The document discusses the format and requirements of financial statements under BAS 1. It covers the structure, content and general disclosure principles of the balance sheet, income statement, statement of changes in equity, and notes. Key requirements include distinguishing financial statements from other information, preparing statements at least annually within six months of the period end, classifying assets and liabilities as current or non-current, and providing detailed accounting policy and performance disclosures in the notes.
This document summarizes the key requirements of IAS 1 regarding the presentation of financial statements. It outlines the objectives of IAS 1 as ensuring comparability of financial statements over time and between entities. The key components required in a complete set of financial statements are identified as the statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, and notes. Minimum line items to be presented on each statement are also defined. The document provides guidance on the classification of assets and liabilities as current vs non-current, format and presentation of the statements, and disclosures required in the notes.
#intermediate IFA i - Chapter 1 Part IV, IAS 1.pptObsaKamil
The document discusses the requirements of IAS 1 for presenting financial statements. IAS 1 aims to ensure comparability of financial statements over time and between entities. It requires entities to present a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity, a statement of cash flows, and notes. IAS 1 also sets out requirements for classifying assets and liabilities as current or non-current, materiality, offsetting, comparative information, and the reporting period of financial statements.
This document provides an overview of financial accounting. It defines financial accounting as identifying, measuring, and communicating economic information so others can make informed decisions. A complete set of financial statements includes the balance sheet, income statement, statement of changes in equity, and cash flow statement plus notes. Companies are required by law to prepare annual financial statements that present a true and fair view of their financial position and comply with accounting standards. The objective is to provide useful information to investors and other users for economic decision making.
Accounting Standard 25 outlines the requirements for interim financial reporting, including:
- Minimum content of interim reports which includes condensed financial statements and selected explanatory notes
- Principles for recognizing and measuring items in interim reports, which should be consistent with annual financial statements
- Periods for which interim reports must be presented, which is normally on a year-to-date basis
- Disclosures in annual financial statements if a separate interim report is not issued for the final interim period
This document provides an overview of accounting standards and corporate accounting practices in India. It discusses key points about various accounting standards issued by the Accounting Standards Board of India, including standards on revenue recognition (AS-9), valuation of inventories (AS-2), depreciation (AS-6), foreign exchange rates (AS-11), investments (AS-13), borrowing costs (AS-16), segment reporting (AS-17), related party disclosures (AS-18), and earnings per share (AS-20). It also outlines responsibilities of chartered accountants to disclose any non-compliance with accounting standards. The standards are applicable to business and commercial organizations from the specified effective dates.
Presentation of financial statements 07 08-07premsruthi
This document provides an overview of the presentation of financial statements under relevant accounting standards and regulations. It discusses the purpose and components of financial statements, including the balance sheet, income statement, statement of changes in equity, and cash flow statement. It also outlines the responsibilities of management and auditors in preparing and reviewing financial statements. Key requirements for listed companies, non-listed companies, and industries are summarized.
This document summarizes the provisions of all International Public Sector Accounting Standards (IPSAS) in effect as of September 1, 2006. It provides contact information for questions and comments. It then summarizes key aspects of several IPSAS standards, including their objectives, effective dates, and major requirements regarding presentation of financial statements, cash flow statements, accounting policies and foreign exchange rates.
IAS-1 establishes the principles for presenting general purpose financial statements to ensure comparability between entities and periods. It requires financial statements to include a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. The statements must provide a true and fair view of the entity's financial position, performance and cash flows. IAS-2 provides the accounting requirements for inventories, requiring them to be measured at the lower of cost or net realizable value. IFRS 2 specifies accounting for share-based payment transactions, distinguishing between equity-settled and cash-settled transactions and outlining their different recognition and measurement principles.
This document summarizes the key requirements of IAS 1 regarding the presentation of financial statements. It outlines the objectives of IAS 1 as ensuring comparability of financial statements over time and between entities. The key components required in a complete set of financial statements are identified as the statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, and notes. Minimum line items to be presented on each statement are also defined. The document provides guidance on the classification of assets and liabilities as current vs non-current, format and presentation of the statements, and disclosures required in the notes.
#intermediate IFA i - Chapter 1 Part IV, IAS 1.pptObsaKamil
The document discusses the requirements of IAS 1 for presenting financial statements. IAS 1 aims to ensure comparability of financial statements over time and between entities. It requires entities to present a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity, a statement of cash flows, and notes. IAS 1 also sets out requirements for classifying assets and liabilities as current or non-current, materiality, offsetting, comparative information, and the reporting period of financial statements.
This document provides an overview of financial accounting. It defines financial accounting as identifying, measuring, and communicating economic information so others can make informed decisions. A complete set of financial statements includes the balance sheet, income statement, statement of changes in equity, and cash flow statement plus notes. Companies are required by law to prepare annual financial statements that present a true and fair view of their financial position and comply with accounting standards. The objective is to provide useful information to investors and other users for economic decision making.
Accounting Standard 25 outlines the requirements for interim financial reporting, including:
- Minimum content of interim reports which includes condensed financial statements and selected explanatory notes
- Principles for recognizing and measuring items in interim reports, which should be consistent with annual financial statements
- Periods for which interim reports must be presented, which is normally on a year-to-date basis
- Disclosures in annual financial statements if a separate interim report is not issued for the final interim period
This document provides an overview of accounting standards and corporate accounting practices in India. It discusses key points about various accounting standards issued by the Accounting Standards Board of India, including standards on revenue recognition (AS-9), valuation of inventories (AS-2), depreciation (AS-6), foreign exchange rates (AS-11), investments (AS-13), borrowing costs (AS-16), segment reporting (AS-17), related party disclosures (AS-18), and earnings per share (AS-20). It also outlines responsibilities of chartered accountants to disclose any non-compliance with accounting standards. The standards are applicable to business and commercial organizations from the specified effective dates.
Presentation of financial statements 07 08-07premsruthi
This document provides an overview of the presentation of financial statements under relevant accounting standards and regulations. It discusses the purpose and components of financial statements, including the balance sheet, income statement, statement of changes in equity, and cash flow statement. It also outlines the responsibilities of management and auditors in preparing and reviewing financial statements. Key requirements for listed companies, non-listed companies, and industries are summarized.
This document summarizes the provisions of all International Public Sector Accounting Standards (IPSAS) in effect as of September 1, 2006. It provides contact information for questions and comments. It then summarizes key aspects of several IPSAS standards, including their objectives, effective dates, and major requirements regarding presentation of financial statements, cash flow statements, accounting policies and foreign exchange rates.
IAS-1 establishes the principles for presenting general purpose financial statements to ensure comparability between entities and periods. It requires financial statements to include a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. The statements must provide a true and fair view of the entity's financial position, performance and cash flows. IAS-2 provides the accounting requirements for inventories, requiring them to be measured at the lower of cost or net realizable value. IFRS 2 specifies accounting for share-based payment transactions, distinguishing between equity-settled and cash-settled transactions and outlining their different recognition and measurement principles.
Interim financial reporting provides essential information to investors throughout the year to help evaluate a company's performance and financial condition between annual reports. Accounting Standard 25 outlines requirements for interim reporting, including minimum components, recognition and measurement principles, and disclosure standards. Legal requirements in India according to SEBI mandate that listed companies publish unaudited quarterly financial results within one month of the quarter end along with additional disclosures. Issues with interim reporting include accounting problems due to uneven costs and revenues, and limited disclosure compared to annual reports. Improving interim reporting involves aligning reporting periods with operating cycles and allocating annual costs more evenly across interim periods.
This document summarizes a presentation on elements of a comprehensive annual financial report (CAFR) and common mistakes. It discusses the three main sections of a CAFR - introductory, financial, and statistical. It provides details on the components and requirements of each section. The presentation also reviews common errors seen in CAFRs, such as dates not agreeing, amounts not reconciling between statements, and missing or incorrect information in notes and supplementary schedules. The presenters are Ann Westbrooks from Spring ISD and Lupe Garcia from Whitley Penn, who are both CPAs with experience in school district accounting and auditing.
The document discusses accounting standards and provides information on:
1) Accounting standards provide guidelines on recognizing, measuring, presenting, and disclosing accounting transactions to ensure comparability between financial statements.
2) Enterprises are classified as Level I, II, or III based on factors like turnover and borrowings, with Level I following all accounting standards and Level III following fewer standards.
3) Accounting Standard 1 requires disclosing all significant accounting policies used, while Accounting Standard 2 provides guidelines for valuing inventory, including determining cost and net realizable value.
This document discusses the components and elements of financial statements for the European Communities. It outlines the key financial statements including the balance sheet, economic outturn account, statement of changes in net assets, and cash flow table. It describes the elements that make up each statement such as assets, liabilities, income, and expenses. It also discusses the accounting policies, notes, and segment information that are included in the financial statements. The overall purpose is to provide a structured representation of the financial position and transactions of the European Communities that is useful for decision making and accountability.
This document outlines the key points of Statement of Financial Accounting Concepts No. 5 from the Financial Accounting Standards Board (FASB). Some of the main topics covered include:
- Recognition criteria for incorporating items into financial statements, including being definable, measurable, relevant, and reliably representational.
- The components that should be included in a full set of financial statements, such as statements of financial position, earnings, comprehensive income, cash flows, and investments/distributions.
- Guidance on recognizing revenues, expenses, gains and losses as components of earnings or comprehensive income. Items must be realized/realizable and earned to be included in earnings.
- Recognition and measurement of assets,
Ind AS 34 provides the requirements for interim financial reporting, requiring listed companies to publish interim financial reports on a quarterly basis. These interim reports must include at a minimum condensed statements of financial position, comprehensive income, changes in equity and cash flows, along with selected explanatory notes. The standard specifies the recognition and measurement principles to be applied in interim reports, which should use the same accounting policies as the annual financial statements.
The revised Schedule VI was introduced to address several issues with the old schedule VI. [1] The old schedule VI did not align with disclosure requirements of Accounting Standards and was not compatible with International Accounting Standards. [2] The revised Schedule VI introduces a clearer classification of assets and liabilities as current and non-current and a specified format for the profit and loss account. [3] It also provides guidance on the unit of measurement and rounding off of figures in the financial statements.
This document provides information on applicable Indian accounting standards for different levels of enterprises and lists the various Indian Accounting Standards (AS) and International Accounting Standards (IAS). It discusses in detail AS 1 on disclosure of accounting policies, AS 2 on valuation of inventories, AS 5 on net profit/loss, prior period items and changes in accounting policies, AS 6 on depreciation, AS 9 on revenue recognition, and AS 26 on intangible assets. The key highlights include definitions, recognition and measurement principles, and disclosure requirements for these standards.
This document provides information about preparing a balance sheet and profit and loss statement. It begins with an introduction to the topic. It then defines key components of the financial statements including expenses, income, assets, and liabilities. The document provides examples of typical profit and loss statement and balance sheet formats. It includes vertical and horizontal examples. It also includes notes that would typically accompany the statements. Finally, it provides general instructions for preparing the balance sheet according to the Companies Act of 2013. In summary, the document outlines the components and required formats for basic financial statements along with examples and notes.
IAS 1 provides the requirements for presenting general purpose financial statements to ensure comparability. It sets out guidelines for the structure of financial statements and minimum requirements for content. Financial statements must include a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows. Notes to the financial statements must also be presented. IAS 1 specifies the components that must be presented in each financial statement and note disclosure requirements.
This document provides summaries of various dashboards and reports available in a financial management software. It describes the purpose and key metrics reported in dashboards for cash flow, asset usage, balance sheet, trial balance, accounts receivable, accounts payable, fixed assets, profit and loss, revenue, and customers. Filters like fiscal year and ledger name are available to customize the time periods and accounts shown. Interactive charts and pivot tables allow comparing data in different views.
2018 Community Health Center Accounting Standards UpdateJones & Roth
In this session, we will discuss several sweeping accounting standards updates that will specifically affect Community Health Centers. Specifically, there are three new upcoming standards updates that will require changes in financial reporting and presentation; recording of leases, revenue recognition from contracts, and changes in financial statement presentation for non-profit organizations.
This document discusses interim financial reporting. It provides definitions and components of interim financial reporting, including that it involves preparing financial statements for periods less than one year, such as quarterly or semi-annually. The document outlines requirements for Philippine entities to file quarterly interim reports within 45 days of quarter-end. It describes the key components of interim financial reports as condensed financial statements and selected explanatory notes. It also provides guidance on recognition, measurement and disclosure for items in interim reports, including inventories, revenues, costs, and income taxes. Comparative interim statements are to be presented.
This document provides an overview of PAS 1 on the presentation of financial statements. It discusses the components of a complete set of financial statements, which includes the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. It describes the general features of financial statement presentation, such as fair presentation, going concern assumption, accrual basis, materiality and aggregation, and offsetting. It also discusses the classification of assets and liabilities as current or non-current in the statement of financial position.
Role of Financial Statements
Auditors Report
Management Discussion and Analysis
Balance Sheet
Statement of Profit and Loss
Cash Flow statement
Accounting Polices
How to define Assets , Liabilities , Investments , Revenues , Expenses , Taxes, Cash Flow statements
This document provides an overview of Generally Accepted Accounting Principles (GAAP) and compares Indian GAAP, International Financial Reporting Standards (IFRS), and US GAAP. It defines GAAP and discusses why companies follow GAAP standards. The key components of financial statements are described for each standard, including similarities and differences in balance sheets, income statements, statements of changes in equity, and cash flow statements. Revenue recognition criteria and foreign currency translation under each standard are also summarized.
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Partner, Janice Snyder, and Principal, Jim Shellenberger, and addressed the requirements of Accounting Standard Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The presenters reviewed the new requirements under this standard and converted a full set of not-for-profit financial statements from the previous requirements to the new requirements. This was a step-by-step, page-by-page review of not-for-profit financial statements.
Financial statements are used by managers, shareholders, investors, lenders, and the government for different reasons and purposes. Essentially, financial statements show the financial status of an entity and are comprised of income statement, balance sheet, and cash flow statement.
Financial Accounting & Reporting Chapter 2 Format of Financial StatmentsRAYHAN170816
The document discusses the format and structure of financial statements according to IAS 1. It covers the key components of financial statements like the statement of financial position, statement of profit or loss, statement of changes in equity, and statement of cash flows. It also discusses disclosure requirements for items, comparative information, accounting policies, and identification of financial statements. The purpose is to ensure financial statements are presented in a consistent, comparable, and understandable manner.
The document provides guidance on writing effective business communications. It discusses the importance of considering your audience and having a clear, focused message. It also covers how to craft positive, negative, and persuasive messages. Additionally, it outlines the three-part writing process of planning, writing, and revising business messages and how to properly format documents using word processing software like Microsoft Word and Google Docs.
