Purpose of financial statements:
IAS 1 (Revised) states that the objective of financial statement is to provide information about the financial position, performance, and cash flows of an enterprise that is useful in making economic decisions
Simon-My presentation @ Simon-Page Business School on Introduction To Publish...abiodunmamora
This document is an introduction to published financial accounts that provides an overview of the key requirements and components. It states that all entities preparing financial statements under IAS must follow IAS 1 for presentation. A complete set of financial statements includes statements of financial position, comprehensive income, changes in equity, cash flows, as well as accounting policies and notes. It is the responsibility of the board of directors to prepare and present the financial statements according to concepts like fair presentation and the going concern assumption. The statements of financial position, comprehensive income, and changes in equity are also introduced.
Accounting standards are issued by the Institute of Chartered Accountants of India (ICAI) through the Accounting Standards Board (ASB) to standardize diverse accounting policies. This is done to harmonize policies, eliminate non-comparability between financial statements, and provide standard accounting policies, valuation norms, and disclosure requirements. The objectives are to ensure transparency, consistency and comparability. However, accounting standards have limitations such as difficulty choosing between alternative treatments and potential rigidity. The document then lists 32 Indian accounting standards.
The main Financial Statements and Tables are following as simply forms;
Balance Sheet,
Income Statement,
Cash Flows Statement,
Retained Earning Statement
are here for you.
Best regards,
Sümeyye Karaca
This document discusses various Indian accounting standards. It provides an overview of 15 accounting standards, including standards on contingencies and events after the balance sheet date, extraordinary items, changes in accounting estimates and policies, effects of changes in foreign exchange rates, government grants, borrowing costs, leases, earnings per share, intangible assets, and provisions, contingent liabilities, and contingent assets. The standards are issued by the Accounting Standards Board of ICAI to establish uniform practices for financial statement preparation according to Indian GAAP for improved transparency and understanding by users.
Difference between management and Financial accounting.VadivelM9
Financial accounting shows overall profit and loss but not details for individual products or departments. Management accounting provides detailed information and costs for products, plants, and departments to help with decision-making. Cost accounting provides historical cost information for future cost decisions, while management accounting uses both historical and predictive information for future decision-making.
What is the difference between cost accounting, management accounting, and fi...Lily Scott
Accounting is not limited to any singular thing. It is a versatile thing and meets the different requirements of a business. Several branches of accounting are there which one needs to understand to get comprehensive knowledge about accounting. Proper accounting helps in doing financial planning for the future. so here is the difference between different types of accounting. information in this presentation is provided by the accounting assignment help expert who helps students in dealing with their complicated accounting assignments. for more information visit - https://bit.ly/2S17Riz
IAS1 INTERNATIONAL ACCOUNTING STANDARD Presentation of Financial Statement un...Shuaib Adebayo
This document outlines a presentation on the presentation of financial statements. It discusses key topics like the qualitative characteristics of financial statements, components and elements of financial statements, recognition of elements, description of different financial statements, periods covered, approval process, disclosure requirements, and examples of statements prepared under IFRS like the statement of financial position, income statement, statement of changes in equity, and cash flow statement. The presentation also provides definitions and recognition criteria for assets, liabilities, income, and expenses.
Simon-My presentation @ Simon-Page Business School on Introduction To Publish...abiodunmamora
This document is an introduction to published financial accounts that provides an overview of the key requirements and components. It states that all entities preparing financial statements under IAS must follow IAS 1 for presentation. A complete set of financial statements includes statements of financial position, comprehensive income, changes in equity, cash flows, as well as accounting policies and notes. It is the responsibility of the board of directors to prepare and present the financial statements according to concepts like fair presentation and the going concern assumption. The statements of financial position, comprehensive income, and changes in equity are also introduced.
Accounting standards are issued by the Institute of Chartered Accountants of India (ICAI) through the Accounting Standards Board (ASB) to standardize diverse accounting policies. This is done to harmonize policies, eliminate non-comparability between financial statements, and provide standard accounting policies, valuation norms, and disclosure requirements. The objectives are to ensure transparency, consistency and comparability. However, accounting standards have limitations such as difficulty choosing between alternative treatments and potential rigidity. The document then lists 32 Indian accounting standards.
The main Financial Statements and Tables are following as simply forms;
Balance Sheet,
Income Statement,
Cash Flows Statement,
Retained Earning Statement
are here for you.
Best regards,
Sümeyye Karaca
This document discusses various Indian accounting standards. It provides an overview of 15 accounting standards, including standards on contingencies and events after the balance sheet date, extraordinary items, changes in accounting estimates and policies, effects of changes in foreign exchange rates, government grants, borrowing costs, leases, earnings per share, intangible assets, and provisions, contingent liabilities, and contingent assets. The standards are issued by the Accounting Standards Board of ICAI to establish uniform practices for financial statement preparation according to Indian GAAP for improved transparency and understanding by users.
Difference between management and Financial accounting.VadivelM9
Financial accounting shows overall profit and loss but not details for individual products or departments. Management accounting provides detailed information and costs for products, plants, and departments to help with decision-making. Cost accounting provides historical cost information for future cost decisions, while management accounting uses both historical and predictive information for future decision-making.
What is the difference between cost accounting, management accounting, and fi...Lily Scott
Accounting is not limited to any singular thing. It is a versatile thing and meets the different requirements of a business. Several branches of accounting are there which one needs to understand to get comprehensive knowledge about accounting. Proper accounting helps in doing financial planning for the future. so here is the difference between different types of accounting. information in this presentation is provided by the accounting assignment help expert who helps students in dealing with their complicated accounting assignments. for more information visit - https://bit.ly/2S17Riz
IAS1 INTERNATIONAL ACCOUNTING STANDARD Presentation of Financial Statement un...Shuaib Adebayo
This document outlines a presentation on the presentation of financial statements. It discusses key topics like the qualitative characteristics of financial statements, components and elements of financial statements, recognition of elements, description of different financial statements, periods covered, approval process, disclosure requirements, and examples of statements prepared under IFRS like the statement of financial position, income statement, statement of changes in equity, and cash flow statement. The presentation also provides definitions and recognition criteria for assets, liabilities, income, and expenses.
The document discusses the requirements of IAS 1 regarding the presentation of financial statements. It provides an overview of the components that must be included in a complete set of financial statements according to IAS 1, such as the statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, and accompanying notes. It also covers the principles of fair presentation, going concern assumption, materiality, and classifications of assets and liabilities as current vs. non-current.
Accounting standards provide guidelines for preparing and presenting financial statements. There are currently 32 accounting standards in India issued by ICAI. The objectives of accounting standards are to standardize diverse accounting policies, add reliability to financial statements, and facilitate comparison between firms. The standards cover topics such as cash flow statements, revenue recognition, accounting for taxes, leases, earnings per share, foreign exchange rates, and impairment of assets. The standards provide definitions and principles for recognizing, measuring, presenting, and disclosing transactions and other accounting events.
This document outlines the purpose and meaning of accounting policies and standards. It discusses areas where accounting policies are applied, such as valuation of assets and liabilities. The primary consideration for selecting policies is that they produce financial statements that present a true and fair view. Key policies and assumptions around going concern, consistency, and accrual must be disclosed.
This document provides a detailed description of the ACCT 212 Financial Accounting Complete Course material, including weekly discussion questions, exams, and a course project. It outlines the key topics covered in each week, such as financial statements, inventory valuation, stockholders' equity, and financial statement analysis. Sample questions are also provided that assess understanding of topics like accounting ratios, the accounting cycle, internal controls, inventory methods, depreciation calculations, stock transactions, and fraud prevention.
This document provides an overview of accounting standards in India and internationally. It discusses the objectives and need for accounting standards, including standardizing policies and adding reliability to financial statements. The document outlines the major Indian accounting standards (AS) and how they have evolved over time. It also discusses international accounting standards (IFRS), noting differences from Indian standards, and the benefits of IFRS such as enabling global exposure. The conclusion emphasizes the need for harmonization of standards to facilitate comparability of financial statements across countries.
The document outlines the accounting standards established in India by the Accounting Standards Board of the Indian Chartered Accountants of India. It lists 29 accounting standards covering topics such as disclosure of accounting policies, valuation of inventories, cash flow statements, depreciation, revenue recognition, accounting for investments, borrowing costs, segment reporting, and provisions. The accounting standards were constituted on April 21, 1977 and provide guidance on preparing financial statements in accordance with Indian accounting principles.
This document provides an overview of accounting for investments in subsidiaries and associates. It defines the different types of investments based on percentage of ownership, and the associated reporting requirements. It discusses the preparation of consolidated financial statements for subsidiaries, and exclusions. It also covers acquisition accounting, treatment of goodwill, pre- and post-acquisition reserves, fair value adjustments, elimination of intra-group balances, and provisions for unrealized profits on intra-group transactions. Workings notes for consolidated financial statements are also outlined.
This document provides a detailed description of the ACCT 212 Financial Accounting Complete Course, including weekly discussion questions, exams, and a course project. It examines various accounting concepts like financial statements, the accounting cycle, inventory methods, depreciation calculations, stock transactions, internal controls, and fraud prevention. Sample problems are provided for topics like preparing trial balances, applying accounting methods, and analyzing financial results.
Accounting policies refer to the specific principles and methods used to prepare financial statements. They should be selected based on prudence, substance over form, and materiality. The significant accounting policies must be disclosed as part of the financial statements and applied consistently between periods, though a change can occur to comply with accounting standards, laws, or to provide a more accurate representation under changed circumstances. Common areas where accounting policies vary include methods of depreciation, inventory valuation, and treatment of retirement benefits.
This document provides sample questions and problems from an ACCT 212 Financial Accounting course. It includes questions about various accounting concepts like the acid-test ratio, closing temporary accounts, constructing an unadjusted trial balance, internal controls, inventory valuation methods, depreciation calculations, stock transactions, fraud, and perpetual inventory methods. Sample problems are provided for each concept to help explain the relevant accounting principles and calculations.
Accounting Standard-1 discusses the disclosure of accounting policies in financial statements. It states that the purpose is to facilitate understanding and meaningful comparison between financial statements. It identifies key areas that accounting policies apply to, such as goodwill, inventories, investments, fixed assets and depreciation. The primary consideration for selecting policies is that they represent a true and fair view, while principles of prudence, substance and materiality are secondary. Fundamental assumptions of going concern, consistency and accrual are also covered. All significant policies and any changes must be disclosed as part of the financial statements.
This document discusses Accounting Standard 1 on the disclosure of accounting policies. It outlines that the purpose of disclosing accounting policies is to facilitate understanding and comparison of financial statements. It describes what accounting policies are and the key areas they are applied, such as treatment of goodwill, inventories, investments and fixed assets. The primary consideration for selecting policies is that they represent a true and fair view, while principles of prudence, substance and materiality are secondary. Fundamental assumptions of going concern, consistency and accrual are also covered. The document states that all significant policies must be disclosed as part of the financial statements.
The document discusses accounting standards and International Financial Reporting Standards (IFRS). It provides an overview of 32 accounting standards (AS) issued by the Institute of Chartered Accountants of India (ICAI) that provide guidelines for accounting treatments and disclosures. It also summarizes 21 International Accounting Standards (IAS) issued by the International Accounting Standards Board (IASB). The goals of accounting standards and IFRS are to harmonize accounting policies, eliminate non-comparability, improve reliability of financial statements, and ensure transparency and consistency for the benefit of the economy, investors, industry and accounting professionals.
This document provides an overview of IAS 7 Statement of Cash Flows. It defines key terms like cash, cash equivalents, operating activities, investing activities and financing activities according to IAS 7. It explains the importance of the statement of cash flows for assessing a company's liquidity, solvency, financial adaptability and future cash flows. The statement of cash flows clearly details cash generated from core operations versus other activities. It also indicates problems early on and is more objective than profit calculations. The document concludes with an illustration of a statement of cash flows.
