1. IFRS International Financial Reporting Standards 2. International Financial Reporting Standards A set of rules developed to make sure that financial statements are prepared consistently for compa- nies so that users can compare the financial results and performance from the current year to ...
1 ifrs international financial reporting standards 2 international financial reporting standards a set of rules developed to make sure that financial statements are prepared consistently for co
2. International Financial A set of rules developed to make sure that
Reporting Standards financial statements are prepared
consistently for compa- nies so that users
can compare the financial results and
performance from the current year to prior
years to the same company. Additionally,
making it possible for users to compare the
financial position and performance of one
company with another.
3. Profit Company A company that is incorporated for the
purpose
of financial gain for its shareholders.
Include: state-owned companies (SOC Ltd),
private compa- nies [(Pty) Ltd], personal
liability companies [Inc], and public
companies [Ltd].
4. Purpose of Conceptual a) assist the IASB in developing IFRS that is
Framework con- sistent concepts
b)aid the prepares of financial statements
to devel- op consistent accounting policies
in the absence of a standard.
c) assist all parties to understand and
interpret IFRS.
5. Objective of General To provide financial information about a
Purpose Financial Re- reporting entity to its existing and potential
porting investors , lenders and other creditors.
6. Financial Statements A specific form of financial reporting. They
portray
information about assets, liabilities, equity,
income, and expenses. Based on Accrual
Method of ac- counting.
7. Accrual Basis Account- ing
1
, FAC1601 - Financial Accounting &
Reporting
8. Qualitative reporting income when it is earned and
Characteris- tics of expenses when they are incurred
Useful Financial
Information
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YOURVERIFIEDEXAMPLUG. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
