ACCA Paper F 7 Financial Reoirting F7FR Session00 j08
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¾ Many accounting standards now require assets or liabilities to be measured at fair value, IAS 39 on financial instruments and IFRS 3 on business combinations being two examples.
¾ Financial statements must reflect the true substance of transactions if they are to show a true and fair view. ¾ Ultimately financial statements must follow the Framework
¾ An entity shall present current and non-current assets and current and non-current liabilities as separate classifications on the face of the statement of financial position,
¾ When the cost model is used, the fair value of property, plant and equipment when this is materially different from the carrying
¾ After initial recognition, an entity that chooses the cost model shall measure all of its investment property using the cost model in IAS 16 Property, Plant and Equipment, that is
The reduction of closing inventory in the consolidated statement of comprehensive income would reduce the profit for the year and hence the accumulated profit/retained earnings
¾ IAS 1 requires an entity to disclose the amount of dividends that were proposed or declared after the end of the reporting period but before the financial statements were
To improve transparency and comparability, the Group’s financial reporting is based primarily on continuing operations, while assets held for sale and discontinued operations
