Purpose of Disclosure in Financial Reports

FN Walton
Mind Map by FN Walton, updated more than 1 year ago
FN Walton
Created by FN Walton over 2 years ago
2
1

Description

Corporations 4
Tags

Resource summary

Purpose of Disclosure in Financial Reports
1 Changes in Accounting Policy
1.1 Reporting entities are required to include notes with their financial reports. The notes explain changes in accounting policies, such as the application of recognition criteria.
2 Comparability and Understandability
2.1 Compliance with IASB 8 ensures compatibility of reports
2.2 Complex accounting information which is relevant to users’ decision making must be disclosed in the reports
3 Disclosure is the principle that businesses should reveal in their published reports all information needed for users to make informed decisions
4 If in doubt, DISCLOSE
5 If you are not consistent, disclose all facts and effect on income
Show full summary Hide full summary

Similar

Unit 4 The Accounting Cycle
a.j.hemphill
MN-1002 Maths {1:1}
Connor Davies-Beare
Chapter One Notes
a.j.hemphill
Corporations Act
FN Walton
Introduction to Corporations
FN Walton
Overview of Accounting Theory
FN Walton
Main Accounting Bodies that Regulate Accounting
FN Walton
AAS
FN Walton
Role of Framework
FN Walton
Corporate Social Disclosure
FN Walton
The Accounting Equation
mesandra2