topic3 Presentation of financial statements_assets_3pp

topic3 Presentation of financial statements_assets_3pp -...

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1 1 Topic 3: Presentation of financial statements/assets s Lecture outline and reading 1. Structure of Financial Reporting Standards (FRSs) s Review structure of one FRS 2. Presentation of financial statements s AASB101: Presentation of financial reports s Picker et al, Ch 19, (library e-reserve) 3. Overview of assets s Deegan Ch 4 2 Lecture objectives s At the end of the class you should be able to: b Appreciate the typical structure of FRS and, thus, feel more confident to read/apply them b Know how to prepare financial statements in the required format b Be aware that the requirements for accounting for assets differ according to the type of asset 3 1. Structure of FRSs s Important features (typically in this order) b Objective of standard b Application b Scope b Definitions b Requirements s Usually some option(s) b Disclosure b Transitional provisions (if any) b Guidance information (if any)
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2 4 Example: AASB116: s Objective: b Prescribe accounting treatment for PPE b Main issues: s Recognition of assets s Determination of carrying amounts s Depreciation s Impairment 5 Example: AASB116: s Scope: b Applies to PPE except when another standard requires or permits different treatment s Does not apply to: b b Biological assets (see AASB141: Agriculture) b Exploration and evaluation assets (see AASB6) b Mineral rights and reserves b Investment properties (see AASB140: Investment properties) b Also see comment about leased assets 6 Example: AASB116: s Definitions: b Specify how some words used in the standard are to be interpreted. s Not necessarily the same as common understandings or dictionary definitions of words b Egs: PP&E, recoverable amount, carrying amount, depreciation, etc s Not necessarily the same interpretation in every standard.
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3 7 Example: AASB116: s Requirements cover: b Recognition of assets b Measurement after recognition b Depreciation b Impairment b Derecognition 8 Example: AASB116: s Disclosure requirements: b Disclose in notes to financial statements s Extensive disclosure requirements include:
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This note was uploaded on 08/27/2011 for the course ACCT 2011 taught by Professor D during the Three '11 term at University of Sydney.

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topic3 Presentation of financial statements_assets_3pp -...

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