PAS1 - is a formal statement showing the three elements...

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Unformatted text preview: _ _ is a formal statement showing the three elements Financial Statements ’ a, comprising financial position namely Assets, ,h Liabilities and Equity. II— ‘5...- Means by which the info accumulated and processed in financial accounting “I... I— . periodically communicated to the users ‘ "" 2‘ " '* -.. (PAR 66) An asset is current when: "' "' "' A. The asset is Cash or Cash equivalent unless restricted to a. as. STATEMENT OF FINANCIAL POSITION ‘ x. Tia settle a liability for more than 12 mos after reporting period _ _ _ a ‘Zs B. The asset is primarily for the purpose of trading Simply referred to as Financial FORtvts: (A) -- -ORT FORM (é) ACCOUNT FORM \ Q Tthle~entity expects to realize the asset within 12 mos after Statements are those intended to meet ‘~ \ a. ‘- x the reporting period £33163:313::figfitfitfionifrtetgafe General PUFPOSE‘ 0f F5 t CURRENT ASSETS x ‘D. The entiw expects to realiaelthe asset or intends to sell or reports tailored to their particular needs. M it \ consumeh WEI”; Etta ent'tys normal operating cycle- it I ri e controlled by the en -. as a "s "t t ‘ .,__ 1. Statement of financial position It llf past events and from w '. If — An entity shall classify a'IIcher assets 3 (St t 2- {nefecme Statement i ) 6‘ Onflmlfl benefits are expefi; ‘ ' NONCURRENT ASSETS not classified as currsqt as concurrent Current Liabilities, in practice . a emen O ompre BITS-Ne “Come to flow to the ent|ty_ Li I '9 e E I.. I. I '_ _ ._ f I It I 'f' I: 5 reported and recorded at Face_ 4. Statement of changes in eqUIty components 0f F3 — A It is expected to be‘settled\ Noncurrent liabilities' 5. Statement of Cash flows 4" CURRENT LIABILITIES . . . , . x a... - ,5, Notes t, F3 ; waiting entitys operating cycle \ a. Noninterest bearing W B- It 'e primarily for the purposie‘of ‘ lnitial measurement: ’ trading - - . _ t _ _ x \ PRESENT VALUE _ _ _ _ - esent obligatrcnafif an .ntity initial Measurement c. It Is due to be settled within 12 \ Subsequent measurement t;tit”???EJESFZ‘SATEEESQEEL arising from FA'R VALUE . "'03 titer reporting PW"- ‘ AMORTIZED 008T Bath flows of an 65m}, that is useful 0b" t' f FS p st transactions or events, the Subsequent Measurement. D. The entity does not have an \ BJnterest bearing to a wide range of users in making jec we 0 s.ttlemet Of which is BXDBCtel‘l to AI Amortized Cost (EIM) unconditional right to defer ‘ lnitia‘t measurement: economic, gamma result in an outflow from th- 3- Fa” Value through Pit settlement of the liability for at least \ FACEAMOUNT :ntity ofaresources embodyin- 12mos after reporting period Sutsequentxmeasurement: ’economic benefits : FACE AMOUNT Financial Statements shall be presented at least annuallyj. V‘tihen an entity's eitdiiof NONCURRENT LIABILITIES An entity sitiall classify all other liabilities not \ t EEEEQEQ (§r$h 61:13:: “0:: 523%: t: e Narrative description or disaggregation of Classtfied as current as noncurrent \ t . - _ items presented in the financial statements — I FS. (B) The reason for usmg a longer or Frequency Of Reporting Is the residual interest inand info about items that do not qualify for I x I shorter period. (CI) The-fact that amounts l_-' the assets of the entity after recognition STATEMENT OF CASH .- A presented in the financial statements are deducting a” of its liabilities .a a» ‘, .. -- t t t' l bl . - .. .. - ”0 e” ”e t” wmpata e PAS 1- Presentation of NOTES TO FS {' FLOWS t .- Financial Statements ,. "' Is a basic component of financ'El STATEMENT OF a formaLstatefn'eht showing the INCOME STATEMENT 4‘ FUNCTIONAL PRESENTATION statements which summarizes the COMPREHENSIvE ' ahé'l'al performance of an entity TWO STATEMENTS operating, investing and financing INCOME tet 3 give” Petted etttme NATURAL PRESENTATION activities of an entity. ii STATEMENT 0F 4” COMPREHENSIVE INCOME / of STATEMENT OF CHANGES {_ __ .. -- "‘ IN EQUITY 1 SINGLE STATEMENT STATEMENT OF RETAINED Components of profit or loss EARNINGS Combined statement showing is a basic statement that shows the the components of proft or loss Shows the changes affecting directly the retained movements in the elements or . _ and components of other earnings of an entity and relates the Income components of the Shareholders equity comprehensive income Statement to the statement of Finanacial position Components of other comprehensive income ...
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  • Fall '11
  • RANDYBEATTY

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