This document provides an overview of effective business communication. It discusses the importance of communication skills for managers and identifies key learning outcomes around communicating in business. Some main points covered include the seven principles of effective business writing, understanding audience and purpose, the social communication model, differences between verbal and nonverbal communication, guidelines for ethical communication, and tools for staying connected with colleagues and customers in the digital age.
Interim financial reporting provides essential information to investors throughout the year to help evaluate a company's performance and financial condition between annual reports. Accounting Standard 25 outlines requirements for interim reporting, including minimum components, recognition and measurement principles, and disclosure standards. Legal requirements in India according to SEBI mandate that listed companies publish unaudited quarterly financial results within one month of the quarter end along with additional disclosures. Issues with interim reporting include accounting problems due to uneven costs and revenues, and limited disclosure compared to annual reports. Improving interim reporting involves aligning reporting periods with operating cycles and allocating annual costs more evenly across interim periods.
This document summarizes a presentation on elements of a comprehensive annual financial report (CAFR) and common mistakes. It discusses the three main sections of a CAFR - introductory, financial, and statistical. It provides details on the components and requirements of each section. The presentation also reviews common errors seen in CAFRs, such as dates not agreeing, amounts not reconciling between statements, and missing or incorrect information in notes and supplementary schedules. The presenters are Ann Westbrooks from Spring ISD and Lupe Garcia from Whitley Penn, who are both CPAs with experience in school district accounting and auditing.
The document discusses accounting standards and provides information on:
1) Accounting standards provide guidelines on recognizing, measuring, presenting, and disclosing accounting transactions to ensure comparability between financial statements.
2) Enterprises are classified as Level I, II, or III based on factors like turnover and borrowings, with Level I following all accounting standards and Level III following fewer standards.
3) Accounting Standard 1 requires disclosing all significant accounting policies used, while Accounting Standard 2 provides guidelines for valuing inventory, including determining cost and net realizable value.
This document discusses the components and elements of financial statements for the European Communities. It outlines the key financial statements including the balance sheet, economic outturn account, statement of changes in net assets, and cash flow table. It describes the elements that make up each statement such as assets, liabilities, income, and expenses. It also discusses the accounting policies, notes, and segment information that are included in the financial statements. The overall purpose is to provide a structured representation of the financial position and transactions of the European Communities that is useful for decision making and accountability.
This document outlines the key points of Statement of Financial Accounting Concepts No. 5 from the Financial Accounting Standards Board (FASB). Some of the main topics covered include:
- Recognition criteria for incorporating items into financial statements, including being definable, measurable, relevant, and reliably representational.
- The components that should be included in a full set of financial statements, such as statements of financial position, earnings, comprehensive income, cash flows, and investments/distributions.
- Guidance on recognizing revenues, expenses, gains and losses as components of earnings or comprehensive income. Items must be realized/realizable and earned to be included in earnings.
- Recognition and measurement of assets,
Ind AS 34 provides the requirements for interim financial reporting, requiring listed companies to publish interim financial reports on a quarterly basis. These interim reports must include at a minimum condensed statements of financial position, comprehensive income, changes in equity and cash flows, along with selected explanatory notes. The standard specifies the recognition and measurement principles to be applied in interim reports, which should use the same accounting policies as the annual financial statements.
The revised Schedule VI was introduced to address several issues with the old schedule VI. [1] The old schedule VI did not align with disclosure requirements of Accounting Standards and was not compatible with International Accounting Standards. [2] The revised Schedule VI introduces a clearer classification of assets and liabilities as current and non-current and a specified format for the profit and loss account. [3] It also provides guidance on the unit of measurement and rounding off of figures in the financial statements.
This document provides information on applicable Indian accounting standards for different levels of enterprises and lists the various Indian Accounting Standards (AS) and International Accounting Standards (IAS). It discusses in detail AS 1 on disclosure of accounting policies, AS 2 on valuation of inventories, AS 5 on net profit/loss, prior period items and changes in accounting policies, AS 6 on depreciation, AS 9 on revenue recognition, and AS 26 on intangible assets. The key highlights include definitions, recognition and measurement principles, and disclosure requirements for these standards.
This document provides information about preparing a balance sheet and profit and loss statement. It begins with an introduction to the topic. It then defines key components of the financial statements including expenses, income, assets, and liabilities. The document provides examples of typical profit and loss statement and balance sheet formats. It includes vertical and horizontal examples. It also includes notes that would typically accompany the statements. Finally, it provides general instructions for preparing the balance sheet according to the Companies Act of 2013. In summary, the document outlines the components and required formats for basic financial statements along with examples and notes.
IAS 1 provides the requirements for presenting general purpose financial statements to ensure comparability. It sets out guidelines for the structure of financial statements and minimum requirements for content. Financial statements must include a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows. Notes to the financial statements must also be presented. IAS 1 specifies the components that must be presented in each financial statement and note disclosure requirements.
This document provides summaries of various dashboards and reports available in a financial management software. It describes the purpose and key metrics reported in dashboards for cash flow, asset usage, balance sheet, trial balance, accounts receivable, accounts payable, fixed assets, profit and loss, revenue, and customers. Filters like fiscal year and ledger name are available to customize the time periods and accounts shown. Interactive charts and pivot tables allow comparing data in different views.
2018 Community Health Center Accounting Standards UpdateJones & Roth
In this session, we will discuss several sweeping accounting standards updates that will specifically affect Community Health Centers. Specifically, there are three new upcoming standards updates that will require changes in financial reporting and presentation; recording of leases, revenue recognition from contracts, and changes in financial statement presentation for non-profit organizations.
This document discusses interim financial reporting. It provides definitions and components of interim financial reporting, including that it involves preparing financial statements for periods less than one year, such as quarterly or semi-annually. The document outlines requirements for Philippine entities to file quarterly interim reports within 45 days of quarter-end. It describes the key components of interim financial reports as condensed financial statements and selected explanatory notes. It also provides guidance on recognition, measurement and disclosure for items in interim reports, including inventories, revenues, costs, and income taxes. Comparative interim statements are to be presented.
This document provides an overview of PAS 1 on the presentation of financial statements. It discusses the components of a complete set of financial statements, which includes the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. It describes the general features of financial statement presentation, such as fair presentation, going concern assumption, accrual basis, materiality and aggregation, and offsetting. It also discusses the classification of assets and liabilities as current or non-current in the statement of financial position.
Role of Financial Statements
Auditors Report
Management Discussion and Analysis
Balance Sheet
Statement of Profit and Loss
Cash Flow statement
Accounting Polices
How to define Assets , Liabilities , Investments , Revenues , Expenses , Taxes, Cash Flow statements
This document provides an overview of Generally Accepted Accounting Principles (GAAP) and compares Indian GAAP, International Financial Reporting Standards (IFRS), and US GAAP. It defines GAAP and discusses why companies follow GAAP standards. The key components of financial statements are described for each standard, including similarities and differences in balance sheets, income statements, statements of changes in equity, and cash flow statements. Revenue recognition criteria and foreign currency translation under each standard are also summarized.
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Partner, Janice Snyder, and Principal, Jim Shellenberger, and addressed the requirements of Accounting Standard Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The presenters reviewed the new requirements under this standard and converted a full set of not-for-profit financial statements from the previous requirements to the new requirements. This was a step-by-step, page-by-page review of not-for-profit financial statements.
Financial statements are used by managers, shareholders, investors, lenders, and the government for different reasons and purposes. Essentially, financial statements show the financial status of an entity and are comprised of income statement, balance sheet, and cash flow statement.
Financial Accounting & Reporting Chapter 2 Format of Financial StatmentsRAYHAN170816
The document discusses the format and structure of financial statements according to IAS 1. It covers the key components of financial statements like the statement of financial position, statement of profit or loss, statement of changes in equity, and statement of cash flows. It also discusses disclosure requirements for items, comparative information, accounting policies, and identification of financial statements. The purpose is to ensure financial statements are presented in a consistent, comparable, and understandable manner.
The document provides guidance on writing effective business communications. It discusses the importance of considering your audience and having a clear, focused message. It also covers how to craft positive, negative, and persuasive messages. Additionally, it outlines the three-part writing process of planning, writing, and revising business messages and how to properly format documents using word processing software like Microsoft Word and Google Docs.
This document provides an overview of effective business communication. It discusses the importance of communication skills for managers and identifies key learning outcomes around communicating in business. Some main points covered include the seven principles of effective business writing, understanding audience and purpose, the social communication model, differences between verbal and nonverbal communication, guidelines for ethical communication, and tools for staying connected with colleagues and customers in the digital age.
This document discusses approaches for managing predictable variability in supply chains. There are two broad approaches: 1) Manage supply using capacity, inventory, subcontracting and allowing backlogs, and 2) Manage demand using short-term price discounts and trade promotions. The timing and effectiveness of promotions must be considered based on factors like impact on demand, inventory costs, capacity costs, product margins, and types of demand increases. Promoting during peak periods can increase average inventory and decrease profits if it mostly generates forward buying, while promoting during off-peak periods decreases average inventory.
This document contains lecture slides on corporate finance and financial statements. It discusses how finance professionals use financial statements to understand how firms are performing over time. The three main financial statements are the income statement, balance sheet, and cash flow statement. It also provides examples of these statements for a company called Macintosh Enterprises. The slides then show how to transform an income statement into a cash flow statement by making adjustments for changes in working capital, depreciation, inventory, and other items.
The document outlines John Becker-Blease's presentation on rethinking the finance curriculum in MBA programs to incorporate stakeholder engagement. It describes the goals of incorporating stakeholders, outlines Washington State University's curriculum which includes courses on managing for long-term performance and business ethics. It also provides examples of course modules that could be used which focus on topics like the goal of the corporation, valuation, capital structure, and mergers and acquisitions from a stakeholder perspective.
Here are some tough questions Rachel could ask about the payments to Jordan Banks Consulting:
- Why were the payments broken into two transactions just under $5,000 each instead of one larger payment? Is there a policy reason for structuring it this way?
