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

Coupon interest rate , Simon Corporation's bonds have 12 years left over to...

Simon Corporation's bonds have 12 years left over to maturity. Interest is paid yearly, the bonds have a $1,000 par value, and the coupon interest rate is 11.5%. The bonds have a y

Revenues and production budget, The assignment requires a significant part...

The assignment requires a significant part of the work to be done in a spreadsheet. I have not nominated any particular vendoar or any particular version. The choice is up to you,

How large would the annual cash inflow, The management of Gimenez Corporati...

The management of Gimenez Corporation is investigating an investment in equipment that would have a useful life of 7 years. The company uses a discount rate of 17% in its capital b

Annuity, An annuity is explained as stream of uniform duration cash flows. ...

An annuity is explained as stream of uniform duration cash flows. The payment of life insurance premium through the policyholder to the insurance company is an illustration of an a

Debenture, X co has a bond outstanding that carries a coupon rate of 90% an...

X co has a bond outstanding that carries a coupon rate of 90% and current maturity is 15yrs and the call price is Rs 1060 per bond(25000 bonds Rs 1000 face amount)9% bond had origi

The expected net present values, A company is considering investing some in...

A company is considering investing some independent proposals, The proposals with their expected net present values and standard deviations are given in the following table.

Business mathamatics, im doing compound interest my calculator doest have a...

im doing compound interest my calculator doest have anxy butyx cant do nothing with the ten being the power of .9

Corporate enterprise group, Q. Corporate Enterprise group? In order to ...

Q. Corporate Enterprise group? In order to have better and systematic participation of labour in management for improvement in working of Railway system and appropriate changes

Goodwill-intra company adjustments-group accounts, GOODWILL Previously ...

GOODWILL Previously under IAS 22 on Business combinations, goodwill on consolidation used to be amortized over an estimated period of years. However, IFRS 3 (still on business

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