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FA > Topic 2- Contents in Annual Report > Flashcards

Topic 2- Contents in Annual Report Flashcards

1
Q

What are the key financial statements

A

profit and loss
balance sheet
statement of changes of equity
cashflow statement

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2
Q

What is a true and fair view

A

not materially misstated or omitted
adopting legal requirements
adopt acceptable accounting standards (GAAP)
appropriate classification of items

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3
Q

What are the rights of an auditor?

A

obtain info of subsidiary
access books/accounts/vouchers of company
attend and speak at AGM

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4
Q

What is the scope of the audit report

A

unmodified report

modified report

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5
Q

What are the types of modified report

A

matters that do not affect auditor’s opinion

matters that affect auditor’s opinion

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6
Q

What are the matters that affect auditor’s opinion

A

qualified opinion
disclaimer
adverse opinion

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7
Q

What are the authorities that mandate disclosure of information in financial statements?

A

legal requirements
professional requirements
SGX requirements

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8
Q

What are the professional authorities that mandate disclosure of information in financial statements?

A

FRS
CCDG
ASC

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9
Q

How must financial statements be presented?

A 
comparative figures
accrual basis 
consistent presentation and classification
principle of materiality
balance sheet date or period covered 
reporting currency
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10
Q

Who is CFS useful to?

A

current/prospective shareholders
creditors
management

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11
Q

What does notes to accounts include?

A

significant accounting policies

segmental information

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12
Q

Why disclose segmental information?

A 
understand past performance
enterprise risk and return
SW analysis
identification of capital devotion
more informed decisions of enterprise as a whole
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13
Q

What are the types of segment

A

business

geographical

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14
Q

What are the other sources of information in an annual report

A

chairman’s statement

director’s statement

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15
Q

What does the chairman’s statement include?

A 
overall trading conditions
current and future trading prospect
performance by each major activity
significant events
strategy and plans for future
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16
Q

What does the director’s statement include?

A 
Principal activities
names of directors, details of interests
acquisition and disposal of subsidiaries
financial results
issues of shares and debentures
amount of dividend
important events post balance sheet
material, unusual event or transaction
voluntary information
17
Q

How do you assess the quality of management?

A

work experience
education qualification
track record (key contributions)
other activities

FA (3 decks)

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