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FAC1601 - Financial Accounting & Reporting
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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 ...

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  • May 11, 2023
  • 5
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • 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

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FAC1601 - Financial Accounting &
Reporting
1. IFRS International Financial Reporting Standards

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




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