This document provides an overview of IAS 12 Income Taxes. It discusses current tax, over/under provision from previous periods, and deferred tax. Current tax is the estimated tax payable for the period. Over/under provision refers to adjustments made in the following period if the previous estimate was too high or low. Deferred tax arises from temporary differences between accounting and taxable profits. The document also covers operating and finance leases under IAS 17, and the accounting for financial instruments under IAS 32 including shares, share premium, and redeemable preference shares.
This document contains a question bank for the course Financial Management from Dnyansagar Institute of Management and Research. It includes questions divided into different categories - remembering, understanding, applying, analyzing and evaluating. The questions cover topics from two units - Unit I on Business Finance which includes basic concepts of financial management, objectives, decisions etc. and Unit II on Techniques of Financial Statement Analysis which includes various tools for analysis like ratios, common size statements, cash flow statements etc. Sample questions on calculating ratios from income statements and preparing comparative balance sheets are also included.
The document introduces basic financial concepts and terminology. It explains that there are two types of financial reporting: regulatory reporting for external audiences and management reporting for internal use. Regulatory reporting includes the income statement, balance sheet, and cash flow statement. Management reporting includes metrics like project profitability. The main components of the financial statements are also explained - the balance sheet indicates financial stability, the income statement profitability, and the cash flow statement ability to pay bills. Examples are provided of how transactions affect the balance sheet.
Module 8 - Setting up finance function as start up.
Bottomline : Create checklist of what needs to be done, when, and who. Understand finance as subject and function Understand the finance activities and KPIs Identify information you need to manage and make decisions in your performance Identify the differences between a management accountant and a financial accountant Complete the daily, weekly, monthly and annual finance activities checklists You may need to do skills audit of somesort to ensure who ever you have instructing knows what to do.
Remember it really depends on the goals and objectives on what skills , experience and size of investment you want.
Here is video link https://youtu.be/MY_cmnbjsGM
Here is link for previous videos on management accounts https://youtu.be/6ExV7PvE7fA
If you need the checklists, get the finance handbook on this links https://www.makro.co.za/books/non-fiction-specialist/management-business-finance/management-business-finance/the-essential-finance-handbook-for-entrepreneurs--2nd-edition/p/29655bcc-89c2-4ff6-ba3b-9b056b18c4e9?gclid=CjwKCAjwkvWKBhB4EiwA-GHjFjcJDNJXL8e1TOD-Kgvnp6yPJkQrr3EE4CCDhSUIVrjelVhf3KC4KBoCjRoQAvD_BwE
or
https://publisher.co.za/product/the-essential-finance-handbook-for-entrepreneurs/ Focus on step 3 - compliance checklists, step 5 on roles and responsibilities and step 6 on processes and systems.
Leave us the comments Twitter: https://twitter.com/PreciousMvulane Linkedin: https://za.linkedin.com/in/precious-mvulane Facebook: https://web.facebook.com/financehandbook/
Website: https://preciousmvulane.com What's Up: https://chat.whatsapp.com/KQNZYJDV5ybLWwI0HwJmzZ
The document discusses the requirements of IAS 1 regarding the presentation of financial statements. It provides an overview of the components that must be included in a complete set of financial statements according to IAS 1, such as the statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, and accompanying notes. It also covers the principles of fair presentation, going concern assumption, materiality, and classifications of assets and liabilities as current vs. non-current.
Accounting standards provide guidelines for preparing and presenting financial statements. There are currently 32 accounting standards in India issued by ICAI. The objectives of accounting standards are to standardize diverse accounting policies, add reliability to financial statements, and facilitate comparison between firms. The standards cover topics such as cash flow statements, revenue recognition, accounting for taxes, leases, earnings per share, foreign exchange rates, and impairment of assets. The standards provide definitions and principles for recognizing, measuring, presenting, and disclosing transactions and other accounting events.
This document outlines the purpose and meaning of accounting policies and standards. It discusses areas where accounting policies are applied, such as valuation of assets and liabilities. The primary consideration for selecting policies is that they produce financial statements that present a true and fair view. Key policies and assumptions around going concern, consistency, and accrual must be disclosed.
This document provides a detailed description of the ACCT 212 Financial Accounting Complete Course material, including weekly discussion questions, exams, and a course project. It outlines the key topics covered in each week, such as financial statements, inventory valuation, stockholders' equity, and financial statement analysis. Sample questions are also provided that assess understanding of topics like accounting ratios, the accounting cycle, internal controls, inventory methods, depreciation calculations, stock transactions, and fraud prevention.
This document provides an overview of accounting standards in India and internationally. It discusses the objectives and need for accounting standards, including standardizing policies and adding reliability to financial statements. The document outlines the major Indian accounting standards (AS) and how they have evolved over time. It also discusses international accounting standards (IFRS), noting differences from Indian standards, and the benefits of IFRS such as enabling global exposure. The conclusion emphasizes the need for harmonization of standards to facilitate comparability of financial statements across countries.
The document outlines the accounting standards established in India by the Accounting Standards Board of the Indian Chartered Accountants of India. It lists 29 accounting standards covering topics such as disclosure of accounting policies, valuation of inventories, cash flow statements, depreciation, revenue recognition, accounting for investments, borrowing costs, segment reporting, and provisions. The accounting standards were constituted on April 21, 1977 and provide guidance on preparing financial statements in accordance with Indian accounting principles.
This document provides an overview of accounting for investments in subsidiaries and associates. It defines the different types of investments based on percentage of ownership, and the associated reporting requirements. It discusses the preparation of consolidated financial statements for subsidiaries, and exclusions. It also covers acquisition accounting, treatment of goodwill, pre- and post-acquisition reserves, fair value adjustments, elimination of intra-group balances, and provisions for unrealized profits on intra-group transactions. Workings notes for consolidated financial statements are also outlined.
This document provides a detailed description of the ACCT 212 Financial Accounting Complete Course, including weekly discussion questions, exams, and a course project. It examines various accounting concepts like financial statements, the accounting cycle, inventory methods, depreciation calculations, stock transactions, internal controls, and fraud prevention. Sample problems are provided for topics like preparing trial balances, applying accounting methods, and analyzing financial results.
Accounting policies refer to the specific principles and methods used to prepare financial statements. They should be selected based on prudence, substance over form, and materiality. The significant accounting policies must be disclosed as part of the financial statements and applied consistently between periods, though a change can occur to comply with accounting standards, laws, or to provide a more accurate representation under changed circumstances. Common areas where accounting policies vary include methods of depreciation, inventory valuation, and treatment of retirement benefits.
This document provides sample questions and problems from an ACCT 212 Financial Accounting course. It includes questions about various accounting concepts like the acid-test ratio, closing temporary accounts, constructing an unadjusted trial balance, internal controls, inventory valuation methods, depreciation calculations, stock transactions, fraud, and perpetual inventory methods. Sample problems are provided for each concept to help explain the relevant accounting principles and calculations.
Accounting Standard-1 discusses the disclosure of accounting policies in financial statements. It states that the purpose is to facilitate understanding and meaningful comparison between financial statements. It identifies key areas that accounting policies apply to, such as goodwill, inventories, investments, fixed assets and depreciation. The primary consideration for selecting policies is that they represent a true and fair view, while principles of prudence, substance and materiality are secondary. Fundamental assumptions of going concern, consistency and accrual are also covered. All significant policies and any changes must be disclosed as part of the financial statements.
This document discusses Accounting Standard 1 on the disclosure of accounting policies. It outlines that the purpose of disclosing accounting policies is to facilitate understanding and comparison of financial statements. It describes what accounting policies are and the key areas they are applied, such as treatment of goodwill, inventories, investments and fixed assets. The primary consideration for selecting policies is that they represent a true and fair view, while principles of prudence, substance and materiality are secondary. Fundamental assumptions of going concern, consistency and accrual are also covered. The document states that all significant policies must be disclosed as part of the financial statements.
