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

The rectification entries, Show the rectification entries for the following...

Show the rectification entries for the following:                                        (10 marks) a.    The Sales account is undercast by Rs.15,000 b.    Goods returned by

What is the expected interest rate, You are the Genesis accountant and have...

You are the Genesis accountant and have taken a class recently in financing. You agree to prepare a PowerPoint presentation of approximately 6-8 minutes using the examples and info

Future rates of return, Assume your grandparents have just given you $20,00...

Assume your grandparents have just given you $20,000 on the condition that you invest the money in the stock market. As you contemplate making your investment choices, what account

Executive, Ask question #EM201683STE718FACMinimum 100 words accepted#

Ask question #EM201683STE718FACMinimum 100 words accepted#

Income statement, depreciation in question is given more and in adjustment ...

depreciation in question is given more and in adjustment is less. What would be in the profit and loss account?

What do you mean by earnings per share, Q. What do you mean by earnings per...

Q. What do you mean by earnings per share? Anti-dilution - Condition which may increase computation of EARNINGS PER SHARE (EPS)or decrease loss per share solely due to the incl

Illustration of bankruptcy, Illustration of Bankruptcy Njuguna Mwandawi...

Illustration of Bankruptcy Njuguna Mwandawiro, carrying on a business as a trader in Likoni, Mombasa, finds himself insolvent, and on 15 August 1997 files his petition in bankr

Calculate pv of cash flows, Q. Calculate PV of cash flows? Estimat...

Q. Calculate PV of cash flows? Estimated market value                                              $116·26 per $100 of debentures The value of 45 shares in 5 years' tim

Analyse the main sources of finance , Consider a multinational listed compa...

Consider a multinational listed company that has recently carried out an acquisition. You may also select a company that carried out an acquisition long ago as long as there is inf

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