General Features
The aspect that an entity shall present a complete set of financial statements at least annually
Frequency of reporting (IAS 1.36)
On the Statement of Financial Position, name three line items that would need to be presented on the financial Statement.
(IAS 1. 54)
(a)property, plant and equipment;
(b)investment property;
(c)intangible assets;
(d)financial assets (excluding amounts shown under (e), (h) and (i));
(e)investments accounted for using the equity method;
(f)biological assets within the scope of IAS 41 Agriculture;
(g)inventories;
(h)trade and other receivables;
(i) cash and cash equivalents;
(j) the total of assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations;
(k) trade and other payables;
(l) provisions;
(m) financial liabilities (excluding amounts shown under (k) and (l));
(n)liabilities and assets for current tax, as defined in IAS 12 Income Taxes;
(o)deferred tax liabilities and deferred tax assets, as defined in IAS 12;
(p)liabilities included in disposal groups classified as held for sale in accordance with IFRS 5;
(q)non-controlling interests, presented within equity; and
(r)issued capital and reserves attributable to owners of the parent.
Requires faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities...
Fair presentations (IAS 1.15)
When preparing financial statements, management shall make an assessment of an entit’s ability to continue as ______
Going Concern (IAS 1.25)
For minimum comparative information, how many financial statements should a reporting entity present to its users.
At least two each of each statement (IAS 1.38A)
Recognition of items as assets, liabilities, equity, income and expenses when they satisfy the definitions of criteria for those elements
Accrual basis of accounting (IAS 1.28)
What is a tub?
ET BADEKAR