1. The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements. II. Stationery stock as at 31/12/2019 was $200,500,000 but have a Net Realizable Value of $155,254,000. III. Social benefits of $1,720,000 yet to be paid during the year was included in the Work In Progress value. Consultancy cost amounting $234,500,000 was incurred but not yet paid. IV. Books and Research Allowance was received from Government during the period amounting to $337,530,000 for disbursement to qualified Lectures and Administrative staff. V. Provision is to be made for interest on loans. VI. 60% of the receivables represent an amount of students' fees outstanding as at 31/12/2018. Provision for doubtful debt is estimated to be 5% of outstanding school fees. VII. The university uses straight line basis of depreciation for Capital Assets. Capital Assets and their useful lives are detailed out below: Assets Useful Life Plant and Machinery 8 years Motor Vehicle 5 years Building 50 years Software 7 years