The notes to the accounts-financial statement, Financial Accounting

Assignment Help:

THE NOTES TO THE ACCOUNTS

The notes to the accounts provide additional information on the a/c policies that the company has adopted the make-up of some of the items appearing on the face of the financial accounts and additional information on items not provided for in the accounts.

IAS 1 does not give the standard format of the notes to the accounts and that this would vary from one company to another. However, the standard requires the following approach to be used when presenting the notes to the accounts.

1. The company should state the basis of financial statement (most cases historical basis of accounting)
2. The company should present the significant policies adopted
3. The make-up of some of the items appearing on the face of the final accounts e.g. PPE and inventory.
4. Explanation of items not provided for  in the final accounts (e.g. Dividends)

An example of the notes to the accounts examined within the scope.


Related Discussions:- The notes to the accounts-financial statement

Partnership accounting, How does ordinary shares and preference shares incl...

How does ordinary shares and preference shares included in the account

Salary, the salaries paid in 2004 is rs. 500000 salaries outstanding is rs....

the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?

What are the potential benefits of implementing abc, Question 1: (a) De...

Question 1: (a) Define program evaluation. (b) Discuss the four types of program evaluation that are usually carried in the Public Sector. Question 2 (a) You have

Determine the price of an asset paying - one period bond , Suppose the inte...

Suppose the interest rate for a one-period bond is 4%. (a) What is the price of an asset paying (1,1,1) which means 1 after 1 period, 1 after 2 periods, and 1 after 3 periods.

The partnership deed, The Partnership Deed It is the agreement that reg...

The Partnership Deed It is the agreement that regulates the partner’s actions in undertaking the partnership business. This may or may not have been drawn up.  It usually conta

Wilson wonders''s bonds, Wilson Wonders's bonds have 15 years remaining to ...

Wilson Wonders's bonds have 15 years remaining to maturity. Interest is paid yearly, the bonds have a $1,000 par value, and the coupon interest rate is 12%. The bonds sell at a pri

Short-term creditors, Short-term Creditors:   Bankers and another short-ter...

Short-term Creditors:   Bankers and another short-term creditor have an interest same to those of the debenture holders and equity shareholders who are interested in the profitabil

Effects of the appointment of the receiver-bankruptcy, Effects of the appoi...

Effects of the appointment of the receiver Floating charges: these crystallise on the appointment of a receiver and become fixed on the assets then in the hands of the compan

Prepare the profit and loss account and balance sheet, MarmadukeMuffett onc...

MarmadukeMuffett once had a girlfriend who ran an antiques business in London'sKings Road. Ever since then, he has been hooked on the furniture trade and now runsMarmaduke'sMarvell

Reserve requirement , 2(i). If all depositors tried to convert their deposi...

2(i). If all depositors tried to convert their deposits into cash at once, they would find that there are not sufficient reserves in the system to permit all of them to do this at

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