Ias1 contents of financial statements, Financial Accounting

Assignment Help:

IAS 1 contents of financial statements

IAS 1 prescribes the contents of published financial statements. The major reports that are included as part of the published financial statements is:-

  • The income statement.
  • The balance sheet.
  • The statement of changes in equity.
  • The Cashflow statement.
  • The notes to the accounts/financial statements.


 
In most cases, companies that prepare published financial statements include the following additional reports (that are not financial statements).

  • Corporate information (Company’s address, lawyers. Location, bankers and others).
  • Chairman’s report (principle business activities of the firm, directors to be elected or retiring, summary results for the year and dividends).
  • Auditors report.
  • Corporate governance (I.T systems, internal audit, audit committees and other systems in place to ensure good management).
  • Statistical information (major highlights of the company’s performance, over a period of time e.g. 5 years).

Related Discussions:- Ias1 contents of financial statements

How many full-time members are on the pcaob, How many full-time members are...

How many full-time members are on the Public Company Accounting Oversight Board (PCAOB)?

Modern techniques, what are five modern financialaccounting techniques

what are five modern financialaccounting techniques

Calculate the weighted average cost of capital, Verizon Corporation has 55%...

Verizon Corporation has 55% equity and 45% debt (market values) in its capital structure. The pretax cost of debt is 7%, and that of equity 12%. The total value of the company is $

Return on equity, profit margin 2.5%, equity multiplier 2.0,sales $50000, c...

profit margin 2.5%, equity multiplier 2.0,sales $50000, common equity $25000.compute return on common equity.

Audit opinion, Qualified Opinion - AUDIT opinion which states, except for e...

Qualified Opinion - AUDIT opinion which states, except for effect of a matter to which a qualification relates, FINANCIAL STATEMENTS are fairly presented in accordance with GENERAL

Profits in subsidiary company-group accounts, Profits in subsidiary company...

Profits in subsidiary company The remaining profits that belong to the holding company should be split between pre-acquisition profits and post acquisition profits. The pre

SOURCES OF FUNDS, In spite of the ordinary shares ranking last in terms of ...

In spite of the ordinary shares ranking last in terms of assets sharing in the event of liquidation, they attract more investors than any other type of shares. Why do you think thi

VAT SYSTEM, RECOMENDATION REGARDING THE CURRENT SOUTH AFRICAN VAT SYSTEM

RECOMENDATION REGARDING THE CURRENT SOUTH AFRICAN VAT SYSTEM

Capita expenditure and revenue expenditure, Sema pic, a company in the heav...

Sema pic, a company in the heavy engineering industry, carried out an expansion programme in the 2016 financial year, in order to meet a permanent increase in contracts. The compan

VAT, EXAMPLES OF HOW VAT SYSTEM WORKS

EXAMPLES OF HOW VAT SYSTEM WORKS

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd