That PF be reliable and usable in decision making should give a Presentation to
Honestly and in accordance with the Principles International Financial Situation accounting and performance. The aim is to make PF information understandable, I important in decision-making, reliable and I comparable. PFs built under IAS 1 take into account several basic assumptions:
Grit increasing accounting and the principle of comparison income expenditure
Compensation, according to which Assets and Liabilities, to income and expenses should not be offset unless compensation is required or allowed by another IS principle or other regulation accounting; (same for revenue elements and expenses)
It is important that the above elements when they are materials to be reported separately. Compensation in the TEFL and / or in BK, unless it reflects the economic content of the action, reduces the ability of users to understand the actions taken and to assess future monetary movements of undertaking. Ester reporting assets for their net worth is not compensation (egg assets minus depreciation)
It is important that the above elements when they are materials to be reported separately. Compensation in the TEFL and / or in BK, unless it reflects the economic content of the action, reduces the ability of users to understand the actions taken and to assess future monetary movements of undertaking. Est reporting assets for their net worth is not compensation (egg assets minus depreciation)
It is not allowed to compensate a loan given to a branch with one bank loans; or
Sales revenue with KM SH or sales revenue with commission paid to an external sales agent
NK It is allowed by IAS 12 to compensate the asset for the tax profit (prepayments) with profit tax liability
It is allowed to compensate the rights and obligations that the unit may have with another unit or institution, e.g. to rights to value added tax with liability for profit tax if the parties agree
It is allowed to offset the profit from the sale of MAGMA and the loss from decommissioning when they are not material
PF should provide information on their front page required for: location and legal form of the unit (headquarters);
A description of the nature of the operations enterprise and main activities; the name of the parent unit; reporting period;
The reporting currency & the rounding level of amounts.
Accounting Balance – presents information on the position financial of the reporting entity at the end of accounting period. BK has three main components: Assets that are controlled by a reporting entity; Rime Obligations to be met;9*
Accounting Balance – presents information on the position financial of the reporting entity at the end of accounting period. BK has three main components: Assets that are controlled by a reporting entity; Rime Obligations to be met;
In Owners’ capital.
The elements in BK can be sorted and presented: in long-term and short-term elements; or
According to their liquidity level.
An element should be classified as AASH (circulating) when:
Is expected to be realized, or held for sale or consumed, during the normal course of the cycle of unit activity; or
Held mainly for commercial purposes and is expected to is realized within 12 months from the date of the accounting balance sheet; or is in monetary or active form equivalent to it and not limited in use.
All other assets should be classified as long-term assets
Question: Classify a vehicle and a receivable loan
An obligation must be classified as a short-term obligation when:
Is expected to be settled during the normal cycle of activity unit operations; or
Must be repaid within 12 months from the date of the balance sheet accounting.
All other obligations should be classified as obligations long-term (non-circulating).
Question: Classify an obligation to a supplier and a loan payable
According to IAS 1, to provide the information it has as its objective to give BK, must present at least the elements and the respective amounts as follows:
Long-term material assets
b) Long-term intangible assets
c) Long-term financial assets (excluding indicated amounts at points (d), (f) and (g);
d) Accounted investments using the method of capital;
f) Receivables and trade and other rights;
g) Cash and cash equivalents;
h) Trade payables and other payables;
I) Liabilities for taxes and fees,
k) Long-term interest bearing obligations;
l) Uncontrolled interests (only in consolidated statements
m) Issued capital and reserves.
According to IAS 1, the above elements represent a minimum.
The entity may add or subtract elements of the financial situation presented in the balance sheet accounting. Judging whether additional elements need to be presented separately based on the assessment of: nature, liquidity and immateriality of assets,
Their function within the unit amounts, nature and term of obligations,
In the preparation and presentation of elements in BK but also in the TEFL the direction of the entity is based on the principle of their immateriality. To provide the necessary information for the trial of the performance of the entity must present at least the elements that represent the following amounts:
Arch income; the results of the operating activity; Finance financial costs;
Sharing the profit and loss of related companies and Joint ventures accounted for through the use of net capital method;