- What goods or services did Jordan Banks Consulting provide? Do we have invoices or other documentation to support these expenditures?
- How was Jordan Banks Consulting selected for this work? Did we get competitive bids or proposals from other vendors?
- Who approved these payments? Do they have the proper authority level to approve expenditures of this size?
- Have we worked with Jordan Banks Consulting before? What other projects have they assisted us with?
- Is the person
Egypt Corporate & Regulatory Compliance by Dr._Khaled. PPP.pptMuhammadWaliUllah10
The document provides an overview of capital market regulation in Egypt. It discusses the Capital Market Authority (CMA) as the regulator of Egypt's capital markets. The CMA aims to develop efficient, orderly markets and protect investors. It outlines the CMA's regulatory powers over the Egyptian Exchange, depository companies, brokerage firms, and enforcement actions. Key points covered include CMA's application of IOSCO principles, oversight of disclosure requirements, and handling of investor complaints. The presentation emphasizes the importance of strong regulatory enforcement to ensure market efficiency.
This chapter introduces corporate finance and the role of the financial manager. It discusses the four main types of business entities - sole proprietorships, partnerships, limited liability companies, and corporations. Corporations dominate economic activity due to advantages like unlimited life and transferable ownership. The chapter describes the three main duties of the financial manager - making investment, financing, and cash flow management decisions. The overall goal is to maximize shareholder wealth. It also provides an overview of stock markets and how they determine the value of public corporations.
This document provides an overview of the topics that will be covered in the AC210: Corporate Finance course. It includes an introduction to key concepts like corporate finance and financial assets. It outlines how firms obtain financing through earnings, equity, and debt. It discusses public and private capital markets and how equity and debt are issued. Key terms like initial public offering, fixed claim, and residual claim are defined. The document recommends readings and provides example problems to help students understand concepts related to corporate finance.
This document contains lecture notes on capital investment decisions and project valuation. It introduces key concepts like net present value (NPV), present value (PV), future value (FV), perpetuities, annuities, and growing cash flows. It explains that NPV is calculated as the present value of expected cash flows minus the cost of investment. The optimal investment decision is to accept projects with positive NPV and reject those with negative NPV, following Fisher's separation principle.
This document summarizes key concepts related to bond valuation and alternative investment rules. It begins by providing examples of how bond prices relate to interest rates and defines terms like yield to maturity. It then discusses the term structure of interest rates and the pure expectations and liquidity preference hypotheses for forecasting future rates. The document concludes by explaining four alternative investment rules - payback period, average accounting return, internal rate of return (IRR), and profitability index - and identifying their advantages and disadvantages, especially in comparison to net present value (NPV) analysis. Special attention is given to potential problems with using the IRR approach.
This document provides an introduction to a course on corporate finance. It outlines the three main forms of business organization - sole proprietorship, partnership, and corporation. It then discusses the three key areas of corporate finance - capital budgeting, capital structure, and working capital management. It also describes the role of the financial manager and the goal of maximizing shareholder value, while addressing agency problems that can arise between managers and shareholders. Finally, it provides a brief overview of financial markets.
The document provides an overview of accounting for single entities, including different types of business entities and how to account for merchandising and manufacturing businesses. It discusses accounting for corporations and accounting from incomplete records. It also covers the preparation and interpretation of key financial statements, including the statement of financial position, income statement, statement of changes in equity, and statement of cash flows. Key accounting concepts like the accrual basis of accounting and materiality are also summarized.
This document provides an overview of topics related to accounting for current assets that will be covered in Fundamentals of Financial Accounting Session 1. It discusses accounting for inventory, accounts receivable, notes receivable, and bank reconciliation statements. For inventory, it covers measurement, cost flow methods, and accounting treatment. For receivables, it discusses direct write-off and allowance methods for uncollectible accounts. Notes receivable and how to record them are also summarized. Finally, it provides an overview of bank reconciliation statements and reasons for discrepancies.
Labor cost is an important factor that requires constant measurement and analysis. It consists of basic pay and fringe benefits like holidays, vacations, overtime pay, pensions, and cost of living adjustments. Labor productivity compares output to hours worked and can be improved by better workforce utilization, processes, equipment, and compensation methods. There are three remuneration methods: time work based on hourly rates; piecework based on units produced; and bonus/incentive schemes that reward higher output. Incentive plans aim to increase productivity and reduce costs by basing pay on work accomplished rather than hours served.
IFA Lecture 12 Current Liabilities, Provision and Contingencies.pptxMuhammadWaliUllah10
The document repeatedly discusses current liabilities, provisions, and contingencies. It does not provide any further details about these topics or their impact on the company. The high-level essence of the document is that it focuses exclusively on current liabilities, provisions, and contingencies, but without any explaining or contextual information.
This document discusses accounting for taxes over multiple paragraphs. It covers how companies account for and report their current and deferred tax assets and liabilities according to accounting standards. The document emphasizes that accounting for taxes can be complex, as it involves calculating both current and future tax consequences of events recognized in a company's financial statements in the periods presented.
This document discusses revenue recognition and repeats the phrase "Revenue Recognition" multiple times without providing any additional context or information. In just 3 sentences, it is difficult to determine the essential information or high level topic being discussed based on the limited content provided.
This document is a lease agreement that is repeated over 20 times. The lease is granting the right to use a property for a set period of time in exchange for regular rental payments as outlined in the agreement terms.
This document discusses key concepts in intermediate financial accounting, including the qualitative characteristics of useful financial information. It explains that substance over form, neutrality, prudence, completeness, comparability, timeliness, understandability, and relevance are important qualities of reliable financial reporting. The document also defines assets as future economic benefits controlled by the entity, and liabilities as present obligations arising from past events that will require settlement through an outflow of resources. Key aspects of assets and liabilities are described in further detail.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Training: ISO/IEC 27001 Information Security Management System - EN | PECB
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LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
2. Format of financial statements
• Structure and content: general points
• Section overview
• In addition to giving substantial guidance on the form and content of
published financial statements BAS 1 also covers a number of general
points:
– The profit or loss must be calculated after taking account of all income and
expense in the period (unless a standard or interpretation requires otherwise)
– Recommended formats are given
– Readers of annual reports must be able to distinguish between the financial
statements and other information
– Financial statements should be prepared at least annually
– Financial statements should be produced within six months of the balance
sheet date.
3. Format of financial statements
– Profit or loss for the period
• The income statement is the most significant indicator
of a company's financial performance. So it is
important to ensure that it is not misleading.
• BAS 1 stipulates that all items of income and expense
recognized in a period shall be included in profit or loss
unless a Standard or an Interpretation requires
otherwise.
• Circumstances where items may be excluded from
profit or loss for the current year include the correction
of errors and the effect of changes in accounting
policies
4. Format of financial statements
– Identification of financial statements
• As a result of the above point, it is most important that enterprises
distinguish the financial statements very clearly from any other
information published with them.
• The enterprise should identify each component of the financial
statements very clearly. BAS 1 also requires disclosure of the
following information in a prominent position. If necessary it should
be repeated wherever it is felt to be of use to the reader in his
understanding of the information presented.
• Name of the reporting enterprise (or other means of identification)
• Whether the accounts cover the single entity only or a group of entities
• The balance sheet date or the period covered by the financial statements (as
appropriate)
• The reporting currency
• The level of rounding used in presenting the figures in the financial statements
5. Format of financial statements
– Reporting period
• It is normal for entities to present financial statements
annually and BAS 1 states that they should be
prepared at least as often as this. If (unusually) an
entity's balance sheet date is changed, for whatever
reason, the period for which the statements are
presented will be less or more than one year. In such
cases the entity should also disclose:
• The reason(s) why a period other than one year is used, and
• The fact that the comparative figures given are not in fact
comparable (in particular for the income statement, changes in
equity, cash flows and related notes).
6. Format of financial statements
– Timeliness
• If the publication of financial statements is
delayed too long after the balance sheet date,
their usefulness will be severely diminished.
The standard states that entities should be
able to produce their financial statements
within six months of the balance sheet date.
7. Format of financial statements
• Section overview
• BAS 1 provides guidance on the layout of the balance
sheet.
• BAS 1 specifies that certain items must be shown on
the face of the balance sheet.
• Other information is required on the face of the
balance sheet or in the notes.
• Both assets and liabilities must be separately classified
as current and non-current.
10. Format of financial statements
•
– Information presented either on the face of the balance
sheet or by note
• Certain pieces of information may be presented either
on the face of the balance sheet or in the notes to the
financial statements.
• These comprise:
• Further sub-classification of line items on the face. Disclosures will
vary from item to item, which will in part depend on the
requirements of BFRS. For example, tangible assets are classified
by class as required by BAS 16 Property, Plant and Equipment.
• Details about each class of share capital.
• Details about each reserve within equity.
11. Format of financial statements
• Definition
• Operating cycle: The time between the
acquisition of assets for processing and their
realisation in cash or cash equivalents.
12. Format of financial statements
• Definition
• Current asset: An asset shall be classified as current when
it satisfies any of the following criteria:
• It is expected to be realized in, or is intended for sale or consumption
in, the entity's normal operating cycle
• It is held primarily for the purpose of being traded
• It is expected to be realized within twelve months after the balance
sheet date, or
• It is cash or a cash equivalent (as defined in BAS 7 Cash Flow
Statements), unless it is restricted from being exchanged or used to
settle a liability for at least twelve months after the balance sheet
date.
All other assets should be classified as non-current assets.
13. Format of financial statements
• Definition
• Current liability: A liability shall be classified as current
when it satisfies any of the following criteria:
• It is expected to be settled in the entity's normal operating cycle
• It is held primarily for the purpose of being traded
• It is due to be settled within twelve months after the balance
sheet date, or
• The entity does not have an unconditional right to defer
settlement of the liability for at least twelve months after the
balance sheet date.
• All other liabilities should be classified as non-current
liabilities.
