Lecture_Topic_2_Presentation_of_Financial_Statements_4xpage

Lecture_Topic_2_Presentation_of_Financial_Statements_4xpage...

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1 Lecture Topic 2: Presentation of 1 Financial Statements Corporate Financial Reporting and Analysis ACCT2542 Presented by Diane Mayorga LEARNING OBJECTIVES 1. Understand the overall considerations that are applied in the presentation of financial statements (AASB 101) 2 2. Understand the objectives and limitations of a: Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Equity 3. Apply the requirements for the classification of Statement of Financial Position items LEARNING OBJECTIVES cont. 4. Understand and apply the requirements for the presentation of information on the face or in the notes of: Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Equity 5. Understand and apply the requirements relating to the notes to financial statements Note: AASB 107 Statement of Cash Flows is not covered in this course 3 Reference Readings ± Picker et al. (2009), 2 nd edition–Chapter 19 ± Australian Standards (from AASB website): AASB 101 d t d S t b 2007 (P t ti f 4 ² AASB 101 dated September 2007 (Presentation of Financial Statements) ± Illustrative Examples: ± Refer to AASB website (go to IAS 1 Implementation Guidance (IAS 1 IG): http://www.aasb.com.au/Home.aspx ± Australian Vintage Ltd 2009 Financial Statements
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2 Chapter 19 deals with the presentation of: ± Statement of Financial Position ± Statement of Comprehensive Income ± Statement of Changes in Equity ± Notes AASB 101 prescribes structure and minimum 5 AASB 101 prescribes structure and minimum content. Other A-IFRSs mandate disclosures relating to specific elements. AASB 101 applies to all general purpose financial reports prepared and presented in accordance with A- IFRS. 1. Definition of financial reporting 2. Definition of the reporting entity 3. Definition of users of accounts and their information needs 4. Objectives of financial statements 6 5. Underlying assumptions 6. Qualitative charateristics of financial statements 7. Elements of financial statements 8. Recog nitio n crite ria 9. Measurement basis and techniques Current Developments in AASB 101 ± AASB 101 was re-issued in Sept 2007 ± Changes are mandatory for annual reporting periods beginning on or after 1 January 2009 7 ± Why change? ² Joint project between IASB and US FASB to enhance the usefulness of information presented in the financial statements Introduction to AASB 101, AASB 108 Core Disclosure Standards : ³ AASB 101 Presentation of Financial Statements 8 ³ AASB 108 Accounting Policies, Changes in ³ AASB 110 Events After the Balance Sheet Date
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3 Presentation of Financial Statements (AASB 101) Financial Statements are. ... AASB 101 does not prescribe who must prepare
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Lecture_Topic_2_Presentation_of_Financial_Statements_4xpage...

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