Format Of Financial Statements Flashcards
1
Q
What are the overall considerations for IAS1
A
- fair presentation
- offsetting (not permitted unless specifically allowed/required by standard)
2
Q
What are the other considerations for IAS1
A
- going concern underlying assumption
- accruals basis
- consistency of presentation
- materiality and aggregation
- comparative information
- disclosure of policies
3
Q
What is the tax charge calculation ?
A
Current tax + Under/ -overstatement prior periods + share of tax of associates = tax liability
4
Q
What are the four measurement basis?
A
Historical
Present (discounted)
Current (cost to replace w/ similar asset)
Realisable (amount asset to be sold for)
