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5 Cards in this Set
- Front
- Back
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What are general purpose financial statements? |
Those intended for users who are not in a position to demand reports tailored to their own specific information needs |
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According to IAS1 what is the purpose of such financial statements? |
To provide information on the financial position, financial performance and the cash flow of an entity |
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How can an entity achieve fair presentation of their financial statements? |
- by selecting appropriate accounting policies as per IAS8 - providing info that is relevant, reliable, comparable and understandable |
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What is materiality? |
Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements |
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** note** |
financial statements should be consistent and have at least a comparative of the previous year and should be easily identifiable. |