The document discusses accounting standards and International Financial Reporting Standards (IFRS). It provides an overview of 32 accounting standards (AS) issued by the Institute of Chartered Accountants of India (ICAI) that provide guidelines for accounting treatments and disclosures. It also summarizes 21 International Accounting Standards (IAS) issued by the International Accounting Standards Board (IASB). The goals of accounting standards and IFRS are to harmonize accounting policies, eliminate non-comparability, improve reliability of financial statements, and ensure transparency and consistency for the benefit of the economy, investors, industry and accounting professionals.
This document provides an overview of IAS 7 Statement of Cash Flows. It defines key terms like cash, cash equivalents, operating activities, investing activities and financing activities according to IAS 7. It explains the importance of the statement of cash flows for assessing a company's liquidity, solvency, financial adaptability and future cash flows. The statement of cash flows clearly details cash generated from core operations versus other activities. It also indicates problems early on and is more objective than profit calculations. The document concludes with an illustration of a statement of cash flows.
This document provides an overview of IAS 12 Income Taxes. It discusses current tax, over/under provision from previous periods, and deferred tax. Current tax is the estimated tax payable for the period. Over/under provision refers to adjustments made in the following period if the previous estimate was too high or low. Deferred tax arises from temporary differences between accounting and taxable profits. The document also covers operating and finance leases under IAS 17, and the accounting for financial instruments under IAS 32 including shares, share premium, and redeemable preference shares.
This document contains a question bank for the course Financial Management from Dnyansagar Institute of Management and Research. It includes questions divided into different categories - remembering, understanding, applying, analyzing and evaluating. The questions cover topics from two units - Unit I on Business Finance which includes basic concepts of financial management, objectives, decisions etc. and Unit II on Techniques of Financial Statement Analysis which includes various tools for analysis like ratios, common size statements, cash flow statements etc. Sample questions on calculating ratios from income statements and preparing comparative balance sheets are also included.
The document introduces basic financial concepts and terminology. It explains that there are two types of financial reporting: regulatory reporting for external audiences and management reporting for internal use. Regulatory reporting includes the income statement, balance sheet, and cash flow statement. Management reporting includes metrics like project profitability. The main components of the financial statements are also explained - the balance sheet indicates financial stability, the income statement profitability, and the cash flow statement ability to pay bills. Examples are provided of how transactions affect the balance sheet.
Module 8 - Setting up finance function as start up.
Bottomline : Create checklist of what needs to be done, when, and who. Understand finance as subject and function Understand the finance activities and KPIs Identify information you need to manage and make decisions in your performance Identify the differences between a management accountant and a financial accountant Complete the daily, weekly, monthly and annual finance activities checklists You may need to do skills audit of somesort to ensure who ever you have instructing knows what to do.
Remember it really depends on the goals and objectives on what skills , experience and size of investment you want.
Here is video link https://youtu.be/MY_cmnbjsGM
Here is link for previous videos on management accounts https://youtu.be/6ExV7PvE7fA
If you need the checklists, get the finance handbook on this links https://www.makro.co.za/books/non-fiction-specialist/management-business-finance/management-business-finance/the-essential-finance-handbook-for-entrepreneurs--2nd-edition/p/29655bcc-89c2-4ff6-ba3b-9b056b18c4e9?gclid=CjwKCAjwkvWKBhB4EiwA-GHjFjcJDNJXL8e1TOD-Kgvnp6yPJkQrr3EE4CCDhSUIVrjelVhf3KC4KBoCjRoQAvD_BwE
or
https://publisher.co.za/product/the-essential-finance-handbook-for-entrepreneurs/ Focus on step 3 - compliance checklists, step 5 on roles and responsibilities and step 6 on processes and systems.
Leave us the comments Twitter: https://twitter.com/PreciousMvulane Linkedin: https://za.linkedin.com/in/precious-mvulane Facebook: https://web.facebook.com/financehandbook/
Website: https://preciousmvulane.com What's Up: https://chat.whatsapp.com/KQNZYJDV5ybLWwI0HwJmzZ
This document presents an overview of accounting principles for a group project. It discusses key assumptions like the monetary unit assumption, economic entity assumption, and time period assumption. It also covers important principles such as revenue recognition, matching, full disclosure, cost, and conservatism. Examples are provided to illustrate how each concept is applied. The document is intended to explore the basic guidelines that underlie the development of specific accounting rules and standards.
