Question

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.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.what is entry financial performance and position? 2.what is IFRS presentation financial statements required:the answer for...
1.what is entry financial performance and position? 2.what is IFRS presentation financial statements required:the answer for each question must be just 3  Sentences.
3.1 What is the major connection between the statements of financial position and performance?
3.1 What is the major connection between the statements of financial position and performance?
1. According to the Framework for Preparation and Presentation of Financial Statements of the IASB, what...
1. According to the Framework for Preparation and Presentation of Financial Statements of the IASB, what is the definition of income? Multiple Choice Top of Form Inflow of resources with future economic benefit Increase in equity (other than from transactions with owners) Assets minus liabilities Revenue minus expenses Bottom of Form 2. The IASB has permitted the translation of International Financial Reporting Standards (IFRS) into how many languages? Multiple Choice Only six languages: Chinese, English, German, Japanese, Russian, and Spanish...
IPSAS 1 deals with the Presentation of Financial Statements for the public sector, and was drawn...
IPSAS 1 deals with the Presentation of Financial Statements for the public sector, and was drawn from International Accounting Standard (IAS 1) which speaks to the Presentation of Financial Statements for Commercial Accounting purposes. Under IPSAS 1 the objectives of general purpose financial reporting in the public sector should be to provide information useful for decision making, and to demonstrate the accountability of the entity for the resources entrusted to it. a. What are the 5 specific objectives of information...
Financial Reporting and Analysis Assignment #1 Q1. What is IFRS? ? What is the IASB? ?...
Financial Reporting and Analysis Assignment #1 Q1. What is IFRS? ? What is the IASB? ? How widespread is the adoption of IFRS around the world? ? What is the possibility of the Securities and Exchange Commission substituting IFRS for GAAP? ? What are the advantages of converting to IFRS? ? What could be the disadvantages of converting to IFRS? ? What is the difference between convergence and adoption? ? When comparing IFRS and GAAP, what are some overall key...
IPSAS 1 deals with the Presentation of Financial Statements for the public sector, and was drawn...
IPSAS 1 deals with the Presentation of Financial Statements for the public sector, and was drawn from International Accounting Standard (IAS 1) which speaks to the Presentation of Financial Statements for Commercial Accounting purposes. Under IPSAS 1 the objectives of general purpose financial reporting in the public sector should be to provide information useful for decision making, and to demonstrate the accountability of the entity for the resources entrusted to it. What are the 5 specific objectives of information that...
Problem 2 Synthetic Fuels Corporation prepares its financial statements according to IFRS. On June 30, 2019,...
Problem 2 Synthetic Fuels Corporation prepares its financial statements according to IFRS. On June 30, 2019, the company purchased equipment for $540,000. The equipment is expected to have a five-year useful life with no residual value. Synthetic uses the straight-line depreciation method for all depreciable assets and chooses to revalue the equipment. Fair value of the equipment was $524,880 at 12/31/2019 and $354,348 at 12/31/2020, respectively. Required: 1.      Calculate the depreciation for 2019 and prepare the journal entry to record it....
5. Consideration of going concern assumption underlying the financial statements preparation and presentation remains visibly an...
5. Consideration of going concern assumption underlying the financial statements preparation and presentation remains visibly an important task during the external audit. International Financial Reporting Standards (IFRS) require that financial statements are prepared on a going concern basis unless management intends to liquidate the entity or to cease operations or has no realistic alternative but to do so. When an entity does not prepare its financial statements on a going concern basis, IFRS requires disclosure of the basis used by...
Indicate which financial statements must be included in the comprehensive annual financial report (CAFR) in each...
Indicate which financial statements must be included in the comprehensive annual financial report (CAFR) in each set of fund statements or government-wide statements by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Financial statement Governmental funds Proprietary funds Fiduciary funds Government-wide 1. Balance sheet 2. Statement of activities 3. Statement of cash flows 4. Statement of changes in fiduciary net position 5. Statement...
3. Financial statements of one accounting period must be comparable to another in order for the...
3. Financial statements of one accounting period must be comparable to another in order for the users to derive meaningful conclusions about the trends in an entity's financial performance and position over time. The statement above refers to which concept? A. Neutrality concept. B. Comparability concept. C. Entity concept. D. Monetary concept.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT