Reading 23 p4

msk2222's version from 2018-02-01 01:54

Section 1

Question Answer
complete set of financial statements includesa statement of financial position (balance sheet); a statement of comprehensive income (a single statement of comprehensive income or two statements, an income statement and a statement of comprehensive income that begins with profit or loss from the income statement); a statement of changes in equity, separately showing changes in equity resulting from profit or loss, each item of other comprehensive income, and transactions with owners in their capacity as owners;31 a statement of cash flows; and notes comprising a summary of significant accounting policies and other explanatory notes that disclose information required by IFRS and not presented elsewhere and that provide information relevant to an understanding of the financial statements.
Fair Presentation:Fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Framework.
Going ConcernFinancial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. If not presented on a going concern basis, the fact and rationale should be disclosed.
Accrual BasisFinancial statements (except for cash flow information) are to be prepared using the accrual basis of accounting.
Materiality and Aggregation Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements. Each material class of similar items is presented separately. Dissimilar items are presented separately unless they are immateria
No OffsettingAssets and liabilities, and income and expenses, are not offset unless required or permitted by an IFRS.
Frequency of ReportingFinancial statements must be prepared at least annually
Comparative Information Financial statements must include comparative information from the previous period. The comparative information of prior periods is disclosed for all amounts reported in the financial statements, unless an IFRS requires or permits otherwise
ConsistencyThe presentation and classification of items in the financial statements are usually retained from one period to the next.

Section 2

Question Answer
On the face of the Statement of Financial PositionPlant, property, and equipment Investment property Intangible assets Financial assets (those not included in other specified line items) Investments accounted for using the equity method Biological assets Inventories Trade and other receivables Cash and cash equivalents Total assets in groups held for sale Trade and other payables Provisions Financial liabilities (not listed in other line items) Liabilities and assets for current tax Deferred tax liabilities and deferred tax assets Total liabilities in groups held for sale Non-controlling interest (i.e., minority interest, presented within equity) Issued capital and reserves attributable to owners of the parent
On the face of the Statement of Comprehensive Income, presented either in a single statement or in two statements (Income statement + Statement of comprehensive income)Revenue Specified gains and losses for financial assets Finance costs Share of the profit or loss of associates and joint ventures accounted for using the equity method Pretax gain or loss recognized on the disposal of assets or settlement of liabilities attributable to discontinued operations Tax expense Profit or loss Each component of other comprehensive income Amount of profit or loss and amount of comprehensive income attributable to non-controlling interest (minority interest) Amount of profit or loss and amount of comprehensive income attributable to the parent
On the face of the Statement of Changes in EquityTotal comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interest (minority interest) For each component of equity, a reconciliation between beginning balances and ending balances, showing separately amounts arising from a) profit or loss, b) each item of other comprehensive income, and c) transactions with owners in their capacity as owners. For each component of equity, the effects of changes in accounting policies and corrections of errors recognized in accordance with IAS No. 8
Disclosure of Accounting PoliciesMeasurement bases used in preparing financial statements Significant accounting policies used Judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements
Sources of Estimation UncertaintyKey assumptions about the future and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next year
Other DisclosuresInformation about capital and about certain financial instruments classified as equity Dividends not recognized as a distribution during the period, including dividends declared before the financial statements were issued and any cumulative preference dividends Description of the entity, including its domicile, legal form, country of incorporation, and registered office or business address Nature of operations and principal activities Name of parent and ultimate parent