The document provides an overview of exercises, problems, and cases related to financial statements and the annual report. It lists 9 learning objectives and provides details of corresponding exercises, problems, and cases for each objective. Exercises are typically easier and shorter, taking 10-15 minutes to complete. Problems and cases have increasing difficulty and estimated time requirements, from 15 minutes to over an hour. The document serves as a study guide, outlining the key concepts and skills that will be developed for understanding and analyzing financial statements and annual reports.
This document provides an overview of balance sheets and income statements for engineering economics. It defines key terms like assets, liabilities, equity, revenues and expenses. A balance sheet captures a company's financial position at a point in time by listing assets, liabilities, and equity. An income statement measures performance over time by reporting revenues and expenses to determine profit or loss. The document discusses uses of each statement and provides examples to analyze financial performance and health.
The document discusses several key themes for financial reporting in 2012:
1. Ensuring consistency between a company's management commentary and financial statements. Regulators are focusing on inconsistencies between different sections.
2. The effect of adverse economic conditions, particularly the Eurozone sovereign debt crisis, on financial statements. Issues like impairment, going concern, and segments may be affected.
3. Revenue recognition continues to be an area of regulatory interest, and accounting policies must be consistent with descriptions of business models.
This document summarizes the contents of a valuation training seminar. It includes an agenda that covers foundations of valuation, core valuation techniques, intrinsic value and the stock market, managing for value, and advanced valuation issues. It also provides examples of forecasting techniques used in valuation, such as forecasting a company's income statement, balance sheet, return on invested capital, and free cash flow over multiple years. Mechanics of building valuation models are discussed, including preparing historical financial statements, building revenue and cost forecasts, and estimating growth rates, margins and capital structure over time.
The document discusses key concepts in accounting including:
- The purpose and importance of accounting is to identify, record, and communicate an organization's business activities.
- Accounting has both internal and external users that use financial information for various purposes such as managers, investors, creditors, and regulators.
- Ethics are crucial in accounting to ensure information is trusted, which demands standards of good behavior and distinguishing right from wrong.
- Accounting principles like GAAP and IFRS govern financial accounting and require information to have relevance and faithful representation.
- The accounting equation forms the basis for analyzing business transactions and maintains the balance between assets, liabilities, and equity.
This document covers principles of business taxation. It discusses major tax principles like equity and efficiency. It describes different types of taxes - direct, indirect, and how tax rates can be progressive, proportional or regressive. It also outlines tax bases, sources of tax rules, calculations for trading income and losses, capital gains tax, VAT, employee taxation, and issues around corporate residence, double taxation, tax avoidance and evasion.
This document discusses how to read and interpret various financial statements. It covers balance sheets, profit and loss statements, operating budgets, and how to identify discrepancies. Finance managers are responsible for analyzing financial statements to ensure organizations understand their financial position using methods like trend analysis, calculating variances, and determining unit costs. The objectives are to be able to read, interpret, and analyze these various financial documents and identify any issues.
Intermediate to Accounting By Kieso Weygandt and Warfield 2nd edition chapter...mayada34
This document contains slides summarizing key topics related to income statements and reporting comprehensive income under IFRS. It discusses the uses and limitations of an income statement, how to report discontinued operations, intraperiod tax allocation, accounting changes and errors, and preparing retained earnings and comprehensive income statements. The slides provide examples and illustrations of accounting for these topics in accordance with IFRS reporting requirements.
The document provides an overview of financial reporting for entrepreneurs. It discusses key financial statements including the balance sheet, income statement, and statement of cash flows. It aims to help entrepreneurs better understand and explain financial statements to demonstrate the growth and strength of their business to various stakeholders. The presentation covers accounting principles, forms of business organizations, and components of the major financial statements.
