Question

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.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

1. Assets = Liabilities + Owners Equity

For a given date, the Balance sheet shows the following for the company:

  • Firstly, total Assets. Items of value the firm owns or controls, which it uses to earn revenues.
  • Secondly, total Liabilities. What the firm owes.
  • Thirdly, total Owners Equities. What the firm owns outright.

2. IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.

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 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.
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...
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...
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...
Which of the following statements about International Financial Reporting Standards (IFRS) is NOT true? A. IFRS...
Which of the following statements about International Financial Reporting Standards (IFRS) is NOT true? A. IFRS sets out broad and general principles that accountants should follow when preparing financial statements. B. IFRS offers simplicity but also possibly more leeway for accounting malpractice than does GAAP. C. In 2008, the Securities and Exchange Commission (SEC) announced its plan to convert U.S. companies from GAAP to IFRS. D. IFRS leaves LESS room for discretion than GAAP does. 2. Rogue Corp. has sales...
How is materiality related to the proper presentation of financial statements? What factors and measures should...
How is materiality related to the proper presentation of financial statements? What factors and measures should be considered in assessing the materiality of a misstatement in the presentation of a financial statement?
IFRS5-1 Where can authoritative IFRS guidance be found related to the statement of financial position (balance...
IFRS5-1 Where can authoritative IFRS guidance be found related to the statement of financial position (balance sheet) and the statement of cash flows?
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....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT