ABSTRACT
As practising Accountants, we are concerned with this feature in two capacities —as Auditors and as reporting Accountants. In the former our duties are subject to statutory requirements, in the latter by the terms of reference accepted, implied or limited in terms. It may be well to note that while the subject matter is not directly concerned with the valuation of assets, the existence of an asset implies ownership of something of some value. For the purpose of this paper let us assume that existence and ownership is that with which we are at present concerned.
