Chapter5Q - standard.”(c “AIS 1 imposes an overriding...

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Financial accounting for decision makers (5th edition) Atrill and McLaney Exercise Chapter 5 You have recently overheard the following statements: (a) “Each company’s own set of rules, the articles and memorandum of association, lays out the basic rules on what information needs to be included in company’s financial statements that are sent to the shareholders.” (b) “International accounting standard 1 (AIS 1) says that companies must set out their income statement and balance sheet in a particular format and that these statements may contain only the information specified in that
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Unformatted text preview: standard.” (c) “AIS 1 imposes an overriding requirement on company directors that they produce financial statements that are a ‘correct and accurate representation’ ”. (d) “The auditors are appointed by the directors to make sure that the company’s financial statements are correct and, if not, to correct them. ” (e) “The operating and financial review is the collective name given to the annual income statement, balance sheet and cash flow statement of a UK limited company.” Required: Comment critically on each of these statements....
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