Lec-26 - Advanced Financial Accounting FIN-611 Mian Ahmad...

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Advanced Financial Accounting FIN-611 Mian Ahmad Farhan Lecture-26 IASB Frame-Work
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Financial Statements 1. Balance sheet 1. Income statement 1. Statement of changes in equity 1. Cash-flow statement 1. Notes
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Balance sheet Financial position Income statement Financial performance or Profit / Loss Statement of changes in equity Movement In different heads of owner’s equity Cash-flow statement Movement in cash inflow and cash outflow Notes Significant accounting policies and explanatory notes Financial Statements
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Qualitative Check Materiality 1. Relevancy 2. Reliability 3. Comparability 4. Understanding Qualitative characteristics that make financial presentation useful Qualitative characteristics that make financial information useful
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Relevancy The financial statement are relevant for decision making Purpose for the use of financial statement. Values to be relevant 1. Predictive value 2. Confirmative value
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Five Characteristics of Reliability 1. Faithful representation 2. Substance over form 3. Neutralability 4. Prudence 5. Completeness
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Lec-26 - Advanced Financial Accounting FIN-611 Mian Ahmad...

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