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

Fiscal policy , Fiscal Policy In a democracy, elected officials of the...

Fiscal Policy In a democracy, elected officials of the government create programs for the general welfare of the population. To pay for these programs, the government taxes in

Compute debt-equity ratio., Allie forms Broadbill Corporation by transferr...

Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775,000), which is subject to a mortgage of $375,000. One month prior to incorporat

Acquisition Merger, Can you combined the PVH & Warnaco Group Balance Sheet ...

Can you combined the PVH & Warnaco Group Balance Sheet after merger?I will an attached the excel worksheet that includes the instructions

consignment account, A of surat consigns goods to B of jaipur to be sold ...

A of surat consigns goods to B of jaipur to be sold at or above invoice price.B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price reali

Record these transactions in the accounting equation, March and has already...

March and has already accumulated $30,000 in manufacturing costs, Job B and order for 10,000silver medallions, was not started until April. Transactions for these jobs are the foll

Prepare mehring''s statement of cash flows, The following information is av...

The following information is available for Mehring Corporation for the year ended December 31, 2012: Collection of principal on long-term loan to a supplier

Balance sheet-trusts laws and accounts, BALANCE SHEET Grouping of items...

BALANCE SHEET Grouping of items:   Items in the Balance Sheet should be grouped under appropriate headings. In particular, a trust operating the provisions of the Trustee Act

Explain depreciate non-current assets, Question: Lucy Kim is in the car...

Question: Lucy Kim is in the car hire business. The following information came from her Fixed Asset Register on 31 December 2009: On 31 March 2009, she sold the car wh

Property in bankrupt''s reputed ownership, PROPERTY IN BANKRUPT'S REPUTED O...

PROPERTY IN BANKRUPT'S REPUTED OWNERSHIP The trustee may claim property owned by third parties which is in the bankrupt's possession at the commencement of the bankruptcy if:

Please show work so i can follow, a. Conversion cost was 140,000 and was fo...

a. Conversion cost was 140,000 and was four times the prime cost b. Direct materials used in production equaled 5,000 c. Cost of goods manufactured was 154,000 d. Ending work in pr

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