Essay About Financial Statements And Pic

Advanced Accounting – General Features, Disclosures and Format of Three Financial Statements
Part. 1 General features, disclosures and format of three financial statements1. Eight general featuresExtract from the financial statements and notesAASB standardsExplanation1) Present fairly and compliance with IFRS[pic 1][pic 2][pic 3][pic 4][pic 5][pic 6][pic 7]2) Going concern basis[pic 8][pic 9][pic 10]3) Accrual basis of accounting[pic 11][pic 12]4) Materiality and aggregation [pic 13][pic 14][pic 15][pic 16]IAS1/AASB 101(Para.15)AASB 1054[a](Para.7)AASB 1054[b](Para.16)AASB 101 (Para.25)AASB 101 (Para.27)AASB 101 (Para.29)The report claims that the statements present fairly. It gives a “true and fair view.”The company states that its financial statements are prepared according to Australian Accounting Standards.The statements are in accordance with IFRS standards.Because there are no uncertainties, so no need for further explanations.The statements are on accrual basis.The statement is prepared with the requirements of materiality and aggregation.5) Offsetting[pic 17]  [pic 18][pic 19][pic 20][pic 21][pic 22]6) Frequency of reporting[pic 23][pic 24][pic 25] [pic 26][pic 27]7) Comparative information (Minimum and additional) [pic 28] [pic 29][pic 30]8) Consistency of presentation[pic 31][pic 32]AASB 101 (Para.32[c]-33)AASB 101 (Para.36)AASB 101 (Para.38)AASB 101 (Para.45)Assets and liabilities or income and expenses are not offset in the statements but listed separately.The statements are prepared according to one financial year period.Financial Position statements contain not only the amount of current financial year and prior year and a year before.The statements are consistent as presented in prior years.