Ias1 contents of financial statements, Financial Accounting

IAS 1 contents of financial statements

IAS 1 prescribes the contents of published financial statements. The major reports that are included as part of the published financial statements is:-

  • The income statement.
  • The balance sheet.
  • The statement of changes in equity.
  • The Cashflow statement.
  • The notes to the accounts/financial statements.


 
In most cases, companies that prepare published financial statements include the following additional reports (that are not financial statements).

  • Corporate information (Company’s address, lawyers. Location, bankers and others).
  • Chairman’s report (principle business activities of the firm, directors to be elected or retiring, summary results for the year and dividends).
  • Auditors report.
  • Corporate governance (I.T systems, internal audit, audit committees and other systems in place to ensure good management).
  • Statistical information (major highlights of the company’s performance, over a period of time e.g. 5 years).
Posted Date: 12/11/2012 11:50:36 PM | Location : United States







Related Discussions:- Ias1 contents of financial statements, Assignment Help, Ask Question on Ias1 contents of financial statements, Get Answer, Expert's Help, Ias1 contents of financial statements Discussions

Write discussion on Ias1 contents of financial statements
Your posts are moderated
Related Questions
what if 50% of customers who switch from pisa pizza who switch from original pizza to healthier pizza then switch to another brand from healthier pizza.

Describe:- What are the limitations of the balance sheet? What are the benefits of the balance sheet? What are the form of the balance sheet?

Calculate the DuPont Model, given the following information: cash=$16,080; accounts receivable= $9,500; prepaid = $3,150; supplies =$675; equipment =$25,200; accumulated depreciati

Significant Deficiency -Control deficiency or combination of control deficiencies, which adversely affects company's ability to authorize, initiate, process, record or report exte

Illustration for preparing final accounts K Ltd established a branch in Arusha Tanzania on 1.1.X2, when Kshs 1 = TShs 15. PPE costing Kshs 800,000 were purchased on that day. I

Income Statement 2013 2012 2011 Vertical Anaylsis Vertical Anayl Horizontal Net revenue 5,075,390 4,763,180 4,158,507 year 1 year 2 Anaylsis Cost of goods 1,377,242 1,297,102 1,134

A of Surat consign goods to B of Jaipur to be sold at or above invoice price. B is entiled to get a commission of 8% on sales at invoice price plus 25% of any surplus price reali

Manik Enterprises spent $10,000 to purchase farming equipment 5 years ago. This equipment is presently valued at $2,000 on today's balance sheet but could actually be sold for $4,5

Mr. Surya does not keep a systematic record of his transactions. He is able to give you the following information regarding his assets and liabilities. 2000 2001 Dec. 31 Dec. 3

Stock A has an expected return of 9 percent, a standard deviation of 20 percent, and a market beta of 0.5. Stock B has an expected rate of return of 10 percent, a standard deviatio