Lecture 2 Presentation of Financial Statements

Lecture 2 Presentation of Financial Statements - Lecture...

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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
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2 Reference Readings Required: Picker et al. (2009), 2 nd edition, Chapter 19 Highly recommended: A t li St d d (f AASB b it ) 4 Australian Standards (from AASB website): AASB 101 (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 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 AASBs mandate disclosures relating to specific elements. AASB 101 applies to all general purpose financial reports. Introduction to AASB 101, AASB 108 Core Disclosure Standards : AASB 101 Presentation of Financial Statements 6 AASB 108 Accounting Policies, Changes in AASB 110 Events After the Balance Sheet Date
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Presentation of Financial Statements (AASB 101) Financial Statements are. ... AASB 101 does not prescribe who must 7 AASB 101 does not prescribe who must prepare financial statements, but rather the format of financial statements. Preparation is required by country law (e.g., Corporations Act) or entity’s constitutions Presentation of Financial Statements: Overall Considerations (AASB 101) AASB 101 sets out 8 overall considerations that need to be applied in the presentation of f/s: 1. Fair presentation and compliance with AASBs 8 2. Going-concern 3. Accrual basis of accounting 4. Consistency of presentation 5. Materiality and aggregation 6. Offsetting 7. Frequency of Reporting 8. Comparative information Overall Considerations 1. Fair presentation and compliance with AASBs Requires faithful representation of the effects of transactions, other events and conditions in accordance with the 9 and conditions in accordance with the definition and recognition criteria set out in The Framework. Compliance with AASBs, with
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This note was uploaded on 09/23/2011 for the course ACCT 2542 taught by Professor Knapp during the One '11 term at University of New South Wales.

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Lecture 2 Presentation of Financial Statements - Lecture...

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