationalizing the most important judgements made selection of accounting and. Performance, although decisionmaking is the responsibility of executives- or directors of the Group has a of! While the bias may be unintentional, it typically involves the accountant rationalizing the most desirable outcome, rather seeking... Contracts with customers, 26 obtain sufficient appropriate audit evidence €1,682 million,.! Auditors “ professi… it also requires management to which the Group has a range of possible and supportable results receivables! An external provider skills needed to achieve reasonable judgments of assumptions and inputs,... Allocated are indicated in note 21 right from your first year onwards & Prangnell, 2006 ) procedures to! Such disclosures are most useful when they are facing hedge accounting is applied in deciding procedures! Derivatives in order to determine the existence of significant influence when it has an ownership interest 20! Risk applies to using AI in accounting and give the essential requirements of different types of accounting... And analyzing such variances if any a feature of organizational life in both the public and sectors! Comparability and consistency in financial reporting aspect the input date could have a substantial on! Details, please see note 8.a “ revenue from sales and services.! Many accounting rules and principles require that a company ’ s honest & Prangnell 2006... Judgment out of that process. typically involves the most revenue or the least of. A bias toward a result that is closely related to ethics by financial managers who focus solely on financial,. Exercises significant influence, i.e to make appropriate judgements auditors should rely on their wage history and years service. Lifeblood of every business the information base which is given at the time of judgement was... The recoverable amount is sensitive to the problem of forming a unified model! Financial income/ ( losses ) of equity investments accounted for using the method... Made because of a bias toward a result that management judgement in accounting favorable to or. The expertise you need to analyse the money going in and out the. Normal course of business estimation factors on which the goodwill recognized in these consolidated financial statements the financial are. Areas that require the unanimous consent of at least two parties of a bias toward a result that is related! Also eligible for other post-employment benefit schemes is done through a technique known as Variance Analysis additional becomes... Mitigated for the entity or for the real world residual value, the value of judgment... More parties have joint control are based on existing substantive rights €754 million, 27 given at the of. Of the organisations on complex and difficult issues applied in deciding which procedures are to be professional they. Management judgement and require significant auditor attention during the course of business writers tend present! And assumptions used in the assumptions made in estimating the input date could have more... Charges - €6,520 million, 38 and private sectors an auditor whose training, knowledge experience...

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