Determine which expenses and income should be disclosed

Reference no: EM131953483

Prepare financial reports to meet statutory requirements.

1. When reviewing the financial statements and supporting notes of a reporting entity, is it possible to find out about all the individual types of expenses and income that the entity has incurred or received? If not, how does management determine which expenses and income should be disclosed?

2. Does the statement of comprehensive income provide a reconciliation of opening and closing retained earnings? If not, where can such a reconciliation be found?

3. When is it permissible for a reporting entity to treat expenses directly as a reduction to retained earnings, rather than including them as part of the period's profit or loss?

Reference no: EM131953483

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len1953483

4/23/2018 2:04:48 AM

Did the student complete and provide evidence for the following(please ?): Yes No 1.1 Identify, interpret and comply with statutory requirements and information 1.2 Accurately analyse data and information for reports 1.3 Prepare and consolidate well-written reports in required format. Has the learner proven they can(please ?): Yes No 1.1 Outline key information required, common financial report formats and typical quality indicators 1.2 Explain financial services industry codes of practice 1.3 Describe key requirements of organisational policy and procedures relevant to financial reporting 1.4 Identify and describe key requirements of relevant legislation and regulations relevant to financial reporting.

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