2005338
Descrição
FlashCards por Liz Barraclough, atualizado more than 1 year ago
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Criado por Liz Barraclough
quase 10 anos atrás
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| Questão | Responda |
| IAS 1 | Presentation of Financial Statements Objective Statements Elements |
| Entities | Private Sector Organisations Unincorporated - sole traders and partnerships Incorporated - private limited and public limited companies |
| Objective | The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity |
| Elements | Assets Liabilities Equity Income Expenses |
| Statements | - Statement of Profit or Loss and Other Comprehensive Income - Statement of Financial Position - Statement of Cash Flows - Statement of Changes in Equity |
| Users | Investors Lenders Suppliers Employees and Trade Unions Customers Competitors Government and Government Agencies The Public Managers |
| Asset | As asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity |
| Liability | a liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits |
| Equity | Equity is the residual interest in the assets of the equity after deducting all its liabilities |
| Income | Income is increases in economic benefit during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants |
| Expenses | Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that results in decreases in equity, other than those relating to distributions to equity participants |
| Profit or Losses | Profits are increases in equity not resulting from contributions from equity participants (shareholders) Losses are decreases in equity not resulting from distributions to equity participants (shareholders) |
| Accounting Equation | Assets minus liabilities equals equity |
| IAS and IFRS | International Accounting Standards and International Financial Reporting Standards have been developed by the International Accounting Board since 1973 |
| CONCEPTS AND ASSUMPTIONS | Going Concern Accruals Materiality Entity |
| QUALITATIVE CHARACTERISTICS | Relevance Faithful Representation Comparability Verifiability Timeliness Understandability |
| GROUP AND CONSOLIDATED ACCOUNTS | IFRS 3 - BUSINESS COMBINATIONS IFRS 10 - CONSOLIDATED FINANCIAL STATEMENTS IAS 28 - INVESTMENT IN ASSOCIATES AND JOINT VENTURES |
| ASSETS | IAS 7 CASH FLOWS IAS 16 - PPE IAS 36 - IMPAIRMENT IAS 38 - INTANGIBLE ASSETS IAS 2 - INVENTORIES IAS 17 - LEASES |
| LIABILITIES | IAS 12 - INCOME TAXES IAS 10 - EVENTS AFTER THE REPORTING PERIOD IAS 37 - PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS |
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