Αποτελέσματα Αναζήτησης
financial statements Changes are needed because: • Probability criterion viewed as inappropriate for some assets and liabilities. • ‘Reliability’ is not one of the qualitative characteristics.
Financial accounting is the periodic reporting of a company's financial position and the results of operations to external parties through financial statements.
The Conceptual Framework for Financial Reporting (Conceptual Framework) describes the objective of, and the concepts for, general purpose financial reporting. The purpose of the Conceptual Framework is to: assist all parties to understand and interpret the Standards. The Conceptual Framework is not a Standard.
The purpose of this Statement is to establish definitions of the elements of financial statements (namely assets, liabilities, equity, revenues and expenses) and to specify criteria for their recognition in financial statements. "Assets" are future economic benefits controlled by the entity as a result of past transactions or other past events.
• Captures elements of both the income statement and balance sheet • Inflows and outflows of cash over a certain period of time • Allocates all cash going in and out of a company into three categories: operating, investing, and financing activities
International Financial Reporting Standard 10 Consolidated Financial Statements. Objective. The objective of this IFRS is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. Meeting the objective. To meet the objective in paragraph 1, this IFRS:
UNDERSTANDING FINANCIAL STATEMENTS Financial statements provide the fundamental information that we use to analyze and answer valuation questions. It is important, therefore, that we understand the principles governing these statements by looking at four questions: • How valuable are the assets of a firm?
