1. Discuss 3 key differences between accounting standards applied in UAE for governmental entities and IFRS.

2. Given the following information for the month of August from UAE Government entity accounts, prepare adjusting journal entries for accruals at 31^st August:

1. At August 31^st, the public company owed employees $80,000 in salaries that will be paid on September 1^st.
2. On August 1^st, the public entity borrowed $30 million from the central bank on a 15-year note; the annual interest is 10%.
3. Services revenue unrecorded in August total $11 million.
4. Monthly depreciation of government office equipment $40,000.

Required:

Prepare the adjusting entry needed at August 31.