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Tessa S2 > IFRS 1 > Flashcards

IFRS 1 Flashcards

1
Q

Public perception: of accounting

Our understanding:

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2
Q

International Financial Reporting: A Global Language

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Use of International Financial Reporting Standards (IFRS) by jurisdiction

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3
Q

Chapter 1: Financial Reporting & Accounting Standards

A
  • Explain the growing relevance of globalized financial markets and its relation to corporate financial reporting.
  • Describe the objectives of financial reporting.
  • Identify the major financial reporting institutions and their role
  • Discuss the challenges related to financial reporting.
  • Differentiate between single and consolidated financial statements
  • Describe the key consequences of the EU’s IAS-Regulation adopted in 2002 and explain the endorsement process with regards to new IFRS
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4
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Accounting and Financial Reporting: Global Market

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  • Accounting is a system to process information and summarize business activities.
  • Through financial reporting, we present it to enable better (economic) decision making!

​Essential characteristics of accounting and financial reporting are:

– the identification, measurement, and communication of business transactions, i.e. financial information about

– economic entities to
– interested parties.

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5
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Information Environment and Financial Reporting

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6
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Accounting – Financial reporting – Capital allocation

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Resources are limited: Efficient use of resources often determines whether a business thrives.

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7
Q

Demands of decision makers around the globe

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Globalization demands a single set of high-quality, international accounting standards.

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8
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Summary: Need for international accounting standards

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9
Q

Objective of general purpose financial reporting

-Objective of Financial Reporting

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10
Q

Focus of general purpose financial reporting

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11
Q

Financial Reporting Institutions

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12
Q

Financial Reporting Institutions: EU environment

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13
Q

European IFRS Endorsement Process

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„Endorsement“: Every -new or revised- standard (IAS/IFRS) or official interpretation (IFRIC) is subject to endorsement by the European Union, before it becomes effective in the European Union.

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14
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Financial Reporting Institutions: The ‘Standard-Setter’

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15
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Financial Reporting Institutions: The ‘Standard-Setter’ 2

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16
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Financial Reporting Institutions: The ‘Standard-Setter’ 3

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17
Q

IASB Pronouncements- Hierarchy of IFRS

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18
Q

IAS published

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19
Q

IAS/ IFRS published

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20
Q

Application of IFRS in the European Union

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21
Q

IAS Regulation includes member state options

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22
Q

Financial Reporting Challenges- IFRS in a Political Environment

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23
Q

Financial Reporting Challenges- Ethics in the Environment of Financial Accounting

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24
Q

Chapter 2: Conceptual Framework for Financial Reporting

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  • Explain the usefulness of a conceptual framework and the objective of financial reporting.
  • Describe the qualitative characteristics of accounting information and the basic elements of financial statements.
  • Know the basic assumptions of accounting.
  • Illustrate the application of the basic principles of accounting.
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25
Conceptual Framework for Financial Reporting
A Conceptual Framework establishes the concepts that underlie financial reporting.
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Conceptual Framework
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Structure and Contents of the Conceptual Framework
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Hierarchy of Fundamental Financial Reporting Qualities
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Fundamental Qualitative Characteristics
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Fundamental Qualitative Characteristics- Faithful Representation
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Qualitative Characteristics of Accounting Information -Enhancing Qualitative Characteristics
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Review Quiz 1
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Review Quiz 2
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Review Quiz 3
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Review Quiz 4
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2.2.2 Assumptions underlying Financial Accounting
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2.2.3 Elements of Financial Statements
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2.2.4 Recognition, Measurement, and Disclosure Concepts
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Recognition Principles
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Measurement Principles
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Disclosure Concepts
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Review of the contents in Chapter 2:
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3.IAS 1 “Presentation of Financial Statements”
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Chapter 3.1: Statement of Financial Position
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Statement of Financial Position-elements
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Balance Sheet: Minimum required information (see IAS 1.54)
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Statement of Financial Position- Classification (current vs. non-current)
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Statement of Financial Position- Classification (current vs. non-current)
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Current assets
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Non-current Assets
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Statement of Financial Position-Equity
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Statement of Financial Position- Current liabilities
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Statement of Financial Position-Non-current liabilities
54
Review of the contents in Chapter 3.1:
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Chapter 3.2: Statement of Comprehensive Income
56
Elements of the income statement
57
Elements of the income statement 2
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Income Statement 3
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Income Statement-Limitations
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'Earnings management and earnings quality'- Income statement
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Income Statement (Format)--Nature of expense vs. function of expense method
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Income Statement--Results of “operating” or “ordinary” activities
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Statement of Comprehensive Income--Review of the contents in Chapter 3.2
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Statement of Changes in Equity
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Statement of Changes in Equity Example (I/II):
Statement of Changes in Equity Example (II/II):
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Related Equity Statements--What are “Retained Earnings”?
Restrictions on Retained Earnings
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Statement of Changes in Equity Review of the contents in Chapter 3.3:
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Statement of Cash Flows
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Statement of cash flow---Purposes
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Statement of Cash Flows---Definitions
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Statement of Cash Flows---Content, Format & Classification
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Statement of Cash Flows----Methods to report Operating Cash Flows
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Statement of Cash Flows--Example 1
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Statement of Cash Flows--Exercise
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Statement of Cash Flows---Cash flows from operations…
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Statement of Cash Flows Disclosure (I/II)
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Statement of Cash Flows Summary Quiz 1
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Statement of Cash Flows Summary Quiz 2
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Statement of Cash Flows Summary Quiz 3
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Statement of Cash Flows Review of the contents in Chapter 3.4:
81
Chapter 3.5: Notes to the Financial Statements
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Notes to the Financial Statements
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Notes to the Financial Statements---Other disclosures, including:
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Notes to the Financial Statements---Additional Information
Guidelines for Financial Reporting
85
Notes to the Financial Statements----Review of the contents in Chapter 3.5:

Tessa S2 (18 decks)

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