Karteikarten
Accounting- Presentation of financial situations
Karten in diesem Stapel (8)
- 1Fair presentationrequires that the financial statements present fairly the financial position, financial performance and cash flows of the entity
- 2Compliance with IFRSit has to be stated in the notes explicitly if the financial statements of an entity comply with IFRS
- 3Going concernfinancial statement prepared on a going concern basis ( = assumption that the company will continue operating in the next 1-2 years)
- 4Accrual basis of accountingexcluding the cash flow statement, all other components of financial statements must be prepared on accrual basis (assets & liabilities recognized when they are receivable/payable, not when the cash is received/paid)
- 5Consistency of presentationentities required to retain their presentation and classification of items in successive period unless an alternative would be more appropriate or if so required by a new or amended standard
- 6Materialityan entity shall present separately each material class of similar items (cars/machines/buildings)
- 7Offsettingassets, liabilities, income and expenses can't be offset against each other unless required or permitted by an IFRS (all recorded and show in the statements, not only profit...)
- 8Comparative informationproviding comparative information from the previous period and in case the standards have changed preparing the statements of previous years by using renewed standard