The document provides an analysis of the working capital management and financial performance of Tamil Nadu Newsprint and Papers Limited (TNPL). It includes an industry profile of the Indian paper industry, a company profile of TNPL, calculations of various working capital metrics like working capital days and cash conversion cycle, and financial ratios analyzing liquidity, leverage, turnover and profitability. Key findings are that TNPL's working capital requirements are high due to large inventories, and profitability has declined in recent years due to rising expenses. Suggestions include better inventory management, cost reduction, and diversification.
This document covers financial management topics including:
- Developing budgets such as start-up, operating, and cash budgets.
- Maintaining financial records and statements such as balance sheets and income statements.
- Components of payroll systems including payroll taxes and preparing paychecks.
- Using financial ratios and performance information to make decisions by comparing actual results to budgets.
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.
Ericsson is a Swedish telecommunications company that provides communication technology and services. A financial analysis of Ericsson from 2012-2014 found:
1) Ericsson's cash flows, net income, and net treasury have been declining in recent years despite some increases in 2014. Their working capital and capital employed have increased slightly.
2) Comparisons to Nokia show Ericsson had higher operating income and net income from 2012-2014. However, Nokia's acquisition of Alcatel-Lucent increases competition for Ericsson.
3) Ericsson's solvency ratio has been around 10% from 2012-2014, indicating some difficulty paying back debt given high short-term liabilities. However, their financial
Similar to Simon-page Business school: Introduction To Published Accounts (20)
Simon-page Business school: Introduction To Published Accounts
1. FINANCIAL
OPERATIONS PAPER: F1
LESSON 9: Introduction To Published Accounts
LECTURER : ABIODUN MAMORA
Thursday, April 12, 2012
LAGOS
Mamora Abiodun +234802 415 7105
1
2. LESSON 9: Introduction To Published Accounts
IAS 1 (Revised) Presentation of financial statements
All entities preparing their financial statements in
accordance with IAS should follow the requirement of
IAS 1, revised 2007.
Purpose of financial statements:
IAS 1 (Revised) states that the objective of financial
statement is to provide information about the financial
position, performance, and cash flows of an enterprise
that is useful in making economic decisions
3/12/2012 Mamora Abiodun +234802 415 7105 2
3. LESSON 9: Introduction To Published Accounts
Contents of financial statements
A complete set of financial statements includes:
• A statement of financial position
•Either:
-a statement of comprehensive income or
- an income statement plus a statement showing other
comprehensive income
• A statement of changes in equity
•A statement of cash flows
• Accounting policies note and other explanatory notes
3/12/2012 Mamora Abiodun +234802 415 7105 3
4. LESSON 9: Introduction To Published Accounts
Responsibility for financial statements
The board of directors (and/or other governing body) of an
entity is responsible for the preparation and presentation of its
financial statements.
concepts affecting financial statement
•Fair presentation
•Going concern
•Accruals basis
•Consistency
•Materiality and aggregation
•Off-setting
•Comparative information
3/12/2012 Mamora Abiodun +234802 415 7105 4
5. LESSON 9: Introduction To Published Accounts
The statement of financial position
3/12/2012 Mamora Abiodun +234802 415 7105 5
6. LESSON 9: Introduction To Published Accounts
Statement of changes in equity
This statement provides a summary of all changes in
equity arising from transactions with owners in their
capacity of owners.
Illustration 1
3/12/2012 Mamora Abiodun +234802 415 7105 6
7. LESSON 9: Introduction To Published Accounts
Statement of comprehensive income
Total comprehensive income is the realised profit or loss for the
period plus other comprehensive income
Other comprehensive income is income and expenses that are
not recognised in profit or loss. This include any changes in the
revaluation surplus.
Illustration 2
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8. LESSON 9: Introduction To Published Accounts
Note to the financial statement
The note to the financial statement of an entity should:
• Present information about the basis of preparation of the FS
and the specific accounting policies adopted for significant
transactions.
•Disclose information required by other IFRSs that is not
presented else where in the FS
•Provide additional information that is relevant to an
understanding of the FS
Test your understanding 3
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