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SIGNIFICANT ACCOUNTING POLICIES
Legal status
Right Path Foundation is a company limited by guarantee Reg. No. 80020002227608
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Accounting policies
➡ Basis of Accounting
The accounts are prepared under the historical cost convention following the generally accepted accounting principles for non-profit bodies and the applicable International Financial Reporting Standards.
➡ Income
Income is recognized in the financial statements when it is actually received (Cash basis).
➡ Expenditure
Expenditure is recognized when costs are incurred. Accruals are made for outstanding liabilities at the year end.
➡ Tangible Assets
Assets likes equipment and vehicles are expensed and recognized in the Income statement.
➡ Stocks
Stocks are valued at the lower of cost and net realizable value.
➡ Currencies
Functional and presentation currency
The financial statements are presented in UGX, which are the organization’s functional and presentation currency.
➡ Comparatives
There are no comparatives reported since it’s the first year of operation.
