business risks

1. management issue

centre manager is responsible for day-to-day business and also preparing and submitting monthly accounting returns to head office.

risk that they may not have enough competence or time/resource to record the monthly accounting returns. error could be exists. and manage the routine business at the same time.

2. health and safety

chemical spill: reputation damagement, sauna facilities be suspended will cause economic loss.

licience could be revoked if not compliance with law and regulatory

3. staff issue

ROMM

1. managers' report

centre manager is responsible for day-to-day business and also preparing and submitting monthly accounting returns to head office.

risk that they may not have enough competence or time/resource to record the monthly accounting returns. error could be exists.

2. revenue

IFRS15 need to be followed.

risk that recognised ealier. overstate profit, understate liabiliites.

3.licence arrangement

ias38, licence need to be amortised if the useful life is definite

4.provision for refund

members may request to refund as Verne centre was closed for 3months