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Summary MANCOSA Financial Accounting 2A Revision R50,00
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Summary MANCOSA Financial Accounting 2A Revision

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Also called Concepts of financial reporting. These are Questions and answers and covers the units of this module

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  • April 19, 2024
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  • 2023/2024
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FINANCIAL ACCOUNTING
2A
QUESTIONS & ANSWERS


NOVEMBER 2021

, UNIT 1
CONCEPTUAL FRAMEWORK & FINANCIAL REPORTING STANDARDS


Please read this unit on your own

, Unit 2:
PRESENTATION OF FINANCIAL STATEMENT

, 8 GENERAL FEATURES OF FSs
FS should be prepared by taking into consideration the 8 general features:
1. Fair presentation & compliance with IFRSs;
2. Going concern: FSs should be presented on the going concern basis only if
appropriate (if not, another basis plus extra disclosure is required);
3. Accrual basis: must be prepared using accrual accounting except SOCF;
4. Materiality & aggregation: aggregate into classes of similar items & then
presented separately from dissimilar classes if the classes are material.
5. Offsetting: not offset assets & liabilities or income & expenses unless
permitted by IFRSs;
6. Frequency of reporting: presented annually (include extra disclosure if the
period is shorter or longer than 1 year);
7. Comparative information: include comparatives (for at least one prior
period although an additional period may be needed); and
8. Consistency of presentation: consistency in the present & classification of
items from one year to the next (unless the an IFRS requires a change).

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