14. Format of financial statements
– Income statement formats
• BAS 1 suggests two possible formats for the
income statement, the difference between
them being the classification of expenses:
• By function, or
• By nature
• Point to note: The income statement
classifying expenses by function is more
common in practice.
17. Format of financial statements
– Information presented on the face of the income statement
• The standard lists the following as the minimum to be disclosed on the face of the
income statement.
• Revenue
• Finance costs
• Share of profits and losses of associates accounted for using the equity method
• Income tax expense
• A single amount comprising the total of:
– The post-tax profit or loss of discontinued operations
– The post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the
assets constituting the discontinued operation
• Profit or loss
• The following items must be disclosed on the face of the income statement as
allocations of profit or loss for the period.
• Profit or loss attributable to minority interest
• Profit or loss attributable to equity holders of the parent
• The allocated amounts must not be presented as items of income or expense
• Point to note: Income and expense items can only be offset in certain
circumstances
•
18. Format of financial statements
– Other information presented either on the face of the income statement or in the notes
• These comprise:
• 'Exceptional items'
• These are material items of income and expense which should be disclosed
separately. These include:
– Write downs of inventories to NRV
– Write down of property, plant and equipment to recoverable amount
– Disposals of property, plant and equipment
– Restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring
– Disposals of investments
– Discontinued operations
– Litigation settlements
– Other reversals of provisions
• Details, including per share amounts, of dividends recognised in the financial statements.
• Point to note: It is now best practice that dividends paid are not shown in the
income statement; instead they are shown in the statement of changes in equity.
•
19. Format of financial statements
– Statement of changes in equity
• The income statement is framed as a straightforward measure of financial
performance, in that it shows how the profit or loss for the period has
arisen. It is then necessary to link this result with income/expenses in the
period which are not shown in the income statement to arrive at the total
recognised income and expense for the period. The statement making the
link is the statement of changes in equity. This must be presented as a
separate component of the financial statements not just included in the
notes.
• The following should be shown on the face of the statement:
• The profit or loss for the period
• Each item of income and expense for the period that, as required by other standards, has
been recognised directly in equity rather than in the income statement
• The total income or expense for the period (being the sum of the first two items listed
above) showing separately the total amounts attributable to equity holders of the parent
and to the minority interest, and
• The effect of changes in accounting policy or correction of errors for each component of
equity where these have been recognised during the period in accordance with BAS 8
21. Format of financial statements
• Notes to the financial statements
– Contents of notes
• The notes to the financial statements will
amplify the information given in the balance
sheet, income statement and statement of
changes in equity
22. Format of financial statements
– Structure
• The notes to the financial statements should perform the following
functions:
• Provide information about the basis on which the financial statements were
prepared and which specific accounting policies were chosen and applied to
significant transactions/events.
• Disclose any information, not shown elsewhere in the financial statements,
which is required by BFRSs.
• Show any additional information that is necessary for a fair presentation
which is not shown on the face of the financial statements.
• The way the notes are presented is important. They should be set
out in a systematic manner and cross-referenced back to the
related figure(s) in the balance sheet, income statement, cash flow
statement or statement of changes in equity.
23. Format of financial statements
• Notes to the financial statements will amplify the information shown
therein by giving the following:
• More detailed analysis or breakdowns of figures in the statements.
• Narrative information explaining figures in the statements.
• Additional information where items are not included in the financial statements, e.g.
contingent liabilities and commitments.
• BAS 1 suggests a certain order for the notes to the financial statements.
This will assist users when comparing the statements of different entities.
(Remember, comparability is one of the qualitative characteristics of
useful information.)
• Statement of compliance with BFRSs.
• Summary of significant accounting policies applied.
• Supporting information for items presented on the face of each financial statement in
the same order as the financial statements and each line item within them.
• Other disclosures, e.g.:
– Contingent liabilities, commitments and other financial disclosures
– Non-financial disclosures
24. Format of financial statements
•
– Disclosure of accounting policies
• The accounting policies section should describe the following.
• The measurement basis (or bases) used in preparing the financial statements.
• The other accounting policies used, as required for a proper understanding of the
financial statements.
• The judgments, apart from those involving estimations, made by management in
applying the accounting policies.
• The key assumptions made about the future and other key sources of estimation
uncertainty which carry a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year.
• This information may be shown in the notes or sometimes as a separate
component of the financial statements.
• The information on measurement bases used is obviously fundamental to
an understanding of the financial statements. Where more than one basis
is used, it should be stated to which assets or liabilities each basis has
been applied.
25. Format of financial statements
– Other disclosures
• An entity must disclose in the notes:
• The amount of dividends proposed or declared before the financial statements
were authorised for issue but not recognised as a distribution to equity
holders during the period, and the amount per share.
• The amount of any cumulative preference dividends not recognised.
• BAS 1 ends by listing some specific disclosures which will always be
required if they are not shown elsewhere in the financial
statements.
• The domicile and legal form of the entity, its country of incorporation and the
address of the registered office (or, if different, principal place of business).
• A description of the nature of the entity's operations and its principal
activities.
• The name of the parent entity and the ultimate parent entity of the group.