E describe general requirements for financial statements under IFRS;

Question 1

Required Fin. Sts under IAS

Answer 1

(International Accounting Standards)

BS
NI
CF
OE
Explanatory notes (inc. summ. acct. polic.)

Question 2

Gen. Requirements for Fin. Stmts under IFRS

Answer 2

Fair presentation, going concern, accrual basis, consistency, materiality, aggregation, no offsetting, reporting frequency, comparative information

Question 3

Structure and Content of Financial Statements

Answer 3

Classified BS - shows current/non current A’s and L’s

Has Min Info and comparative Info

Question 4

Obligations to meet before info can be on a financial statement

Answer 4

Qualit. Chars. = relevance (predictive value [a useful input to the model to predict future CF, future inc. - important enough if ommission or misstatement would effect users decision. fX(Nature, magnitude of info)

Faithful = complete, neutral

Free from error

Question 5

REcognition of Financial Statement Elements

Answer 5

Item on BS or IS

Item meets def. of an alement - satisfies criteria for recognition
*prob - Benefits flow to or from item
Cost or value can be measured with reliability