By Hennie van Greuning.
Overseas monetary Reporting criteria (IFRS) in a enterprise state of affairs could have an important impact at the monetary effects and place of a department or a complete supplier. overseas monetary Reporting criteria: a pragmatic advisor supplies inner most or public region executives, managers, and monetary analysts and not using a powerful history in accounting the instruments they should take part in discussions and judgements at the appropriateness or program of IFRS. every one bankruptcy summarizes a global monetary Reporting regular, following a constant constitution: difficulties add. Read more...
Foreword; Acknowledgments; creation; concerning the writer; half I financial plan PRESENTATION; half II workforce STATEMENTS; half III assertion of monetary place / stability SHEET; half IV assertion OF entire source of revenue / source of revenue assertion; half V DISCLOSURE.
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Additional info for International financial reporting standards : a practical guide
Premature compliance with an IFRS should be mentioned. 6 Financial statements should be presented on a going-concern basis unless management intends to liquidate the entity or cease trading. If not presented on a going-concern basis, the fact and rationale for not using it should be disclosed. Uncertainties related to events and conditions that cast significant doubt on the entity’s ability to continue as a going concern should be disclosed. 7 The accrual basis for presentation should be used, except for the cash flow statement.
9 Assets and liabilities should not be offset unless allowed by the IFRS (see chapter 32 [IAS 32]]. However, immaterial gains, losses, and related expenses arising from similar transactions and events can be offset. 1 Financial statements should be clearly identified and distinguished from other types of information. 2 18 The Statement of Financial Position provides information about the financial position of the entity. It should distinguish between major categories and classifications of assets and liabilities.
2 The analyst should be aware that, when it comes to reporting nonrecurring income, IFRS does not distinguish between items that are and are not likely to recur. Furthermore, IFRS does not permit any items to be classified as extraordinary items. 3 However, IFRS does require the disclosure of all material information that is relevant to an understanding of an entity’s performance. It is up to the analyst to use this information, together with information from outside sources and management interviews, to determine to what extent reported profit reflects sustainable income and to what extent it reflects nonrecurring items.