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

Consolidated acccounts-group accounts, Consolidated acccounts 1AS 27 th...

Consolidated acccounts 1AS 27 therefore requires that the holding a company should include the financial results of the subsidiary company in its own financial statements. The

Prepare the journal entries, Moore Corportation follows a policy of a 10% d...

Moore Corportation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corportation uses the nearest ful

Case study, Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds....

Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of its FMV and $10 per hundred weight. The car is

Scheduling or budgeting, Tool Belt Store (TBS) is expanding its chain of ha...

Tool Belt Store (TBS) is expanding its chain of hardware stores across the country. TBS has more than 5,000 full-time employees and more than 20,000 part-time employees. TBS recent

Decisions about managerial remuneration packages, Q. Decisions about manage...

Q. Decisions about managerial remuneration packages? In recent years there has been an improved emphasis on decisions about managerial remuneration packages being removed from

Calculate the initial selling price of the product, Question: (a) The f...

Question: (a) The following output levels and production costs have been recorded over the last three periods: Required: Using the high-low method, estimate the: (i

FASB and IASB - Revenue recognition, Q1. what are the roles and objective o...

Q1. what are the roles and objective of FASB and IASB? Q2.what are the main reason for the joint project undertaken by the FASB and IASB? Q3.state some critics by individual and th

Calculate the profitability of company - investment decision, In no more th...

In no more than one typed page, provide a statement of your decision to invest or not invest in this company's stock based on your interpretation of the company's long-term prospec

Pre-adjustment, security service= R38570 the annual security services contr...

security service= R38570 the annual security services contract has been taken out on 1 March 2012. The fee was increased by 10% from january 2013 and the fee has already been paid

Determine the indicated market price per share, Q. Determine the indicated ...

Q. Determine the indicated market price per share? Your company's share is quoted in the market at Rs.20 Presently. The company pays a dividend of Rs.1 per share and the invest

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