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1.what is the entry financial performance and position? 2.what is IFRS PRESENTATION financial statements? required: must...

1.what is the entry financial performance and position?

2.what is IFRS PRESENTATION financial statements?

required: must the answer for each question just 3
Sentences.

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Answer #1

1. Financial Statements represent a formal record of the financial activities of an entity. These are written reports that quantify the financial strength, performance and liquidity of a company. Financial Statements reflect the financial effects of business transactions and events on the entity.

Four Types of Financial Statements

i. Statement of financial position

ii. Income Statement

iii. Cash Flow Statement

iv. Stateemnt of Changes in Equity

2. The application of IFRS Standards, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation. also deals with going concern issues, offsetting and changes in presentation or classification.

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